|Abercrombie & Fitch Announces European Expansion Plan|
Appoints PBS Real Estate as Exclusive European and UK Agent
NEW ALBANY, Ohio, July 13 /PRNewswire-FirstCall/ -- Abercrombie & Fitch (NYSE: ANF) today announces it plans to expand its retail presence throughout Europe. The Company is in the process of securing locations in Italy, France, Germany, Spain, Denmark and Sweden and plans to identify additional key locations in the United Kingdom.
The Company also announces it has retained PBS Real Estate, LLC (PBS Real Estate), and its Principal Laura Pomerantz, as exclusive European and United Kingdom real estate consultant to identify locations that best support the Abercrombie & Fitch brand attributes.
Ms. Pomerantz has helped secure key strategic locations for the brands including the Abercrombie & Fitch flagship on Fifth Avenue in Manhattan and the RUEHL store on Bleecker Street in Manhattan.
"We have been evaluating the European markets for some time and it is clear that the demand for the Abercrombie & Fitch brand is very strong," stated Mike Jeffries, Chief Executive Officer and Chairman of the Board of Abercrombie & Fitch Co. "We believe that now is the ideal time for us to execute our international growth strategy with expansion throughout Europe.
"We are pleased to partner with PBS and Laura Pomerantz on this important project. Laura and her global team have an excellent understanding of the Abercrombie & Fitch brand and the location attributes that are necessary in each market to ensure a successful expansion of our brand throughout Europe."
The expansion follows the opening of the first Abercrombie & Fitch flagship in Europe, at 7 Burlington Gardens, London.
"As Abercrombie & Fitch embarks on its international expansion, there are a number of ideal locations throughout Europe for the company's brand," said Laura Pomerantz, Principal of PBS Real Estate. "Our global reach will serve us well in our ongoing search."
PBS Real Estate is a New York-based commercial real estate firm specializing in representing high-end office and retail tenants. Led by founding principals Laura Pomerantz, John Brod and Morton Schrader, PBS Real Estate (http://www.pbsrealestate.com) utilizes an extensive network of local and international industry relationships to provide its clients with customized market intelligence and senior level expertise and execution. PBS Real Estate is the exclusive New York City partner of ONCOR International/Realogy Corporation, which serves over 220 markets worldwide through its 44 independent commercial real estate partner brokerages.
Abercrombie & Fitch operated 355 stores, 182 abercrombie stores, 409 Hollister Co. stores and 17 RUEHL stores in the United States at the end of fiscal June. The Company operates three Abercrombie & Fitch stores and three Hollister Co. stores in Canada, and one Abercrombie & Fitch store in London, England. The Company operates e-commerce websites at http://www.abercrombie.com, http://www.abercrombiekids.com, and http://www.hollisterco.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Press Release or made by management of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company's control. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify forward-looking statements. The following factors, in addition to those included in the disclosure under the heading "FORWARD-LOOKING STATEMENTS AND RISK FACTORS" in "ITEM 1A. RISK FACTORS" of A&F's Annual Report on Form 10-K for the fiscal year ended February 3, 2007, in some cases have affected and in the future could affect the Company's financial performance and could cause actual results for the 2007 fiscal year and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this Press Release or otherwise made by management: changes in consumer spending patterns and consumer preferences; the effects of political and economic events and conditions domestically and in foreign jurisdictions in which the Company operates, including, but not limited to, acts of terrorism or war; the impact of competition and pricing; changes in weather patterns; postal rate increases and changes; paper and printing costs; market price of key raw materials; ability to source product from its global supplier base; political stability; currency and exchange risks and changes in existing or potential duties, tariffs or quotas; availability of suitable store locations at appropriate terms; ability to develop new merchandise; ability to hire, train and retain associates; and the outcome of pending litigation. Future economic and industry trends that could potentially impact revenue and profitability are difficult to predict. Therefore, there can be no assurance that the forward-looking statements included in this Press Release will prove to be accurate. In light of the significant uncertainties in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other person, that the objectives of the Company will be achieved. The forward-looking statements herein are based on information presently available to the management of the Company. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
SOURCE Abercrombie & Fitch