Destination Maternity Corporation Announces Opening Of First Store In Abu Dhabi, United Arab Emirates
PHILADELPHIA, Oct. 3, 2012 /PRNewswire/ -- Destination Maternity Corporation (NASDAQ: DEST), the world's leading maternity apparel retailer, opened the first Destination Maternity® store in Abu Dhabi, United Arab Emirates on Tuesday, October 2nd. This brings the total Destination Maternity store count in the Middle East to fourteen.
The 1,700-square-foot Destination Maternity store opened by Multi Trend, Destination Maternity's franchisee in the Middle East, is located in Al Wahda Mall on Sheikh Hazza Bin Zayed Street. Where the expectant mom can expect it all, Destination Maternity is the home of the world's leading maternity brands Motherhood Maternity® and A Pea in the Pod®. It is a one-stop shop for the most extraordinary selection of maternity fashion, accessories, and everything imaginable for the pregnant woman. This location is the fourth Destination Maternity store to open in UAE, and the first in its capital. Multi Trend, a member of the Al-Homaizi Group, has also opened four Destination Maternity stores in Kuwait, as well as six Destination Maternity stores in Saudi Arabia.
"Multi Trend's partnership has enabled us to grow our business in key Middle East markets," said Ed Krell, Chief Executive Officer of Destination Maternity. "We are excited to take another important step by opening a Destination Maternity store in the prestigious capital of Abu Dhabi and to showcase our brands in the Al Wahda Mall - one of the area's most impressive shopping destinations in this growing city."
Under a multi-year franchise agreement, Destination Maternity has partnered with Multi Trend to operate branded retail locations and market merchandise under the Company's Destination Maternity, Motherhood Maternity, A Pea in the Pod, and Edamame The Maternity Spa® brands in six key markets in the Middle East: Kuwait, UAE, Saudi Arabia, Qatar, Bahrain, and Oman.
About Destination Maternity Corporation
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. In the United States and Canada, as of September 30, 2012, Destination Maternity operates 2,008 retail locations, including 625 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and 1,383 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also distributes its Oh Baby by Motherhood® collection through a licensed arrangement at over 1,100 Kohl's® stores throughout the United States and on Kohls.com. In addition, Destination Maternity is expanding internationally and has exclusive store franchise and product supply relationships in India, the Middle East and South Korea. As of September 30, 2012, Destination Maternity has 119 international franchised locations, including 103 shop-in-shop locations and 16 Destination Maternity branded stores.
About Multi Trend
Launched in 2005, Multi Trend International, a member of Al-Homaizi Group, is the umbrella company for a select portfolio of lifestyle brands. These brands share a common trait: each brand is specialized in a certain area - be it in style, service or age group. Multi Trend International has the drive, competent retail experience, and leadership to develop market niches. Its goal is to expand in Kuwait and the Gulf region with a growing range of brands such as Go Sport, Courir, Destination Maternity, Franklin & Marshall, Joe's and My Buy. In line with its mission, all efforts of Multi Trend International are directed to sustain its position as a symbol of excellence and consistency in all the markets it operates. Multi Trend stores can currently be found in Kuwait, KSA and UAE. It employs more than 170 employees from over 17 nationalities.
Learn more about the company at www.multitrend.com.kw
Destination Maternity Corporation (the "Company") 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 from time to time by management of the Company, including those regarding international expansion and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the continuation of the economic recovery of the retail industry in general and on apparel purchases in particular, our ability to successfully manage our various business initiatives, the success of our international business and its expansion, our ability to successfully manage and retain our leased department and licensed relationships and marketing partnerships, future sales trends in our existing store base, unusual weather patterns, changes in consumer preferences, raw material price increases, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for maternity apparel, expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, anticipated fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and financing, our ability to hire and develop senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, potential stock repurchases, potential debt prepayments, the continuation of the regular quarterly cash dividend, the trading liquidity of our common stock, changes in market interest rates, war or acts of terrorism and other factors set forth in the Company's periodic filings with the Securities and Exchange Commission, or in materials incorporated therein by reference.
SOURCE Destination Maternity Corporation