SOUTH AFRICA: Express to open first franchise stores
Specialty retail apparel chain Express is to open its first standalone stores in South Africa as early as next year, as part of a franchise agreement with Edcon Group.
The company, which operates 600 stores in the US, expects to launch store-in-stores at select Edgars department stores by the end of this year, with standalone Express stores to open in 2015.
Chairman and CEO Michael Weiss said this is "an exciting next step in our international expansion strategy," adding that the country has a customer base Express should resonate with.
Last month, Express outlined a cost-reduction plan that will see it save US$18m a year and close 50 stores, after reporting an 84.3% drop in first-quarter profit.
|EXPRESS TO ENTER SOUTH AFRICA|
|Franchisee Expected to Open Stores in Johannesburg, Cape Town and Durban in 2014
COLUMBUS, Ohio, May 30, 2014 /PRNewswire/ -- Express, Inc. (NYSE: EXPR), a men's and women's specialty retail apparel chain operating over 600 stores, today announced that one of its subsidiaries has entered into a franchise agreement with Edcon Group, a retail franchise operator in South Africa, to bring the Express brand to South Africa.
The Express brand is expected to launch as a store-in-store concept at select Edgars department stores by the end of 2014 with standalone Express store locations to open in 2015.
Michael Weiss, Chairman and Chief Executive Officer of Express stated that, "We are thrilled that the Express brand is going to be in South Africa, representing an exciting next step in our international expansion strategy. It's a terrific market in terms of having a customer base our brand should resonate with. We are grateful to be working with Edcon to make it happen."
Edcon Chief Executive Officer, Jurgen Schreiber says: "We are excited to be able to introduce Express and its on-trend fashions to the South African customer. Having such a fashion forward, established brand will enhance our ever-growing international brand offering in South Africa."
About Express, Inc.
Our retail businesses are structured under three divisions: Edgars division, including Edgars, Boardmans, Edgars Active, Edgars Shoe Gallery, Red Square and the Group's mono-branded stores such as Topshop Topman, Tom Tailor, Dune, Lucky, T.M. Lewin, Lipsy, Inglot, La Senza and Accessorize whose product is also available through Edgars stores, serves principally middle and upper income markets; Discount division including Jet, JetMart and Legit, serves principally middle to lower income markets; and CNA, the Group's stationery, books, games, movies, music, hi-tech electronics and mobile retailer. The Edcon Credit and financial services division provides credit and insurance products to the Group's customers.
With the launch of its "Thank U" loyalty programme, Edcon now has the largest retail customer database in South Africa which enables it to provide customers with relevant offers across its suite of retail and financial services products; this programme includes all mono-branded stores in South Africa.
For more information, please visit the Edcon website: www.edcon.co.za
Original source: http://www.express.com/custserv/investor_relations.jsp?isSessionExpired=true&_requestid=24016435
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