True Religion is going global!
After a successful fourth quarter, the high-end denim company decided to go ahead with a deal ensuring their expansion to China.
CEO Jeffrey Lubell released a statement:
We are pleased that our net sales growth continued in the third quarter of this year. The U.S. Consumer Direct segment, which is our most direct link to consumers, increased its sales by 34% and its operating profit by 40%. And, our International operating profit increased 45% over last year, driven by the strategic investments we made in the past year to take more direct control of our business, especially in Germany, Canada and the U.K.. While our year-to-date financial results reflect many positive trends in our business, our team is committed to reaching even more consumers with our trend-setting jeans and sportswear.
So at least China can wear stylish jeans when they watch goverment-controlled television!
Tags: business, china, expansion, money, true religion