ImagineX Group, Asia's leading retail, brand management and distribution company, and Authentic Brands Group, LLC ('ABG'), the new owner of Juicy Couture, announced a long-term franchise partnership which will drive market expansion and category development, to forge Juicy Couture's position as a leading contemporary lifestyle fashion brand in China. The partnership will provide the momentum to add more Juicy Couture stores throughout Asia; expand the brand's reach with new product lines; and support further regional growth initiatives.
ImagineX, a company within The Lane Crawford Joyce Group, first acquired the management and distribution rights of Juicy Couture for Greater China and South East Asia in 2006 and now operates more than 80 points of sales in Hong Kong, Macau, Taiwan, mainland China, Singapore, Malaysia and Thailand.
As a first mover contemporary brand in the region, the Juicy Couture brand is recognized by customers across Asia for its unique LA inspired energy and style. With a vertically integrated team dedicated to the business, ImagineX has been proactively involved in product design and development, marketing and creative, uniquely tailored to its market. As a result, Juicy's Couture's Greater China business has consistently delivered high double-digit growth year on year and has continued to report robust growth over the past year despite the market slowdown.
The new partnership covers a minimum term of 10 years with an option to extend to a further two terms of 10 years underlining ABG's commitment to evolve Juicy Couture into a lifestyle brand and a shared vision with ImagineX of Greater China's crucial role in driving the global business.
The next phase of growth will focus on brand extensions to create a complete lifestyle brand, and an integrated distribution network beyond shopping malls. Building on the success of Juicy Couture's Black Label Collection in Asia, a new footwear collection produced by Steve Madden will launch in 2015. Intimates and Juicy Couture Girls Collections will also be added, with freestanding stores planned in the upcoming years. More than 40 points of sale will be opened in key locations, while a major push in e-commerce, with both omni-channel and wholesale online accounts, will significantly extend the brand's reach across the region.
Jamie Salter, Chief Executive Officer and Chairman of Authentic Brands Group, commented, "We are extremely excited to partner with ImagineX Group to develop Juicy Couture into a true global lifestyle. We look forward to unveiling our new concept stores in strategic locations across the US, in 2015, which we believe will take the brand to new heights in the domestic market.
Jamie continued, "In Asia, Juicy Couture and ImagineX have a long-established, successful relationship and we are thrilled to extend it. ImagineX has done a fantastic job of building the Juicy brand in Greater China, not only in terms of their focus on retail development but also their contribution to the design, creative and business development teams which has taken Juicy to where it is today in the Asia market. We are confident that our partnership will capture new opportunities and reach even more Juicy customers in Asia, where Juicy Couture continues to flourish.
“We look forward to working with ImagineX to further accelerate Juicy Couture's growth in Asia, consistent with our long-term goals for the brand in global markets. Our growth plans for Asia are consistent with the evolution of the brand globally, including the unveiling of new concept stores in the US in 2015; new offerings in footwear, intimates and kidswear; and exciting developments in fragrance, watches, eyewear and swimwear."
Thomson Cheng, Managing Director of ImagineX said, "Juicy Couture's business is thriving in Greater China and we're excited to be working with ABG to implement its lifestyle vision. We see great potential for the brand expanding into the highly prized footwear category, and creating new opportunities in contemporary fashion intimates and girls collections that are to date untapped in this market. We believe our track record of success and knowledge of the brand can add value to the future development of Juicy Couture not only for our market, but globally."
