Iconix Brand Group, Inc., announced that Iconix China Limited , its 50-50 joint venture with Novel Fashion Brands Limited, has partnered with Shanghai La Chapelle Garment and Accessories Co., Ltd. and private equity group Trust Bridge Partners to open free standing specialty and franchise Candie's stores throughout Greater China. When combined with the Company's newly acquired Peanuts brand, Iconix's total presence among all of its brands in Greater China is projected to grow to approximately 1,700 stores and over 3,300 other points-of-sale in the next three years.
The first free standing Candie's specialty store will open August 2010 in Shanghai. By the end of this year, La Chapelle is projecting a total of 50 Candie's stores to open in Shanghai, Beijing, Chongjing, and other first-tier cities. The long-term growth plan is to open over 500 Candie's free-standing stores across China over five years.
Outside of our Iconix China business, the Peanuts business in Greater China already has a strong and growing presence throughout China with approximately 700 Snoopy Stores, Charlie Brown Cafes, Snoopy Bakeries and 3,300 other points-of-sale. With the support of its current partners, the business is expected to flourish and expand throughout Greater China.
"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," stated Neil Cole, CEO, Iconix Brand Group. Cole added, "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, which was formed in September 2008 and based in Hong Kong, was established to develop and expand the Iconix portfolio of brands in Greater China. To date, Iconix China portfolio consists of the 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. The Peanuts business operates separately through a consortium of direct licensees with Iconix Brand Group, Inc.
The new Candie's partnership is subject to regulatory clearance and other customary closing conditions.
Founded in 1998, Shanghai La Chapelle Garment and Accessories Co., Ltd. is a leading woman's manufacturer and distributor specializing in branding, proprietary design, production and distribution.
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