Wolverine to partner with Xtep to boost Saucony and Merrell in China
04/03/2019
Specifically, Wolverine has said its aim in launching this new joint venture is to grow sales in the Chinese market of two of its brands, Merrell and Saucony. It will start in the second half of 2019.
On making the announcement, Wolverine said this agreement with Xtep is part of a near-term plan to make “strategic investments in key international markets”.
Xtep has more than 6,200 stores in 31 provinces and municipalities across China. The joint venture will include opening new stores under the Merrell and Saucony banners, the majority in shopping malls in China’s larger cities, coupled with an increased presence for these brands in Hong Kong and Macau.
“Wolverine is extremely pleased to partner with Xtep to accelerate the growth of two of our best-known global brands in the critical markets of mainland China, Hong Kong and Macau,” said chief executive, Blake Krueger.
His counterpart at Xtep, Ding Shui Po, commented: “We are delighted to have Wolverine as our partner. We look forward to working shoulder-to-shoulder with them to seize the numerous business opportunities we see in these key Asian markets. Leveraging the combined resources and strengths of both Xtep and Wolverine, we expect the joint venture will reach a large group of sophisticated customers.”
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