bebe stores, inc. Announces Entry Into Greater China
August 27 2015 - 4:00PM
Business Wire
Company Partners with Longgoal LLC to Open 60
to 150 Stores
bebe stores, inc. (Nasdaq:BEBE) today announced that it has
signed a strategic cooperation agreement with Longgoal LLC, a
leading Shanghai-based agency of international high-end brands. The
agreement includes a five-year exclusive license to open between 60
and 150 retail and wholesale bebe points of distribution in Greater
China, Hong Kong, Macau and Taiwan. The first boutique is expected
to open in the summer of 2016.
“As we continue to expand our international footprint, our
entrance into Greater China is a significant opportunity to
accelerate that growth and reinforce bebe as a global lifestyle
brand for women. We look forward to working closely with the
Longgoal team, who have a proven track record of success and
operational experience in introducing high profile retail brands to
this key market,” said Jim Wiggett, Chief Executive Officer of bebe
stores, inc.
As a part of the agreement, Longgoal will open a minimum of 60
points of sale in Mainland China, including free standing boutiques
and bebe shop-in-shops and identify third party retailers in
certain provinces of China to sublicense the brand for retail
operations. Longgoal is currently identifying potential locations
in Shanghai and Beijing, including flagship boutiques. After the
five-year exclusive term, Longgoal retains an option for an
additional 10 year partnership with bebe based on performance.
“bebe is truly an iconic affordable luxury brand and one that we
are honored to have the opportunity to introduce to women across
Greater China in a variety of ways. As style and design are among
the top priorities for sophisticated woman in China, we are
confident that bebe’s bold design and contemporary fashion will
appeal to the ever-changing lifestyle of the confident and sexy
modern Chinese woman,” said Madam Celine Chen, Chairwoman of
Longgoal LLC. “With our local market expertise and bebe’s creative
vision, we’re confident that we will build excitement for bebe’s
trendy feminine designs and create demand for the brand across
China.”
bebe plans to locally design and develop up to 30 percent of the
product for China to create trendy fashion styles to reflect the
local fashion and suit the bebe woman’s lifestyle in China. In
addition, the Company anticipates expanding further into licensing
agreements for handbags, shoes and intimates in the initial
partnership phase.
“We are thrilled to be partnering with Madam Chen and the
Longgoal team, whom we believe are a perfect partner to bring
bebe’s unique and attainable design styles to women across the
region,” said Liyuan Woo, Chief Financial Officer of bebe stores,
inc. “The bebe brand has resonated well in key international
markets as women continue to look for a distinctive ageless and
head turning style which suits their lifestyle needs, and we look
forward to doing the same in Greater China over the coming
years.”
bebe complements Longgoal’s current portfolio of retail brands,
including GANT, the original American Sportswear brand launched in
China nearly a decade ago, and Thomas Pink, the luxury British
shirt brand under the LVMH Group.
About bebe stores, inc:
bebe stores, inc. is a global specialty retailer, which designs,
develops and produces a distinctive line of contemporary women’s
apparel and accessories under the bebe and BEBE SPORT brand names.
bebe currently operates 164 bebe retail stores, the on-line store,
bebe.com, and 36 bebe outlet stores. These stores are located in
the United States, Puerto Rico and Canada. bebe also distributes
and sells bebe branded product in approximately 100 doors through
its licensees in 20 plus countries.
About Longgoal LLC:
Founded in 1996 with headquarters in Shanghai, Longgoal was
developed from a regional retail agency into an exclusive retail
and wholesale distribution partner of numerous international
high-end brands. Owned by Celine Chen, Longgoal currently operates
130 points of sale for GANT in China and recently signed a
franchise agreement with Thomas Pink, an LVMH company, for the
China region.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150827005916/en/
bebe stores, inc.Liyuan Woo, 415-715-3900Chief Financial
OfficerorMedia:ICRAlecia Pulman / Brittany Fraser203-682-8200 /
bebe@icrinc.com
Bebe Stores (PK) (USOTC:BEBE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bebe Stores (PK) (USOTC:BEBE)
Historical Stock Chart
From Apr 2023 to Apr 2024