FINANCE

Kate Spade New York to buy out JV partner, continue international push

BY Katherine Boccaccio

New York — Kate Spade New York announced Thursday that it will buy its Japanese JV partner Sanei International’s 51% share in Kate Spade Japan.

The move, said Kate Spade, is part of an aggressive international push that includes recent store openings in the United Kingdom, Dubai and Kuwait, as well as further expansion into Brazil with additional store openings in Rio de Janeiro and Sao Paulo planned for this summer.

"Kate Spade New York has a long and successful history in the Asian market,” said Craig Leavitt, CEO, Kate Spade New York. “It is our strategy to build a global company to support what is already quickly becoming a global brand."

Kate Spade New York’s strategy is to fully or partially own the majority of its Asia-based businesses. In May 2011, the company announced a joint venture in the People’s Republic of China with the E.land group to create a significant brand presence with plans to grow to nearly 300 points of distribution by 2020. At that time, Kate Spade New York also announced its plans to buy back the Hong Kong South East Asia business from its long term distribution partner in January 2014.

The purchase of the Japanese business is slated for a fall 2012 completion.

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OPERATIONS

Discounting pioneer dies at 91

BY Staff Writer

New York — Eugene Ferkauf, founder of the E.J. Korvette chain, died Tuesday at the age of 91, said Yeshiva University, where he was a longtime former trustee and benefactor, the New York Times reported.

"He was a brilliant entrepreneur, innovator and pioneer of the discounting concept," said Burt Flickinger, III, managing director of the retail consultancy Strategic Resource Group, in the report.

Ferkauf founded Korvette in 1948, initially selling luggage from a loft on 46th Street before expanding into other merchandise categories and to 45 outlets throughout the New York metro area. He offered deep discounts of up to 40% on merchandise.

Ferkauf was featured on the cover of Time magazine in 1962 with the title: "Discounting Gets Respectable." He sold his share in the company in 1966 for more than $20 million. Korvette went out of business in around 1980.

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News

Discounting pioneer dies at 91

BY CSA STAFF

New York — Eugene Ferkauf, founder of the E.J. Korvette chain, died Tuesday at the age of 91, said Yeshiva University, where he was a longtime former trustee and benefactor, the New York Times reported.

"He was a brilliant entrepreneur, innovator and pioneer of the discounting concept," said Burt Flickinger, III, managing director of the retail consultancy Strategic Resource Group, in the report.

Ferkauf founded Korvette in 1948, initially selling luggage from a loft on 46th Street before expanding into other merchandise categories and to 45 outlets throughout the New York metro area. He offered deep discounts of up to 40% on merchandise.

Ferkauf was featured on the cover of Time magazine in 1962 with the title: "Discounting Gets Respectable." He sold his share in the company in 1966 for more than $20 million. Korvette went out of business in around 1980.

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