Global athletic footwear and apparel leader New Balance announces an exclusive 11-year Korea distribution agreement with E-land ("The Group"), an innovative integrated fashion and retail company in Korea, as part of the company's plan to expand its presence in key international markets. The distribution agreement commences on January 1, 2010 and will include New Balance product distribution and a license to design and produce New Balance Lifestyle apparel.
"New Balance is proud to partner with The Group, a market innovator and leader in the fashion and retail business in Korea." says Rob DeMartini, President and CEO, New Balance. "This distribution agreement demonstrates our strong long-term commitment to achieving our business growth goals in Korea "
Key New Balance marketing initiatives planned in Korea for 2010 including the Total Fit marketing campaign, support for major marathons and sponsorship of more than 30 running clubs across the country. New Balance will also open a New Balance Experience Store in Korea in 2010. The company currently has 187 points of sales in Korea and plans to increase this to 280 by 2012. New Balance has had a presence in the country since 2000.
About New Balance
New Balance, headquartered in Boston, MA has the following mission: Demonstrating responsible leadership, we build global brands that athletes are proud to wear, associates are proud to create and communities are proud to host. New Balance employs more than 4000 people around the globe, and in 2008 reported worldwide sales of $1.64 billion. Visit www.newbalance.com.
About The E.land Group
The E.land Group("The Group") is the first and largest integrated fashion and retail company by revenues in Korea. The Group is a market innovator, creator and leader whereby the accumulated specialist know-how in fashion business is strategically integrated with its creative approach to retail business. The Group's core business are fashion and retail as well as other business activities such as hotel, condominium, restaurants, interior, e-business and construction. The Group also has a strong presence overseas, particularly in China, and has a sharp focus for growth overseas.