Appointment of new Childrenswear Licence PartnerSource: RNS
16 August 2019
Ted Baker Plc
("Ted Baker" or the "Company")
Appointment of Next Plc as new Childrenswear Licence Partner
Ted Baker, the global lifestyle brand, is pleased to announce that on 15 August 2019, it entered into a new product licence agreement with Next Plc ("Next") to accelerate the expansion of Ted Baker's childrenswear collections. Under the agreement, which will run for an initial five-year period, Next will create and sell Ted Baker childrenswear products spanning baby, boys' and girls' clothing, shoes and accessories in collaboration with the creative team at Ted Baker. The new collections will launch in Spring 2020 and will be sold through Next's retail channels and wholesale relationships as well as through Ted Baker's websites.
The Company's current childrenswear product relationship with Debenhams will end on 29 February 2020. The Company retains an established and mutually profitable relationship with Debenhams which remains a Licence Partner for lingerie and nightwear.
Ted Baker does not anticipate a material financial impact from this agreement in the current financial year nor in the 2020/21 financial year.
Commenting, Lindsay Page, Chief Executive Officer of Ted Baker, said:
"We are delighted to announce this exciting product licence with Next to support the continued expansion of Ted Baker's growing childrenswear collections.
Product licensing is a proven and highly successful pillar of Ted Baker's strategy to expand as a global lifestyle brand. It enables us to carefully develop the brand in new, relevant categories by leveraging the specialist product expertise of our carefully selected partners.
I would like to take this opportunity to thank Debenhams for their skill and hard work in establishing and developing the Ted Baker childrenswear business and we will continue to work with them in other product categories.
Our childrenswear collections - which are small in size but big in style - have already proven incredibly popular with Ted Baker customers. As a multi-channel retailer with global capabilities and wholesale experience, Next is the outstanding partner to take Ted Baker forward in this category, which we believe will deliver significant growth in the coming years."
Commenting, Simon Wolfson, Chief Executive Officer of Next, said:
"We are thrilled to have the opportunity to help build and develop the Ted Baker children's business across the globe. We have worked with Ted Baker for a number of years through Label and recognise the power of their brand."
Ted Baker Plc
Lindsay Page, Chief Executive Officer Tel: + 44 (0) 20 7255 4800
Charles Anderson, Finance Director & Company Secretary
Phil Clark, Commercial Director
Hudson Sandler LLP (public relations) Tel: +44 (0) 20 7796 4133
Alex Brennan / Hattie O'Reilly / Nick Moore
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Notes to Editors
Ted Baker Plc - "No Ordinary Designer Label"
Ted Baker is a global lifestyle brand distributing across five continents through its three main distribution channels: retail (including e-commerce); wholesale; and licensing.
Ted Baker has 560 stores and concessions worldwide, comprised of 201 in the UK, 122 in Europe, 130 in North America, 98 in the Middle East, Africa and Asia, and 9 in Australasia.
We offer a wide range of collections including Menswear; Womenswear; Global; Phormal; Endurance; Colour By Numbers; Accessories; Bedding; Childrenswear; Eyewear; Footwear; Fragrance and Skinwear; Gifting and Stationery; Jewellery; Lingerie and Sleepwear; Luggage; Neckwear; Rugs; Suiting; Technical Accessories; and Watches.
Development of the Brand
Our strategy is to enhance our position as a global lifestyle brand by the continuous development of three main elements of our business model:
· Considered extension of the Ted Baker collections to achieve our brand growth potential. We review our collections continually to ensure we anticipate and react to trends and meet our customers' expectations. In addition, we look for opportunities to extend the breadth of our collections and enhance our offer;
· Controlled distribution through three main channels: retail (including concessions and e-commerce); wholesale; and licensing. We consider each new opportunity to ensure it is right for the brand and will deliver margin-led growth; and
· Carefully managed development of existing and new international markets. We continue to manage growth in existing territories while considering new territories for expansion.
Underlying our strategy is an emphasis on design, product quality and attention to detail, delivered by the passion, commitment and dedication of our teams, licence partners and wholesale customers.
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements. These forward-looking statements include matters that are not historical facts or are statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates.
Forward-looking statements are based on the information available to the Directors at the time of preparation of this announcement, and will not be updated. The Directors can give no assurance that these expectations will prove to have been correct. Due to inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements.
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