Cherokee Inc. (NASDAQ: CHKE), a global brand management company, is pleased to announce today the exclusive partnership with Magnit as part of the Company’s rapid global growth initiative. Founded in 1994, Magnit is the leading retailer in Russia with retail sales in excess of $11.5 billion. As of this past month, Magnit operates 5,047 convenience stores, 93 hypermarkets and 240 cosmetics stores throughout Russia and is continuing to expand aggressively, having increased its selling space by nearly 40% in 2011. In 2011, Magnit also saw sales increases of 47%.
Outside of Magnit Stores (Photo: Business Wire)
Cherokee-branded products recently launched in Magnit stores throughout the country include apparel for men, women, boys and girls. The unveiling of Cherokee’s collection at Magnit was accompanied by a fully-integrated marketing campaign including in-store monitors, national television ads, billboards across 25 cities, advertisements in local press, catalogs and leaflets. Both Cherokee and Magnit are looking forward to a very successful partnership.
Cherokee Group CEO Henry Stupp commented, “I would like to express my special thanks to the hard-working Cherokee team members who have cultivated this relationship and collaborated with Magnit to initiate a successful partnership. With nearly two decades of proven success, we are confident that Magnit will be an exceptional brand partner as we continue on our path toward further global expansion. Cherokee’s commitment to long -range strategic planning, quality product design and affordability, along with Magnit’s compelling growth will propel our product offerings to the forefront of the Russian retail landscape."
Svetlana Mirgorodskaya, Purchasing Director Non-Food Retail Chain for Magnit, added, “Our partnership with Cherokee comes at the perfect time for Magnit stores. As part of our 2012 plan to invest in our current stores and open new stores throughout the country, we feel strongly that the Cherokee brand will support Magnit in our growth strategy and mission to deliver our customers high quality apparel and accessories at reasonable prices. The Cherokee brand is the premier classic American family brand, and we are very pleased to begin a new partnership together. ”