SECAUCUS, N.J., Jun 25, 2012 (GlobeNewswire via COMTEX) — The Children’s Place Retail Stores, Inc. PLCE +3.58% , the largest pure-play children’s specialty apparel retailer in North America, today announced that it has signed a ten-year franchise agreement with Apparel Group to open stores in the Arab Gulf States of United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. The first stores are scheduled to open in the UAE in September 2012 in Dubai and Sharjah.
Jane Elfers, President and Chief Executive Officer, stated, “We are very excited to continue our expansion beyond North America with a number of stores opening in the UAE this year. The Middle East retail landscape is very well developed and has high potential for our brand. We look forward to working with Apparel Group, which has a proven track record of launching and operating international brands.”
Commenting on The Children’s Place launch, Mr. Nilesh Ved, Chairman of Apparel Group, stated, “We are eager to launch our partnership with The Children’s Place. There is a void in the Gulf States for children’s product that combines fashion, quality and value, and we are confident that The Children’s Place is the perfect brand to fill that void.”
About The Children’s Place Retail Stores, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture and sells fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place” brand name. As of April 28, 2012, the Company operated 1,062 stores and an online store at http://www.childrensplace.com .
About Apparel Group
Apparel Group is a global fashion and lifestyle retail conglomerate headquartered in Dubai, United Arab Emirates. Today, Apparel Group caters to thousands of shoppers through its more than 655 stores, employing 5,500 multicultural staff covering four continents. In addition to their operations in the UAE, Kuwait, Qatar, Bahrain, Oman, and Saudi Arabia, they have a presence in India, Poland, Singapore, Jordan, Russia, Indonesia, Thailand and Malaysia.