The Children's Place to Open Retail Stores in Arab Gulf States
The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) 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."
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