The Joseph Abboud brand is making the jump to China.
YouXiang, which was founded in 2008, operates retail stores under the Via Dante, U D X and Aquascutum names and is also the authorized distributor in China for brands including Armani, Michael Kors, Moncler, Theory, Tod’s, Versace and YSL, which combined generate over $750 million in annual sales.
Yehuda Shmidman, chief executive officer of WHP Global, said that because of China’s continued restrictions around COVID-19, “it’s impossible to travel there today. But we were still able to put together this partnership with YouXiang. They love the Joseph Abboud brand and believe it will be an anchor for them in the men’s market.”
He said WHP Global’s eight “power brands” — Anne Klein, Isaac Mizrahi, Joe’s Jeans, William Rast, Lotto, Toys “R” Us and Babies “R” Us in addition to Abboud — has grown into a $4.5 billion company with holdings in hard goods and sports in addition to fashion. Of that figure, he said $2 billion in sales come from outside the U.S.
Shmidman said that although his firm closed on the Abboud purchase a few days before the COVID-19 shutdowns, the brand has rebounded nicely since stores were able to reopen.
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