Saks to expand Saks Fifth Avenue's stores into China
18 Apr '06
3 min read
Retailer Saks Incorporated has announced the formation of a strategic relationship to develop potential Saks Fifth Avenue stores in the People's Republic of China ('PRC') and Macau.
The company has entered into a licensing and consulting agreement with Roosevelt China Investments Corp. RCIC to locate and develop appropriate sites for potential Saks Fifth Avenue stores within PRC and Macau. It will own and operate the stores under the license agreement with Saks Fifth Avenue.
The first Saks Fifth Avenue store tentatively is expected to open in 2008 in a heritage building in the historic Bund district of downtown Shanghai, PRC.
Stephen Sadove, CEO of Saks Incorporated, said, "Saks Fifth Avenue is one of the most recognized luxury retail brands in the world, and the only American department store retailer with a presence outside of the United States. In an effort to capitalize on the power of the Saks Fifth Avenue brand and to extend further its reach on a global basis, the company opened its first international licensed store in Riyadh, Saudi Arabia in 2001 followed by its second international location in Dubai in 2004.
"China, with its explosive growth underway, is destined to become the commercial and tourist hub of Asia and is the logical location for our third international licensed Saks Fifth Avenue store. We look forward to working with RCIC to bring a distinctive world-class emporium of luxury brands and experiences to Shanghai andto meeting the fashion lifestyle needs of this very discerning, sophisticated, and important marketplace," he added.
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