Tesco clothing brand plans international expansion
LONDON (Reuters) - The clothing brand sold by Britain's biggest retailer Tesco (TSCO.L) said on Sunday it planned to open more than 50 new franchise stores worldwide over the next five years.
F&F, which opened its first franchise store in Saudi Arabia last year, said it would open shops across the Middle East and in Kazakhstan, Georgia, Armenia and Azerbaijan.
Up to six stores will be opened this year, with the first in the Kazakh capital Astana next month.
F&F gave no details on how much the expansion would cost or how it would be funded.
"This announcement builds on the success of the first franchise stores and demonstrates our commitment to growing the brand internationally through this model," F&F Chief Executive Jason Tarry said in a statement.
The company said it would extend its existing agreement with franchise operator Al Hokair, and would also work with new partner Dubai-based Al Futtaim.
F&F clothing is already sold in 12 countries, including the Czech Republic and Poland.
(Reporting by Kylie MacLellan; Editing by David Cowell)
- Exclusive: Secret contract tied NSA and security industry pioneer |
- U.S. aircraft hit by gunfire in South Sudan as conflict worsens
- With Fed out of the way, what's next on Wall Street?
- Four men arrested in deadly N.J. shopping mall carjacking
- Analysis: Lost Brazil order raises threat to Boeing fighter jets