NexCen Brands Announces Opening of First Shoebox New York Franchised Store in Asia
NEW YORK--(BUSINESS WIRE)--NexCen Brands, Inc. (NASDAQ: NEXC) today announced the opening of the first international Shoebox New York store in Hanoi, Vietnam. The store held its grand opening on November 28th with a traditional ribbon cutting ceremony. In the first three days following the opening, Shoebox New York sold through approximately one-third of its inventory. This is the first store to open under a master franchise agreement with Le Gia Company Ltd. for a minimum of two Shoebox New York stores in Vietnam. As previously announced, the Company has also signed an agreement with Magneato International, Inc. to open at least 20 Shoebox New York franchised stores in Korea.
"We believe the Shoebox New York brand has significant growth potential both domestically and overseas," stated Kenneth J. Hall, Chief Executive Officer of NexCen Brands, Inc. "Following this successful opening of our first Shoebox New York store in Vietnam, we look forward to further expanding this franchised brand in Asia and beyond. As demonstrated by our recent signing of an agreement to open Great American Cookies franchised stores in Canada and now the opening of a Shoebox New York franchised store in Vietnam, we continue to execute on our strategy to expand the international reach of our franchise brands."
Chris Dull, President of NexCen Franchise Management, the franchising subsidiary of NexCen Brands, stated, "We are delighted to have experienced such a successful grand opening for our first international Shoebox New York store in Vietnam. We received a very positive initial consumer response to our retail concept for multi-brand luxury footwear and accessories in Hanoi and look forward to continuing to deliver quality merchandise to our customers in this important market."
About Shoebox New York
The Shoebox New York concept had its genesis from Shoebox, one of New York's premier women's multi-brand retailers for luxury footwear, handbags and accessories. Established in 1954 and known for its vast product assortment and trend-setting styles from top European and American designers, Shoebox garnered a dedicated following of sophisticated women. Shoebox New York continues this tradition by offering high-quality, high-fashion shoes and accessories in franchised stores in the U.S. in New York and Florida and now internationally in Vietnam.
About NexCen Brands
NexCen manages global brands, generating revenue through franchising and licensing. The Company currently owns seven franchised brands. Two sell retail footwear and accessories (The Athlete's Foot and Shoebox New York), and five are quick service restaurants (Marble Slab Creamery, MaggieMoo's, Pretzel Time, Pretzelmaker, and Great American Cookies). We also currently own and license the Bill Blass consumer products brand.
Forward-Looking Statement Disclosure
This press release contains "forward−looking statements," as such term is used in the Securities Exchange Act of 1934, as amended. Such forward−looking statements include those regarding expected cost savings, expectations for the future performance of our brands or expectations regarding the impact of recent developments on our business. When used herein, the words "anticipate," "believe," "estimate," "intend," "may," "will," "expect" and similar expressions as they relate to the Company or its management are intended to identify such forward−looking statements. Forward−looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties. They are not guarantees of future performance or results. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward−looking statements. Factors that could cause or contribute to such differences include: (1) international development agreements may not result in the actual opening of the stores provided for under those agreements, which could negatively impact anticipated franchise fees, store opening fees and monthly royalty payments over the life of the agreements; (2) economic conditions may deteriorate in international and domestic markets, which could negatively impact the sale or operations of new and existing franchise stores; (3) we depend on the success of our franchisees to develop and grow our franchise systems both domestically and internationally; (4) we and/or our franchisees may not be successful in operating or expanding our brands or integrating them into an efficient overall business strategy, (5) our marketing, licensing and franchising concepts and programs may not result in increased revenues, expansion of our franchise network or increased value for our trademarks and franchised brands, (6) other factors discussed in our filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward−looking statements, whether as a result of new information, future events or otherwise.