NexCen Brands Inc announced that TAF MID-AMERICA ENTERPRISES INC (TAF-MAE), a domestic and international franchisee of The Athlete's Foot (TAF) for the last 17 years, has entered into a definitive 20-year agreement with NexCen to open a minimum of 100 additional TAF stores over the next 14 years.
The minimum projected 100 stores marks a 16% increase over TAF's current worldwide store base, and represents an estimated $22 million in franchise fees, royalties and advertising contribution for NexCen over the next 20 years.
"I have always believed in the power of the TAF brand-its level of credibility on a global scale as well as its relevance in local communities," said John Park, CEO of TAF-MAE who currently owns 31 TAF stores in the United States and holds the master franchise agreement for South Korea that operates in excess of 40 stores.
"I am particularly inspired by the new leadership of NexCen Brands, which is committing extraordinary resources to the growth of TAF. There is no question that NexCen is dedicated to providing tools to promote the success of franchise owners like me."
Mr. Parks was present when NexCen Brands outlined its plans for the "next generation" of TAF, including an update of its in-store design, marketing and merchandizing efforts, and franchise support systems, at the company's Global Franchise Convention this past June.
"We are thrilled that John has recognized NexCen's commitment to the future of TAF and has chosen to invest in our vision," commented Robert W. D'Loren, President and CEO of NexCen Brands.
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