Karen Millen heads for China
Sunday 09 October 2011
The UK fashion brand Karen Millen plans a big expansion into China, after buying the rights to use its name there. Karen Millen has 314 outlets in 40 countries and makes more money from its overseas business than in the UK.
It has been planning the move to China for three years and has been in complex negotiations with a Chinese investor who had bought the rights to the names of many of the UK's major brands, including Karen Millen. After initially being faced with an asking price of £1m, the company secured the rights this year for "tens of thousands" of pounds.
Locations in Beijing and Shanghai will lead on to a chain of 65 shops in the next five years.
Karen Millen has pitched itself as a "bridge" brand – one between high street and luxury, competing with US names such as Michael Kors, DKNY and the UK's own Reiss.
The Chinese launch is being overseen by Karen Millen's managing director of Australasia, Shaf Dewani. He said: "The first stores in Beijing and Shanghai will be company owned. We will then look at a blended model by opening stores in tier-two cities with a partner in a franchise model."
Karen Millen was hived off from its sister company, Aurora Fashions, in March. Retail experts believe the company is being lined up for sale next year, but the firm's executive chairman, Derek Lovelock, said: "It is a great brand, but there is no sales process running."
- 1 This is what the one in ten British men who pay for sex need to know
- 2 Lee Evans announces retirement from comedy on The Jonathan Ross Show
- 3 These grandmas smoking weed for the first time are wonderful
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
Jeff Fletcher dead: Britpop guitarist is decapitated by lorry in horrific traffic accident
These grandmas smoking weed for the first time are wonderful
Jimmy Ruffin dead: Motown legend, who wrote 'What Becomes of the Brokenhearted', dies aged 78
New York snowstorm: Five dead and state of emergency declared as 'wall of snow' buries Buffalo
Woman opens professional cuddling shop – gets 10,000 customers in first week
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
France 'blocks' Russian sailors from boarding a warship
G20 summit: David Cameron warns Vladimir Putin that Russia's relationship with the West is at a 'fork in the road' over Ukraine
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
Coalition government has 'shifted money from poorest to better-off' through welfare cuts and tax reductions, study claims
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...
$175 - $200 per annum, Benefits: full benefits: Carlton Senior Appointments: P...
Not specified: Carlton Senior Appointments: Senior MD Financial Advisor - San ...