PRN: Kenneth Cole Announces Entry Into Indian Market
Kenneth Cole Announces Entry Into Indian Market
NEW YORK, November 2, 2011 /PRNewswire/ --
In an effort to continue global expansion of the brand, Kenneth Cole Productions, Inc. (NYSE: KCP) and Reliance Brands Limited, announced today that they have signed a licensing agreement in India for retail and premium wholesale distribution. The agreement will include the opening of five stores over the next three years, with plans to open an additional 20 stores in the following five years.
The launch will initially include the opening of dual gender retail stores in major cities across India. Categories will include men's and women's footwear, clothing and accessories under the Kenneth Cole New York and the Kenneth Cole Reaction labels. Â Reliance Brands Ltd., which started in 2007, has Joint Ventures with Ermengildo Zegna, Diesel, Paul & Shark, along with long term Distribution and Licensing agreements with Timberland, Quiksilver, Roxy and Steve Madden for the Indian market.
Mr. Darshan Mehta, President & CEO, Reliance Brands Ltd. said, " We're very excited to join hands with Kenneth Cole Productions, a brand that not only represents an iconic all-American fashion house but also enjoys a world-wide fan following. The brand encapsulates a lifestyle that is chic, urban and is infused with modern style and sensibility that perfectly resonates with the contemporary Indian consumers."
The introduction of Kenneth Cole to one of the leading emerging markets of the world is a great opportunity for the brand. India is fast becoming a fashion capital of the world, and the synergy of its metropolitan lifestyle coupled with the modern sensibilities of the brand's heritage is the perfect addition to the growing global portfolio for Kenneth Cole Productions. As the increase in demand for mainstream Western styles and trends becomes more prevalent, and the retail structure of the country continues to change with the opening of more and more malls, brand awareness is growing, and the demand for high quality fashionable apparel, footwear and accessories at a great price makes Kenneth Cole a natural shopping destination in India.
Paul Blum CEO, Kenneth Cole Productions Inc. said, "India promises substantial growth potential for our brand, the country's economy is growing quickly and development is strong which is why Kenneth and I want to create a presence in India now. Â Our global expansion is directly linked to an increased demand for our product internationally, and we are excited to introduce our brand to the market with a strong partner like Reliance."
About Kenneth Cole Productions, Inc.
Kenneth Cole Productions, Inc. designs, sources and markets a broad range of footwear, handbags, apparel and accessories under the brand names Kenneth Cole New York,Kenneth Cole Reaction,Unlisted and Le Tigre, as well as footwear under the proprietary trademark Gentle Souls. The Company has also granted a wide variety of third party licenses for the production of men's, women's and children's apparel as well as fragrances, watches, jewelry, eyewear and several other accessory categories. The Company's products are distributed through department stores, better specialty stores, company-owned retail stores and its e-commerce website. Further information can be found at http://www.kennethcole.com.
About Reliance Industries Limited
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of INR 2,58,651 crore (US$ 58.0 billion), cash profit of INR 34,530 crore (US$ 7.7 billion), net profit of INR 20,286 crore (US$ 4.5 billion) and net worth of INR 1,51,540 crore (US$ 34.0 billion) as of March 31, 2011.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 119th amongst the world's Top 200 companies in terms of profits. RIL ranks 68th in the Financial 'Times FT Global 500' list of the world's largest companies. RIL is ranked amongst the '50 Most Innovative Companies - 2010' in the World in a survey conducted by the US financial publication - Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest 'Sustainable Value Creators' for creating the most shareholder value over the decade in the world.
Company Codes: NYSE:KCP, Bloomberg:KCP@US, RICS:KCP.N