Perry Ellis signs men's eyewear license in South Korea
Miami-based apparel company Perry Ellis International, Inc. announced on Monday that it has signed a licensing agreement with Taesok Optical Co. Limited for the production of Perry Ellis Portfolio branded eyewear, both ophthalmic and sunglasses, to be distributed in South Korea.
“We look forward to working closely with Taesok Optical’s design team to continue elevating and expanding the Perry Ellis brand in the South Korean market,” said Perry Ellis CEO and President Oscar Feldenkreis. “Our unique brand positioning and commitment to product excellence underscores our continued dedication to expand our global business.”
Taesok Optical was founded in 2003 and currently has a portfolio including a range of domestic labels such as Brera, Defaye and Lapalette, as well as licensed international brands Harry Mason and Vera Wang.
Commenting on the Perry Ellis license, the company’s CEO Myung Seok KwonTaesok stated, “Taesok Optical has had, since our founding, a commitment to bring the top American brands to Korean consumers. I am pleased to continue that commitment with the addition of Perry Ellis Portfolio to our roster of brands.”
The deal is part of Perry Ellis’ wider expansion efforts in South Korea and follows on from a licensing deal signed with Seoul-based underwear brand Good People Co. in February, for the production of Perry Ellis branded underwear and loungewear. Feldenkreis hinted at the company’s expansion projects when the Good People deal was announced, explaining in a release, “We see great potential for growth in the South Korean market”.
Perry Ellis reported revenue of $875 million in the fiscal year ended February 3, 2018, a 2% rise compared to the previous year, with international sales up 33% in the fourth quarter. However, the company provided a lower-than-expected guidance of $855 million to $865 million in revenue for fiscal 2019.
Taesok Optical’s Perry Ellis Portfolio collection is slated to launch in fall 2018 and will be distributed in South Korea through optical stores and home shopping networks, as well as online.
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