Topeka, Kan. Collective Brands plans to open its first Payless shoe stores next year in Russia, its latest market for international expansion.
Collective Brands said Tuesday that it and its partner M.H. Alshaya Co. will open five franchised Payless ShoeSource stores in Russia late next year. The company hopes to open at least 90 stores there in about five years and more than 300 stores total longer-term.
The terms of the partnership were not disclosed.
M.H. Alshaya is also its partner in the Middle East. That venture was launched earlier this year with stores in Saudi Arabia, United Arab Emirates and Kuwait.
“The franchise model is proving to be the most efficient way to reach more international markets with the Payless brand and all it has to offer -- great fashion, well-recognized brands and quality all at a great price," said Matthew Rubel, CEO and chairman of Collective Brands.