Guess? Inc announced that it has entered into a joint venture agreement for Mexico with an affiliate of Grupo Axo, a Mexican company that helps the development of internationally known brands, such as Coach, DKNY and Tommy Hilfiger, in Mexico.
The joint venture, a majority of which is owned by Guess?, will engage in the manufacture, wholesale distribution and retail sale of Guess? fashion apparel, accessories and other related products in Mexico.
The first Guess? retail store under the joint venture opened in May 2006 in Mexico City and the second one opened in Cancun in July 2006.
Paul Marciano, Co-Chairman and Co-CEO of Guess?, Inc., commented, "The formation of our new Mexican joint venture is another step forward in our international expansion. The Guess? brand is already well recognized in Mexico as we had an apparel license in this region for over twenty years until 2004. We believe Mexico is an exciting opportunity for Guess?."
Mr. Marciano added, "We have experienced incredible success with Guess? In Canada which also started out as a joint venture in 1994 and is now a wholly-owned subsidiary of Guess? and one of our best performing regions. We hope to achieve similar success with our joint venture partners in Mexico."
Andres Gomez, Co-CEO of Grupo Axo, stated, "During our first year of operations in Mexico, we plan to position Guess? as one of the top fashion brands as we look to further expand the presence of Guess? inMexico."
Alberto Fasja Cohen, Co-CEO of Grupo Axo, added, "Our growth strategy for Mexico over the next several years includes the opening of several free standing stores and over 50 shop-in-shops within leading department stores."
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