NexCen Brands, Inc. today announced that it has signed a master franchise agreement for the expansion of its Shoebox New York franchised stores into Kuwait. This agreement, following the previously announced development agreements for South Korea and Vietnam, marks the third international agreement for Shoebox New York and further strengthens the platform for the franchised stores to be opened across international markets. In November 2008, the Company opened its first international Shoebox New York franchised store in Hanoi, Vietnam.
The master franchise agreement calls for the development of at least three Shoebox New York franchised stores in Kuwait over a 10-year term. The principals of the master developer under this agreement also are the principals of the master developer in Kuwait for The Athlete’s Foot (TAF), another brand in NexCen’s portfolio of seven franchise brands. Pursuant to the TAF development agreement, 11 TAF franchised stores have been opened since 1997, with one TAF Kids store under development for 2009.
Kenneth J. Hall, Chief Executive Officer of NexCen Brands, stated, “We continue to leverage our NexCen franchising platform to expand our brands and drive revenue growth. Importantly, our platform allows us to cross-sell additional franchised brands to proven franchise partners, as well as to identify co-branding opportunities.â€
Chris Dull, President of NexCen Franchise Management, Inc. the franchising subsidiary of NexCen Brands, stated, “I am proud of our team’s efforts to secure new domestic and international franchise agreements. We believe the Middle East is a very attractive market for all of our brands. We look forward to growing our relationship with existing developers to introduce Shoebox New York to consumers in Kuwait.â€