PHILADELPHIA, May 16, 2012 /PRNewswire/ -- Destination Maternity Corporation (Nasdaq: DEST), the world's leading maternity apparel retailer, today announced the opening of its first Destination Maternity® store in India with its franchise partner, Mahindra Retail.
Located in the largest operational mall in India, Ambience Mall, in Gurgaon and bordering south Delhi, is the Company's first Destination Maternity freestanding store in India. Destination Maternity is the home of the world's leading maternity brands Motherhood Maternity® and A Pea in the Pod®. It is a one-stop shop for the most extraordinary selection of maternity fashion, accessories, and everything imaginable for the pregnant woman.
Ed Krell, Chief Executive Officer of Destination Maternity, commented, "We are very excited to announce the opening of the first Destination Maternity store in India. Mahindra Retail has done a great job opening Motherhood shop-in-shops within their own Mom & Me stores, and the launch of a Destination Maternity freestanding store is the natural next step for expanding our presence in India. Our Destination Maternity store will offer an unparalleled breadth of assortment and a unique and engaging shopping experience that, by nature, a shop-in-shop cannot. This location in Ambience Mall will be a 'must visit' shopping destination for the India mom-to-be, where she will be able to shop both our Motherhood Maternity and A Pea in the Pod brands. It is where the expectant mom can expect it all."
Destination Maternity has granted to Mahindra Retail the exclusive rights to operate branded retail locations and market merchandise under the Company's Motherhood Maternity, A Pea in the Pod, and Destination Maternity brands in India under a multi-year franchise agreement. This franchise relationship with Mahindra Retail, which began in 2009, was the second such relationship entered into by Destination Maternity. Currently, Destination Maternity has 76 franchised shop-in-shop locations within Mahindra Retail's Mom & Me stores. In October 2008 Destination Maternity announced the signing of its first international franchise agreement to introduce its brands into six key markets in the Middle East. In 2011, the Company signed its third international franchise agreement to introduce its brands into South Korea. Currently, Destination Maternity has 101 international franchised locations, including 85 shop-in-shop locations, 16 Destination Maternity branded stores and is sold in South Korea at www.destinationmaternity.co.kr.
About Destination Maternity Corporation
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. In the United States and Canada, as of March 31, 2012, Destination Maternity operates 2,027 retail locations, including 643 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and 1,384 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also distributes its Oh Baby by Motherhood® collection through a licensed arrangement at over 1,100 Kohl's® stores throughout the United States and on Kohls.com. In addition, Destination Maternity is expanding internationally and has exclusive store franchise and product supply relationships in India, the Middle East and South Korea. As of March 31, 2012, Destination Maternity has 94 international franchised locations, including 80 shop-in-shop locations and 14 Destination Maternity branded stores.
About Mahindra Retail
Mahindra Retail is an extension of the Mahindra Group's trading foray in the domestic India market. Apart from distributing toys, games and wellness products under licenses from various international brands like Disney®, Mattel®, and NUK®, it has entered into unique ventures with the launch of Mom & Me stores, which specialize in infant and maternity care, and Beanstalk toy stores. Mahindra Retail has scoured the world's best brands in various categories and has selected a range of stock giving Indian mothers choices that they have not enjoyed hitherto.
Mom & Me has been built around the unique needs of mothers to be, young mothers, infants and children up to the age of nine. Where international brands have found to be lacking, Mom & Me has developed private labels in order to bring products like ethnic fashion for women, infant apparel, and traditional Indian toys to their stores for the benefit of the Indian consumer. For more information, please visit www.momandme.in.
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers. A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.
In 2011, Mahindra was featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra No. 1 in the automobile sector in its list of India's Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. In 2011, Mahindra acquired a majority stake in Korea's SsangYong Motor Company. For further information, please visit www.mahindra.com. Connect with us on www.facebook.com/mahindragroup.
Destination Maternity Corporation (the "Company") cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made from time to time by management of the Company, including those regarding international expansion and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company's financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the continuation of the economic recovery of the retail industry in general and on apparel purchases in particular, our ability to successfully manage our various business initiatives, the success of our international business and its expansion, our ability to successfully manage and retain our leased department and licensed relationships and marketing partnerships, future sales trends in our existing store base, unusual weather patterns, changes in consumer preferences, raw material price increases, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for maternity apparel, expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, anticipated fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and financing, our ability to hire and develop senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, potential stock repurchases, potential debt prepayments, the continuation of the regular quarterly cash dividend, the trading liquidity of our common stock, changes in market interest rates, war or acts of terrorism and other factors set forth in the Company's periodic filings with the Securities and Exchange Commission, or in materials incorporated therein by reference.
SOURCE Destination Maternity Corporation
Judd P. Tirnauer, Executive Vice President & Chief Financial Officer, +1-215-873-2278