ATLANTA — NexCen Brands, Inc. has entered into a definitive agreement with a veteran apparel retailer to open 20 of The Athlete’s Foot (TAF) franchises throughout the state of Mississippi. These TAF stores will be the first in the state.
Financial terms of the agreement were not disclosed, and the retailer has not been named at this time. However, the arrangement calls for a minimum of 12 new TAF stores to be opened within the next five years. The first store is expected to open in December 2007.
Earlier this month, NexCen announced the signing of a 20-year agreement with John Park, CEO of TAF-Mid-America Enterprises, Inc., to open a minimum of 100 stores, representing a 16 percent increase over TAF’s current worldwide store base. Park already owns 31 TAF stores in the U.S., and holds the master franchise agreement for South Korea, where it operates more than 40 stores.
Both major expansion plans resulted from the TAF rebranding effort announced by the parent company this past June at the TAF Global Franchise Convention in Las Vegas.
“We are gratified and enthused that our rebranding effort for TAF has been eagerly embraced by existing and new area developers,” said Robert D’Loren, president and CEO of NexCen. “We look forward to providing our new area developer with the marketing and operational resources he needs to enable every one of his 20 stores to be the go-to retailer for athletic footwear and apparel within its community.”
He said NexCen is continuing to look for new opportunities and markets in which to grow the TAF brand globally and domestically.