Vans, Inc. announced that it has reached agreements for five-year extensions of its license agreements with ABC-Mart Inc., formerly known as International Trading Corporation. The licenses cover Japan, South Korea, Hong Kong, and Taiwan.
Under the terms of the agreements, ABC will have the Vans footwear, apparel, snow, sandal and hat licenses for Japan and South Korea and footwear licenses for Hong Kong and Taiwan. The new agreements will begin on June 1, 2003, and the terms of the agreements are substantially the same as the prior agreements the parties signed in 1999.
Gary H. Schoenfeld, President and CEO, commented, “We have enjoyed a great partnership with ABC since 1994 and we are very pleased to extend our license agreements with them into the future. Over the past five years, ABC has successfully expanded into Taiwan and Hong Kong, and recently it opened five retail stores in South Korea. ABC went public in Japan in 2000 and has become one of the leading distributors and retailers of footwear and related accessories in Asia. We look forward to a continued mutually beneficial and profitable relationship.”
