ABG, a leading global brand development and licensing company, announced Tuesday that the existing Juicy Couture stores in the U.S. will be phased out and replaced by new concept stores set to open in the U.S. and Canada beginning in 2015. The new stores will be in key, high-traffic locations like New York, Los Angeles and Vancouver, and according to ABG, will encompass the “world of Juicy.”
Jamie Salter, ABG chairman and CEO said, “The Juicy Couture brand is strong and thriving globally, and Authentic Brands Group is committed to driving a comprehensive, multi-dimensional strategy to expand Juicy Couture across our international markets and to re-energize the brand in the U.S. and Canada.” He added, “The Juicy Couture brand is recognized for bringing Los Angeles style and attitude to girls all over the world. Our plans are designed to build on the brand’s DNA in a powerful way in all our markets.”
The group acquired the intellectual property of Juicy Couture last year from then Fifth & Pacific Cos. Inc., now Kate Spade & Co., for $195 million. In order to ensure an efficient transition, ABG entered into a short-term licensing agreement with Fifth & Pacific under which it agreed to continue operating Juicy retail outlets until the end of this month.
Now that the agreement is winding down, ABG has begun shuttering existing stores as it says the stores under the previous ownership no longer represent the Juicy Couture brand today, or ABG’s vision for the future of the brand.
Juicy Couture will continue its expansion plans, building on its existing 200 retail locations and working closely with partners in key international locations like Asia, Europe and the Middle East. Another 127 stores and shop-in-shops are expected to open over the next five years in major cities worldwide.
The Juicy Couture Black Label Collection, currently available worldwide, will expand to include new offerings in intimates, kidswear and footwear, and ABG said it will focus on opening girl’s and intimates free standing shops internationally.
ABG is also re-launching JuicyCouture.com to give consumers greater access to the Juicy Couture Black Label Collection.