Williams-Sonoma, Inc. (NYSE: WSM) announced plans today for the continued global expansion of its distinguished portfolio of brands. Through a multi-year agreement with Stores Specialists, Inc. ("SSI"), the Philippines will be the next country in Williams-Sonoma, Inc.’s strategic global expansion initiative. Pottery Barn and Pottery Barn Kids will be the first brands to debut and are expected to open in Manila in early 2014 at Bonifacio High Street, the first main street retail concept in the Philippines. The agreement with SSI includes development rights in the Philippines for all brands in the Williams-Sonoma, Inc. portfolio including: Williams-Sonoma, Pottery Barn, Pottery Barn Kids, PBteen and West Elm.
In the past year, Williams-Sonoma, Inc. has made multiple announcements surrounding its global expansion strategy including the expansion of its Middle East retail footprint with M.H. Alshaya Company, as well as new company-owned stores in Australia and the United Kingdom. In May 2013, the company introduced its first Australia stores in Sydney with the opening of Williams-Sonoma, Pottery Barn, Pottery Barn Kids and West Elm at Bondi Junction. Additional West Elm store openings are expected in Melbourne and London later this year.
“We believe there is a significant opportunity to extend the reach of our brands globally,” said Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc. “The Philippines is a natural market for us, with a strong, steadily growing economy and consumer interest in high-quality, stylish home products. We are pleased to partner with SSI, a company with demonstrated success developing well-known brands in the Philippines and a deep understanding of the local customer base. We are confident they are the right partner to introduce our brands to the Philippines market and deliver on our company promise to enhance customers’ lives at home.”
“We are delighted to have the opportunity to introduce the Williams-Sonoma, Inc. portfolio of brands to the Philippines,” said Anthony Huang, Executive Vice President of Stores Specialists, Inc. “More than ever, our customers are looking for unique, high-quality home products, and Williams-Sonoma Inc.’s family of brands exemplifies the innovative style, quality, and service they expect.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts