True Religion Apparel and UNIFA Premium GmbH have formed a joint venture company called True Religion Brand Jeans Germany GmbH.
Beginning on 1 August 2010, the joint venture will take over the wholesale distribution of True Religion Brand Jeans in Germany, Austria, Switzerland, the Netherlands, Belgium and Luxembourg and the operation of a True Religion Brand Jeans retail store in Cologne, Germany.
"Joint venture business plan requires enlarge brand exist retail stores and shop - in - open been and increased wholesale sales efforts, including new showroom," the statement said.
UNIFA Premium is currently the largest international distributor of True Religion Brand Jeans merchandise. UNIFA Premium’s managing director, Reinhard Haase, will be the JV’s managing director.
Jeffrey Lubell, chairman, chief executive officer and chief merchant of True Religion Apparel, said: “We established the joint venture to expand our wholesale business in each of these countries and to roll-out branded retail stores in the territory. Presenting True Religion Brand Jeans in branded retail stores and premium wholesale customers’ stores follows our successful domestic strategy.”
“This partnership with True Religion Brand Jeans builds on the success that UNIFA Premium has achieved in growing the brand’s wholesale sales in this region over the past six years,” said Haase. “The joint venture’s business plan calls for expanding the brand’s presence with the opening of retail stores and shop-in-shops and increased wholesale sales efforts, including new showrooms.”
True Religion Apparel will own a controlling 60% interest in the joint venture, and UNIFA Premium will own a 40% interest. The joint venture’s financial results over the remainder of 2010 are expected to be immaterial to True Religion Apparel’s 2010 net sales and earnings per share.
"Joint venture business plan requires enlarge brand exist retail stores and shop - in - open been and increased wholesale sales efforts, including new showroom," the statement said.
UNIFA Premium is currently the largest international distributor of True Religion Brand Jeans merchandise. UNIFA Premium’s managing director, Reinhard Haase, will be the JV’s managing director.
Jeffrey Lubell, chairman, chief executive officer and chief merchant of True Religion Apparel, said: “We established the joint venture to expand our wholesale business in each of these countries and to roll-out branded retail stores in the territory. Presenting True Religion Brand Jeans in branded retail stores and premium wholesale customers’ stores follows our successful domestic strategy.”
“This partnership with True Religion Brand Jeans builds on the success that UNIFA Premium has achieved in growing the brand’s wholesale sales in this region over the past six years,” said Haase. “The joint venture’s business plan calls for expanding the brand’s presence with the opening of retail stores and shop-in-shops and increased wholesale sales efforts, including new showrooms.”
True Religion Apparel will own a controlling 60% interest in the joint venture, and UNIFA Premium will own a 40% interest. The joint venture’s financial results over the remainder of 2010 are expected to be immaterial to True Religion Apparel’s 2010 net sales and earnings per share.
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