Colombia is Strong Fit for Next Move in Payless International Expansion
BOGOTA, Colombia, Oct. 18 /PRNewswire-FirstCall/ -- Payless ShoeSource
and its new Joint Venture partner led by Colombian retail businessman
Samuel Azout, announced today that they will bring Payless ShoeSource to
the Colombian market with 10 new stores expected to open beginning in
summer and early fall 2008. Details of this new joint venture agreement
were not disclosed.
Payless has an expanding international presence today with nearly 200
stores in nine countries throughout the region including in Central
America, the Caribbean, and South America. These operations are through
existing joint venture partnerships. Payless also has a strong presence in
Canada, Puerto Rico, the U.S. Virgin Islands, Guam and Saipan, all of which
are operated directly or as wholly owned subsidiaries.
"Payless is on a mission to democratize fashion and design in footwear
and accessories for the world, and we are truly thrilled to bring this
brand promise to the people of Colombia," said Matt Rubel, chief executive
officer and president of Payless ShoeSource. "Through our feasibility
studies, Colombia arose as a strong fit for the next step in Payless'
international expansion. It's a vibrant country with a large, growing
population, expanding spending power, and a strong appetite for on-trend
fashion at a great price. We are pleased to be partnering with Mr. Azout --
who has done great things for the steady and marked growth of the retail
industry in Colombia -- and want to thank the Colombian government for all
its support on this initiative as well. We look forward to a bright and
successful future together."
Payless said it believes Colombia could, in the long term, support at
least 100 stores nationwide.
In keeping with Payless' strong commitment to the communities in which
it operates and to philanthropic giving that benefits women and kids,
Payless also said it plans to work with local foundations to donate shoes
for the needy, as well as raise money for key causes affecting Colombia.
"We couldn't be happier with our partnership with Payless, which will
inject a fresh new concept into the Colombian retail landscape," said
Samuel Azout, leader of the Colombian joint venture partner group. "Fashion
is a right, not just a luxury. Colombians are going to be overwhelmed by
Payless and what it has to offer -- a fun, inspiring shopping experience
with great brands and high-quality, affordable fashion products -- all soon
to be available to shoppers. Payless is a powerful partner to bring the
fashion democracy to Colombia and to be involved as a partner in our
community as well."
About Payless
Payless ShoeSource, Inc., the largest specialty family footwear
retailer in the Western Hemisphere, is dedicated to democratizing fashion
and design in footwear and accessories to inspire fun fashion possibilities
for the family. As of the end of the second quarter 2007, Payless operated
more than 4,500 stores. In addition, customers can buy shoes over the
Internet through Payless.com(R) at http://www.payless.com
Payless is a business unit of Collective Brands, Inc. (NYSE: PSS), the
consumer-centric global footwear, accessories and lifestyle brand company,
reaching customers through multiple price points and selling channels.
Collective Brands, Inc. is the holding company of Payless ShoeSource,
Stride Rite and Collective Licensing International. Information about, and
links for shopping on, each of the Collective Brand's units can be found at
http://www.collectivebrands.com
About Samuel Azout
Most recently Samuel Azout served as President and CEO of Carulla
Vivero S.A. (http://www.carullavivero.com), the second largest retail
company in Colombia with $1 billion (US) in annual sales. In 2006 the
company was sold to Almacenes Exito, the largest Colombian retailer,
controlled by the French retailer Casino. Carulla Vivero operates 168
hypermarkets and supermarkets in all major geographical areas of Colombia
and has 13,200 direct employees. Samuel Azout's main business
accomplishment has been the consolidation of the once-fragmented Colombian
retail sector. Carulla Vivero resulted from the merger of former retailers
"Carulla y Compania" and "Almacenes Vivero," and the acquisition of a few
other regional supermarket chains. Before leading Carulla Vivero, Azout was
responsible for the successful turnaround of Almacenes Vivero, the company
founded by his father in the late 1960s. Azout holds a Masters of Public
Administration degree from the Kennedy School of Government at Harvard
University and a Bachelor of Science degree in Applied Economics and
Business Management from Cornell University.
SOURCE Payless ShoeSource
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Related links:
http://www.payless.com
http://www.carullavivero.com
CONTACT:
Media-USA, Mardi Larson, +1-612-928-0202, or
Financial, James Grant, +1-785-559-5321, both for Payless
ShoeSource
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