SECAUCUS, N.J., Nov. 5, 2015 (GLOBE NEWSWIRE) -- The Children's Place, Inc.(Nasdaq:PLCE), the largest pure-play children's specialty apparel retailer in North America, today announced that it has entered into a franchise agreement with El Palacio de Hierro to open free-standing stores and shop in shops in Mexico, with the potential to open 35 locations over time, beginning this month.
Jane Elfers, President and Chief Executive Officer of The Children's Place, stated, "We are excited to be partnering with El Palacio de Hierro. They have a proven track record of operating successful brands in Mexico. We are making significant strides in our International franchise business, and we remain focused on providing great fashion and value for children around the world."
"For El Palacio de Hierro, having The Children's Place join us represents a very important opportunity to expand our offering to our clients. We believe in the importance, quality and fashion aspect of the brand, and we are convinced that it will be a great hit for our Mexican consumers," remarked Ernesto Izquierdo, Commercial Director of El Palacio de Hierro.
About The Children's Place, Inc.
The Children's Place is the largest pure-play children's specialty apparel retailer in North America. The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary "The Children's Place," "Place" and "Baby Place" brand names. As of August 1, 2015, the Company operated 1,086 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 85 international stores open and operated by its franchise partners in 11 countries.
About Palacio de Hierro
Established in 1888, El Palacio de Hierro is owned by the Bal Group and is the point of reference in Mexico when it comes to style and trends. The retailer has 13 stores, 8 in Mexico City and the metropolitan area and the remainder in Puebla, Monterrey, Guadalajara, Villahermosa and Queretaro, as well as Casa Palacio Antara and Sante Fe, and concept store La Boutique Palacio in Acoxpa, Acapulco, and Cancun.
Exclusive distributor of brands including Burberry, CH Carolina Herrera, Tiffany & Co, H. Stern, Christian Dior, Loewe, and Strategic Commercial Partner of the main brands at LVMH Group, Kering, Estee Lauder, L'Oreal and Richmont, and operator of Mango, Springfield, Bebe, Aldo, UGG Australia, Tory Burch, and Michael Kors boutiques, El Palacio de Hierro has been able to create a true "Totally Palacio" lifestyle. www.elpalaciodehierro.com
Forward Looking Statements
This press release may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company's strategic initiatives and adjusted net income per diluted share. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in the "Risk Factors" section of its annual report on Form 10-K for the fiscal year ended January 31, 2015. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company's business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy that continues to affect the Company's target customer, the risk that the Company's strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
CONTACT: Robert Vill, Group Vice President, Finance, (201) 453-6693Children's Place, Inc.