AUSTRALIA: Abercrombie & Fitch to take Hollister overseas
Teen clothing retailer Abercrombie & Fitch has confirmed that it plans to open its first Hollister stores in Australia and the Middle East next year.
Company CFO Jonathan Ramsden told analysts last week that the group is finalising an agreement to establish a joint venture with a Middle East-based partner that will provide operational support.
In 2013, the company plans to open approximately 20 international Hollister stores. The openings will be focused on "under-penetrated markets where we expect minimal cannibalization," said Ramsden.
He also said the company has scaled back its Abercrombie & Fitch store openings in Dublin and Seoul from full flagship stores to smaller tier 1 formats, which will mean a reduction in capital expenditure.
Last week, the company said that first-half profit halved on the back of slowing international sales growth combined with its first drop in US comparable sales in three years.
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