Destination Maternity Expands International Reach With South Korean Franchise
June 29, 2011, 4:10 pm
PHILADELPHIA, June 29, 2011 /PRNewswire/ -- Destination Maternity Corporation (Nasdaq:DEST - News), the world's leading maternity apparel retailer, today announced its planned expansion into South Korea through an international franchise agreement with Agabang & Company, one of the leading retailers in South Korea. Through this franchise relationship, Destination Maternity will introduce its Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity® brands into South Korea, with the first franchise location expected to open in late Summer or early Fall 2011. Destination Maternity brands will initially be sold through freestanding Destination Maternity stores and shop-in-shops in select Agabang Gallery®, Baby House®, and Nextmom® branded stores.
In South Korea, as of May 31, 2011, Agabang & Company has 40 Agabang owned and operated freestanding stores under the Agabang Gallery, Baby House, and Nextmom brands, 365 franchised freestanding locations under the Agabang®, Ettoi®, Dear Baby®, Elle® and 2ya2aO® brands, and 393 owned or franchised shop-in-shops under its owned or licensed brands in retail stores such as Lotte®, Shinsegae®, Hyundai® and E-Mart®.
Under the multi-year franchise agreement for South Korea, Destination Maternity has granted to Agabang & Company the exclusive rights to operate branded retail locations and market merchandise under the Company's Motherhood Maternity, A Pea in the Pod, and Destination Maternity brands in South Korea. Agabang & Company will exclusively purchase maternity and nursing apparel merchandise from Destination Maternity or suppliers designated by Destination Maternity. Additional terms of the agreement were not disclosed.
Ed Krell, Chief Executive Officer of Destination Maternity, commented, "We are very excited to announce our expansion into South Korea. Our partnership with South Korean retail market leader Agabang & Company allows us to bring our extensive retail experience and knowledge as the maternity fashion experts to a key international market. South Korean moms-to-be are looking for high-quality, fashionable maternity apparel at a variety of price points, and we are thrilled to provide an assortment that serves that need. The introduction of our Motherhood Maternity, A Pea in the Pod, and Destination Maternity brands to South Korea is the continuation of an international expansion effort that has strengthened our position as the world's leading maternity apparel retailer."
Bon K. Koo, Chief Executive Officer of Agabang & Company, said, "We are very pleased to partner with Destination Maternity in introducing the world's leading maternity apparel brands, Motherhood Maternity, A Pea in the Pod, and Destination Maternity, to our customers. We believe Destination Maternity's extensive experience, combined with Agabang & Company's retail presence and reputation will provide the ideal platform for growing a strong maternity and nursing apparel business in South Korea."
This franchise relationship with Agabang is the third such relationship entered into by Destination Maternity since 2008. In October 2008 Destination Maternity announced the signing of its first international franchise agreement to introduce its brands into six key markets in the Middle East. In 2009, the Company signed its second international franchise agreement to introduce its brands into India. Currently, Destination Maternity has 57 international franchised locations in the Middle East and India, including 45 shop-in-shop locations and 12 Destination Maternity branded stores.
About Destination Maternity Corporation
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. In the United States and Canada, as of May 31, 2011, Destination Maternity operates 2,361 retail locations, including 663 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also distributes its Oh Baby by Motherhood® collection through a licensed arrangement at Kohl's® stores throughout the United States and on Kohls.com. In addition, Destination Maternity is expanding internationally and has exclusive store franchise and product supply relationships in India, the Middle East, and South Korea.
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 Reply to jjkool_01 - Msg #717 - 06/27/2011 10:55
$19.07>Re: sub $16, solid value buy here IMO. Not for trade. Could even continue to fall... |
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