WeSC signs new license agreement for WeSC underwear, socks and sleepwear in North America
Stockholm, Sweden, October 23, 2017
WeSC signed a new agreement for underwear, socks and sleepwear with Versa Textiles. This agreement assures a continuing positive development of the business in North America. The WeSC brand continues to resonate in North America despite a difficult retail market with a new kid's licenses signed earlier this month and addition interest for more collaborations and licensing opportunities.
“We are excited about taking steps that enable continued growth in North America in several product groups. We have already received positive indications from our accounts in these product categories" - Joseph Janus, CEO of WeSC AB (publ)
“This is an exciting time for us in the industry, and we believe that to create the best value in the underwear and socks categories, makers should partner with key brands. Through this license agreement between WeSC America and Versa Textile, we will be able to expand our reach in the market and deliver underwear and socks that customers find are a true extension of the brand as well as their inner being” - Sean Yun, President, Versa Textile, Inc.
The restructuring of WeSC´s European business model continues and WeSC have been able to find a combination of new agents in key markets starting fall 2018. The UK relaunch of the brand starts this month with a pop-up shop in London, at 59 Redchurch Street, Shoreditch. The shop is collaboration with WeSC´s new UK agent, New Beach Retail LTD. WeSC are looking for similar collaborations in other European markets. The process of rebuilding the European market has to be done step by step as it will require additional investments.
"The relaunch of WeSC in Europe has started and we can see that all our new partners have moved the needle within their territories for the first season. We know that new markets need at least a start -up season to get the commitments and budgets from buyers. Pop-up-shops are a perfect tool for new markets where we can show buyers and press products in store and get connected with our consumers locally” - Marcus Hyltbring, Managing Director of We International AB.
For further information, contact:
Business queries: Joseph Janus, CEO +46 8 46 50 50 00
Shareholder queries: Theodor Dalenson, Board chairman +46 8 46 50 50 00
The information above was released by WeSC AB (publ), on October 23, 2017 08.30 CET in accordance with mandatory EU regulations on information in public companies.
Breifly about the company
WeSC designs, markets and sells clothing and accessories in the premium streetwear segment of the international market under the WeSC brand. WESC's shares are traded on First North Premier and the company's Certified Adviser is Mangold Fondkommission AB, tel. 08-503 015 50.