INTUITION LOOKS EAST: Jaye Hersh is taking her Intuition boutique to the Far East.
Hersh, who founded the trendy Los Angeles-based contemporary retail brand in 1999, has sold the exclusive international rights to Viceroy International, a Tokyo-based company headed by principal Randy Ito. The multimillion-dollar deal spans more than 10 years and is worth in the “tens of millions,” Hersh said. She declined to elaborate on terms.
“It was a way to expand and bring more revenue in without taking on more debt and helping do away with existing debt,” Hersh said. “These guys are definitely well-capitalized and are putting a lot financing on the table. They are prepared to support the brand in the manner in which we’d like to be represented.”
Viceroy plans to open an Intuition store in Tokyo’s Aoyama district, possibly as soon as July.
Hersh had been in talks with Ito and his company since last year. She estimated that at least 30 percent of her Internet sales come from overseas, including 10 to 15 percent from Japan.
Hersh, who recently launched a line of accessories and jewelry for Target in the U.S., is designing a collection for Viceroy that will be exclusive to the Japanese stores. The line will start with small leather goods, handbags and accessories from $50 to $750, which drive her current business in Japan, and will expand to include other categories, like apparel.
Ito could not be reached for comment, but store locations in other international markets, including Dubai, are a possibility, Hersh said.