Tesco clothing brand to go global
Fin24/ Reuters - May 20th, 09:37
London – Tesco, Britain's biggest retailer, said on Sunday that it planned to open more than 50 new franchise stores, worldwide, for its clothing brand 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.
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