Express to Enter South Africa
Franchisee Expected to Open Stores in Johannesburg, Cape Town and Durban in
COLUMBUS, Ohio, May 30, 2014
COLUMBUS, Ohio, May 30, 2014 /PRNewswire/ --Express, Inc. (NYSE: EXPR), a
men's and women's specialty retail apparel chain operating over 600 stores,
today announced that one of its subsidiaries has entered into a franchise
agreement with Edcon Group, a retail franchise operator in South Africa, to
bring the Express brand to South Africa.
The Express brand is expected to launch as a store-in-store concept at select
Edgars department stores by the end of 2014 with standalone Express store
locations to open in 2015.
Michael Weiss, Chairman and Chief Executive Officer of Express stated that,
"We are thrilled that the Express brand is going to be in South Africa,
representing an exciting next step in our international expansion strategy.
It's a terrific market in terms of having a customer base our brand should
resonate with. We are grateful to be working with Edcon to make it happen."
Edcon Chief Executive Officer, Jurgen Schreiber says: "We are excited to be
able to introduce Express and its on-trend fashions to the South African
customer. Having such a fashion forward, established brand will enhance our
ever-growing international brand offering in South Africa."
Express has identified international expansion as one of the company's four
pillars of growth and a significant long-term revenue opportunity for the
company given the fashion content of the brand and the universal appeal to the
20-30 year old demographic. Express serves a diverse customer base in the
company's U.S. stores in both tourist and border geographies. Currently there
are 11 Express franchise stores in the Middle East and 15 franchise stores in
About Express, Inc.
Express is a specialty apparel and accessories retailer of women's and men's
merchandise, targeting the 20 to 30 year old customer. The Company has over 30
years of experience offering a distinct combination of fashion and quality for
multiple lifestyle occasions at an attractive value addressing fashion needs
across work, casual, jeanswear, and going-out occasions. The Company currently
operates more than 600 retail and factory outlet stores, located primarily in
high-traffic shopping malls, lifestyle centers, and street locations across
the United States, Canada and Puerto Rico.Express merchandise is also
available at franchise stores in the Middle East and Latin America. The
Company also markets and sells its products through the Company's e-commerce
Edcon is South Africa's largest non-food retailer, with a market share of the
South African clothing and footwear (C&F) market nearly twice that of its
nearest listed competitor, trading through a range of retail formats. The
Group has grown from opening its first store in 1929, to trading in 1 402
stores (as at 28 December 2013) in South Africa, Botswana, Mozambique,
Namibia, Swaziland, Lesotho, Zambia and Zimbabwe. Edcon has been recognised in
national surveys as one of the top companies to work for in South Africa and
continues to make significant progress in its equity and transformation goals.
Our retail businesses are structured under three divisions: Edgars division,
including Edgars, Boardmans, Edgars Active, Edgars Shoe Gallery, Red Square
and the Group's mono-branded stores such as Topshop Topman, Tom Tailor, Dune,
Lucky, T.M. Lewin, Lipsy, Inglot, La Senza and Accessorize whose product is
also available through Edgars stores, serves principally middle and upper
income markets; Discount division including Jet, JetMart and Legit, serves
principally middle to lower income markets; and CNA, the Group's stationery,
books, games, movies, music, hi-tech electronics and mobile retailer. The
Edcon Credit and financial services division provides credit and insurance
products to the Group's customers.
With the launch of its "Thank U" loyalty programme, Edcon now has the largest
retail customer database in South Africa which enables it to provide customers
with relevant offers across its suite of retail and financial services
products; this programme includes all mono-branded stores in South Africa.
For more information, please visit the Edcon website: www.edcon.co.za
Edgars is the Department Store of Choice for Men's, Ladies, Kidswear, Footwear
and Accessories for every occasion. Showcasing the widest range of the
latest's fashion trends from top international brands to own private label
brands; Edgars offers something for everyone. There are 181 Edgars stores in
South Africa including neighbouring countries.
Certain statements in this press release are "forward-looking statements" made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that do not
directly relate to any historical or current fact and include, but are not
limited to, plans for new shop-in-shop and standalone store openings,
international expansion strategy, and future growth and growth opportunities.
Forward-looking statements are based on our current expectations and
assumptions, which may not prove to be accurate. These statements are not
guarantees and are subject to risks, uncertainties and changes in
circumstances that are difficult to predict. Many factors could cause actual
results to differ materially and adversely from these forward-looking
statements. Among these factors are (1) changes in consumer spending and
general economic conditions; (2) our ability to identify and respond to new
and changing fashion trends, customer preferences and other related factors;
(3) fluctuations in sales and results of operations on a seasonal basis and
due to store events, promotions and a variety of other factors; (4)
competition from other retailers; (5) customer traffic at malls and shopping
centers; (6) our dependence on a strong brand image; (7) our ability to
develop and maintain a reliable omni-channel experience for customers; (8) the
failure or breach of information systems; (9) the ability to protect customer
data from fraud and theft; (10) our dependence upon independent third parties
to manufacture all of our merchandise; (11) changes in the cost of raw
materials, labor, and freight; (12) supply chain disruption; (13) our
dependence upon key executive management; (14) our growth strategy, including
our new store, e-commerce, and international expansion plans; (15) our
reliance on third parties to provide us with certain key services for our
business; (16) claims made against us resulting in litigation or changes in
laws and regulations applicable to our business; and (17) lease obligations
and our substantial indebtedness, including restrictions imposed by such
indebtedness. Additional information concerning these and other factors can be
found in Express, Inc.'s filings with the Securities and Exchange Commission.
We undertake no obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or otherwise, except
as otherwise required by law.
SOURCE Express, Inc.
Contact: Media Contact: Amy Hughes, Corporate Communications & Events, (614)
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