Perry Ellis International, Inc. (NASDAQ: PERY) (“the Company”) today announced that it has entered into a joint venture agreement with China Outfitters Holdings Limited (HKEx Stock Code: 01146) to develop the Manhattan® brand in the People’s Republic of China, Hong Kong and Macau.
Manhattan, a brand with a rich history dating back 150 years to the original Manhattan Shirt Company, continues to stand for high quality and fashionable men’s shirts and sportswear.
George Feldenkreis, Chairman and CEO of Perry Ellis International, commented, “This agreement and expansion into Greater China marks a major milestone for Perry Ellis International and we could not have picked a stronger partner than China Outfitters to develop the Manhattan brand. They have a demonstrated ability to build brands and an extremely strong financial position.”
Mr. Feldenkreis continued, “With the China Outfitters joint venture now in place, we will have a better understanding of the various opportunities for each of our brands throughout greater China. In addition, the agreement also serves as a platform for us to further expand our broad portfolio of brands throughout the entire Asia-Pacific region. This is only the beginning of a tremendous opportunity for our Company.”
China Outfitters Holdings Limited expects to begin distribution of Manhattan men’s product for fall/winter 2012 throughout the People’s Republic of China. More specifically, the company will initially focus its store opening efforts within Beijing, Shanghai, & Chengdu. At least one store opening is expected by December 2012. The brand currently has a presence throughout Vietnam and Taiwan through existing license agreements.
China Outfitters will manufacture and distribute a full lifestyle offering encompassing dress shirts, sweaters, trousers, jackets, suits, sport coats, leatherwear, trench coats and down garments. China Outfitters plans to expand the Manhattan brand into more than 160 Manhattan shop-in-shop concepts within the best department stores throughout Greater China by the end of 2017.