The Children’s Place Inc., the largest pure-play children’s specialty apparel retailer in North America, recently signed an exclusive license agreement for the Greater China market, covering mainland China, Taiwan, Hong Kong and Macau, with Zhejiang Semir Garment Co. Ltd, parent of Balabala, China’s largest specialty children’s apparel retailer.
The young children’s apparel market, one of the fastest growing categories in China, is currently estimated at $24 billion and, with China’s two child policy firmly in place, is forecast to double by 2025, according to a company press release.The Children's Place Inc., the largest pure-play children's specialty apparel retailer in North America, recently signed an exclusive license agreement for the Greater China market, covering mainland China, Taiwan, Hong Kong and Macau, with Zhejiang Semir Garment Co. Ltd, parent of Balabala, China's largest specialty children's apparel retailer.#
Semir, through its Balabala brand, currently operates and franchises around 4,400 children’s apparel stores and has the largest children’s apparel ecommerce business in China through its partnership with third party platforms, such as Tmall, JD and VIP.com.
Over the first five years of this agreement, Semir will execute an omni-channel strategy by opening at least 300 Children’s Place locations in Greater China and operating The Children’s Place e-commerce business. This partnership is projected to generate $125 million to $150 million in retail sales in the fifth year.
The Children’s Place operates 1,014 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and has 190 international points of distribution operated by its seven franchise partners in 19 countries. Zhejiang Semir operates and franchise around 8,400 stores in China, with a revenue of $1.9 billion. (DS)
ALCHEMPro News Desk – India
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