ABERCROMBIE & FITCH CO. ANNOUNCES FURTHER GROWTH IN THE MIDDLE EAST
May 09 2016 - 8:30AM
Abercrombie &
Fitch Co. and Majid Al Futtaim Fashion enter into franchise
agreement
New Albany, OH [May 9, 2016]
-- Abercrombie & Fitch Co. (NYSE: ANF) (the "Company")
announced today that it has expanded its existing relationship with
Majid Al Futtaim Fashion through a franchise development agreement
to establish a retail store presence in the Kingdom of Saudi
Arabia, Qatar, Bahrain and Oman. Since 2013, the Company,
with the support of Majid Al Futtaim Fashion, has opened eight
stores in the UAE and Kuwait.
This franchise agreement
encompasses the Abercrombie & Fitch, abercrombie and Hollister
brands and further demonstrates the Company's commitment to growth
in the Middle East.
The Company expects to open its
first stores in Qatar in the first quarter of 2017, and in the
Kingdom of Saudi Arabia in the second half of 2017.
"We expect there to be strong
demand for our brands in these new markets, and we are thrilled to
partner with Majid Al Futtaim Fashion to expand our presence in the
Middle East," said Arthur Martinez, Executive Chairman of
Abercrombie & Fitch Co. "This arrangement represents our second
major franchise partnership, as we continue to expand our brand
reach."
"We are excited to continue
supporting the development of the Abercrombie & Fitch,
abercrombie, and Hollister brands in the Middle East. We have seen
significant demand within the last few years in the UAE and Kuwait
and we look forward to helping Abercrombie & Fitch Co. grow in
this market," said Rajiv Suri, Chief Executive Officer at Majid Al
Futtaim Fashion.
About Abercrombie & Fitch
Co.
Abercrombie & Fitch Co. is a leading global specialty retailer
of high-quality, casual apparel for Men, Women and kids with an
active, youthful lifestyle under its Abercrombie & Fitch,
abercrombie kids and Hollister Co. brands. At the end of the fiscal
year, the Company operated 754 stores in the United States and 178
stores across Canada, Europe, Asia and the Middle East. The Company
also operates e-commerce websites at www.Abercrombie.com,
www.abercrombiekids.com and www.HollisterCo.com.
About Majid Al Futtaim
Fashion
Majid Al Futtaim Fashion is the fashion retailing arm of Majid Al
Futtaim the leading shopping mall, retail and leisure pioneer
across the Middle East and North Africa (MENA).. Majid Al Futtaim
Fashion currently operates over 135 stores in 7 markets across the
MENA region, working with a number of leading fashion brands
including Abercrombie & Fitch Co., Hollister, AllSaints,
lululemon athletica, Monsoon Accessorize, Sacoor Bros, Juicy
Couture, HOSS Intropia, Halston Heritage, Jane Norman, and
Peacocks. Expansion plans currently underway will see Majid Al
Futtaim Fashion doubling its portfolio within the next 5 years
through strategic partnerships with high-profile brands
Note to the Editor: The
legal name of this company is "Majid Al Futtaim" and should not be
shortened or replaced by an acronym to avoid confusion with another
business entity.
Media Contact:
Michael Scheiner
Abercrombie & Fitch
(614) 283-6192
Public_Relations@abercrombie.com
Investor Contact:
Brian Logan
Abercrombie & Fitch
(614) 283-6877
Investor_Relations@abercrombie.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Abercrombie & Fitch Co via Globenewswire
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