Byeon Wooseok-backed Discovery... Challenges 100 Stores in China Next Year
Published 29 Jul.2024 08:28(KST)
Updated 29 Jul.2024 14:36(KST)
Expansion into all Asian markets including China, Japan, and Southeast Asia
Discovery to open first store in Shanghai, China within the year
Kim Chang-su, F&F Chairman: "Asia's Number One Outdoor Brand"
F&F announced on the 29th that it has acquired the Asian regional rights for the outdoor brand 'Discovery Expedition' and will target the global market.
F&F signed an exclusive contract with Warner Bros. Discovery (WBD), the owner of the Discovery brand in the United States, and will expand into major Asian countries such as China, Japan, and Southeast Asia. With this, F&F can now target the Asian market with Discovery as a key brand alongside MLB.
Discovery plans to rapidly expand by applying the systematic success formula of MLB. Distributors across China, who have strong affection and trust for MLB, as well as distributors in various Asian countries, are showing great interest in Discovery. In the Chinese market, the goal is to open 100 stores by the end of next year, starting with the first store in Shanghai within this year.
The mid- to long-term vision is to establish Discovery as the No.1 outdoor brand in the Asian market. At a town hall meeting held on the 25th with all Discovery members, Chairman Kim Chang-soo explained, "The fashion market is being reorganized from a concept-oriented style market to a lifestyle brand centered on enjoying real life," adding, "In Korea, 50 million people endure hot summers, and in Asia, 1 billion people endure summers hotter than Korea. Let us save 1 billion people from the hot summer with Freshvent’s best cooling technology."
Finally, Chairman Kim said, "Through MLB’s successful overseas expansion experience, we have built an optimal system for production, logistics, distribution, and marketing for global fashion business," and added, "Based on this system, Discovery will grow as a leading brand in Asia and, furthermore, worldwide."
Meanwhile, the MLB brand has expanded its presence from China to markets including Singapore, Malaysia, Indonesia, Thailand, Vietnam, India, and the Middle East. MLB surpassed 1 trillion KRW in overseas consumer sales for the first time in 2022. This year, it is expected to exceed 2 trillion KRW.
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