23 Jun. 2010
ICONIX TO OPEN 50 CANDIE’S STORES IN CHINA THIS YEARSpecialty group apparel producer Iconix Brand Group, Inc. said its joint-venture, Iconix China Limited, and Novel Fashion Brand Limited have teamed up with Shanghai La Chapelle Garment and Accessories Co., Ltd. and the private equity group Trust Bridge Partners to open freestanding specialty and franchise Candie's stores across China.
The first unit will bow in Shanghai this August, with a total of 50 to follow by the end of this year in cities including Shanghai, Beijing, Chongjing, and other first-tier cities. The long-term goal is to open over 500 Candie's stores across China in five years. Including the company's newly acquired Peanuts brand, Iconix said it is projected to grow its company in about 1,700 stores and more than 3,300 other points-of-sale over the next three years.
"We are extremely pleased with the early progress of our current partnerships in China for Rampage, London Fog, Rocawear and Badgley Mischka, and excited about our new business with Candie's and the well-established business of Peanuts in the region," said Neil Cole, CEO, Iconix Brand Group. “We see China as a key part of Iconix's long term growth that is not factored in our goal of 15-20% growth. Between the five deals we have signed in China plus the Peanuts business, we project our brands to grow to 5,000 stores and shop-in-shops in China within the next three years."
Iconix China’s brand portfolio currently includes Rampage by Mecox Lane Limited, London Fog by Shanghai Doright Fashion Co., Rocawear by Bosideng International Holdings, Badgley Mischka by Eve NY and Candie's by Shanghai La Chapelle Garment & Accessories Co., Ltd. brands. Peanuts operates separately through a consortium of direct licensees with Iconix Brand Group, Inc.
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