The Collective Brands Stride Rite Children's Group (SRCG) and privately held Li & Fung Retailing announced a licensing and development agreement aimed at introducing Stride Rite to Greater China and Southeast Asia.
Under the agreement, a newly formed subsidiary of Li & Fung Retailing, LiFung Children Holdings Ltd, will market the Stride Rite brand and its range of children's footwear through stand-alone retail stores, shop-in-shops and ecommerce sales in Hong Kong, Mainland China, Taiwan, Macau, Malaysia, Singapore and Brunei. This is a first for Collective Brands to bring any of its retail concepts or brands to the mainland China market.
“We are excited to partner with LiFung Children Holdings to bring the Stride Rite brand and its rich heritage position and commitment to children's growing feet to Asia,” said Sharon John, President of SRCG. “We look forward to bringing shoppers across the region our range of products that deliver the 'rite' technology for children combining style and quality, as well as a store format dedicated to properly fitting the child and servicing parents and grandparents.”
Stride Rite has also been expanding internationally across Europe.
“We are thrilled to bring this iconic brand to Asia,” said Pieter Schats, a senior executive of Li & Fung Retailing. “With its 90-year leadership position and passion for excellence in design, innovation, research and technology, Stride Rite is a natural addition to our portfolio of retail offerings in the region.”
Initial plans for the region include opening retail outlets in Hong Kong, Singapore and Malaysia in December 2010 closely followed by stores in China in 2011. All stores will feature the proprietary STEP — Scientifically Tested Everyday Proven — program, which is rooted in a recent SRCG-commissioned third-party study “The Effects of Footwear on Children Learning to Walk.”
Li & Fung Retailing, a member of the Li & Fung Group, was formed in 1985 as a wholly owned subsidiary of the privately held Li & Fung (1937) Limited. All the retailing businesses under Li & Fung Retailing are not related to the publicly listed Li & Fung Limited SEHK494.
