|
Hanesbrands , a leading marketer of everyday basic apparel , has recently announced that department store retailer Target Corporation will not be renewing its contract for an exclusive activewear line C9 by Champion . Hanes has been supplying the C9 by Champion line to Target for a period of 15 years and the agreement is due to expire by the end of January 2020 .
Following the announcement , Hanes shared a plunge of 19.7 per cent and also missed its secondquarter earnings .
Target has taken the decision so as to double-down on efforts to revamp its stores , digital channels and supply chain . Recently , the retailer has also introduced new brands such as JoyLab activewear brand . It has also launched new private label apparel lines including A New Day , Goodfellow
|
& Co , and Universal Thread , a denim-based women ’ s lifestyle brand . Earlier this year , the company had planned to tap Generation Z consumers with two exclusive brands Wild Fable and Original Use .
Hanes claims that even though Target will be ending its partnership with C9 by Champion , this will not affect the company ’ s future projection of growth . It believes to achieve Champion sales of more than US $ 2 billion globally by 2022 .
Gerald Evans Jr , CEO , Hanes said , “ Overall , C9 by Champion has significant momentum in all geographies globally , and we will continue to focus on growth across our Champion portfolio through expanded geographic penetration , product lines and distribution channels , including online and retail .”
|
The US-based lifestyle brand and retailer ‘ Guess ’ plans to set up a subsidiary brand for India by the name of ‘ Guess India ’ to relaunch the label and expand its retail presence by launching stores completely owned by the company , parting ways from its earlier model where stores were functioned by franchisees .
Reportedly , the initial phase of the expansion will be targeted towards Tier-1 locations in the country . It is important to add here that the fashion label has shuttered down all of its franchise-based stores in the region .
Lander Isasi , Managing Director , Guess ( Middle East , Southeast Asia , Australia , and India ) elucidated about the brand ’ s blueprint to relaunch themselves in India . “ The immediate plan is to open 2-3 stores in around next two years ; the long-haul plan is to open up to 8 to 10 more stores ,” he added .
The relaunch of the brand will also include collaborations with e-commerce players in the country along with coming up
|
Victor Herrero , CEO , Guess marked that the American fashion retailer has always considered India as one of its important destinations strategically . |
|
FABRIC / YARN |
with its own online marketplace . Elaborating on the same , Lander cited , “ We have distributors for some of our product categories , who will be partnering with several domestic e-commerce platforms , to sell Guess products .”
Additionally , Victor Herrero , CEO , Guess marked that the American fashion retailer has always considered India as one of its important destinations strategically . Following the recent relaxation of FDI norms by the Government , this decision came naturally . “ It is a fundamental step for us to boost the strength of our brand with clear and strong control over presentation and product collection that is consistent with our brand strategy ,” he concluded .
|