Brooks Brothers Group Inc. and Walton Brown Group, a subsidiary of The Lane Crawford Joyce Group, have announced a joint venture which seeks to accelerate Brooks Brother’s growth throughout the Greater China region.
The 50/50 joint venture, with an initial term of 10 years commencing January 2016, will take over the management of Brooks Brothers’ existing retail network of 90 stores in the territory and will activate a strategic expansion plan to open more than 10 points of sale in the first two years across key cities in China, Hong Kong, Macau and Taiwan.
Following the formation of the joint venture, Brooks Brothers and Walton Brown will establish a corporate office and showroom in Hong Kong in early 2016.
“We are thrilled to be partnering with Walton Brown on this exciting joint venture which enables us to develop long-term growth strategies across multiple online and offline distribution channels especially in China, one of our most important growth markets for our global business,” said Claudio Del Vecchio, Brooks Brothers CEO and chairman.
In a statement, Walton Brown President Thomson Cheng, said, “In the 12 years Brooks Brothers has been operating in China, the brand has built a strong following of customers who subscribe to its unique heritage and rich history of design and quality craftsmanship. With the foundation in place, we believe the brand has enormous potential with the new generation of sophisticated and prosperous consumers in China and with the launch of the online business in 2016 we will be able to significantly increase reach with this consumer segment.”
Building on the success of Brooks Brothers’ ready-to-wear menswear and accessories collections, the brand has tapped Zac Posen as creative director to enhance its women’s collection and accessories. Posen’s first women’s collection will debut in Spring/Summer 2016 and will be available worldwide.