4:31 AM
Fibre2fashion
As part of its international growth strategy to expand the company's global footprint for all its brands and businesses, Collective Brands, Inc. announced that its Payless ShoeSource unit has signed two new franchise deals to bring the Payless retail chain to new international markets beginning next year, including opening Payless stores in Mexico, Indonesia, Malaysia and Singapore."We have seen a strong global appetite for our brands and the announcement of two new franchise partnerships to bring Payless to four new countries next year, including Indonesia, our largest franchise market to date, helps us expand our global footprint to better meet growing international demand," said Matt Rubel, chairman, chief executive officer and president of Collective Brands, Inc.
"The franchise model for Payless is proving to be a strong strategy for us as it accelerates our ability to place stores in new countries and with minimal capital investment. Payless brings the know how in footwear specialty retailing, and our franchise partners bring their strong infrastructure and experience in the local regions. These new partners are renowned in each market and we are thrilled to be working with them to bring Payless to more shoppers across the globe."
Payless Stores in Mexico
Payless ShoeSource has signed a multi-year franchise deal with Grupo Axo, a new strategic partner headquartered in Mexico City with more than 15 years of experience in the Mexican market, to bring the Payless retail chain to Mexico beginning late next year.
The two companies said they expect to open 41 stores in the next three years and that they believe the Mexican market can support more than 300 stores in the long term, with a strong potential to nearly double Payless' presence in Latin America, one of its fastest growing international markets. Additional terms were not disclosed.
Posted in: Collective Brands. Inc,fibre2fashion,Footwear,Payless,Shoes
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