TORONTO, Nov. 8, 2017 /CNW/ - Harry Rosen, a Canadian leader in luxury menswear retail announced today that it has entered into a joint venture agreement to operate and expand DAVIDS Footwear stores. Based in Toronto, DAVIDS is an internationally recognized specialty retailer featuring highly-desirable designer shoes and accessories for women and men.
This transaction will bring together two of Canada's most iconic retail families - the Rosens and the Markowitzes. Members of the Markowitz family will continue to be involved in the leadership of the business.
"We're thrilled to have entered into this partnership agreement with the Markowitz family," says Larry Rosen, Harry Rosen Inc.'s Chairman & CEO. "Our companies share a similar legacy of internationally recognized, family-run businesses that offer world-class product and exceptional service. We believe we can help DAVIDS grow into a national chain that provides a compelling point of difference to the department stores."
Harry Rosen and DAVIDS were founded in Toronto more than 60 years ago and quickly established themselves as experts in their fields. Offering a high-service proposition and a luxurious product assortment, both retailers have continued to thrive over the years.
While Harry Rosen has focussed on expansion in key urban markets across Canada, DAVIDS has established itself as a dominant player in Toronto operating the largest, independent luxury shoe store in Canada at the corner of Bay & Bloor; in addition to three other locations in the GTA - Sherway Gardens, Bayview Village, and Yorkdale, as well as an e-commerce site at www.davidsfootwear.com.
"We are very excited about the ways in which Larry Rosen and his executive leadership team can help us grow nationally, leveraging each other's strengths," says Richard Markowitz, the grandson of DAVIDS founders Louis and Julia Markowitz. Richard will occupy the role of DAVIDS' President in the new joint venture.
"This partnership has been years in the making, says Richard. "My family has long felt a synergy between our two organizations. DAVIDS and Harry Rosen share the same ethics, values, and approach to business. We are both strongly committed to our people, our partners, our customers, and our product."
DAVIDS will continue to run as an independent organization, keeping its brand identity in-tact, as well as retaining key talent. Harry Rosen leadership will act in an advisory role to help the retailer establish a national identity.
"Simply put, this is a perfect fit," says Larry Rosen. "We believe there is room in Canada for a well thought out, well-curated, specialty footwear store that caters to clients who want a higher level of service and selection."
About Harry Rosen Inc.
Harry Rosen is Canada's leading quality menswear retailer. Founded in 1954 by the man whose name the chain still bears, Harry Rosen Inc. has grown from a single 500-square-foot store in Toronto to become a powerhouse in Canadian retailing with 18 stores across the country, within excess of 300,000 sq.ft. accounting for 40 percent of the Canadian market in high-end menswear, as well as an ecommerce site at www.harryrosen.com. Known for outstanding customer service, Harry Rosen stores offer extensive collections from the world's finest labels.
About DAVIDS Footwear
Voted one of the top 10 shoe stores in the world by the international trade journal, Footwear News and 'Best of the City' in Toronto Life's 2017 issue, DAVIDS was founded in 1951 by Louis and Julia Markowitz. More than 60 years later, the retailer is still operated by the Markowitz family. David (the brand's namesake) and his wife Faye, alongside his brother Alan and sister-in-law Ilana, have successfully stewarded the brand. Their uncle (Julia's brother) Morry Schwartz and brother Lorne have also been integral to the company - making this a truly family affair.
DAVIDS is internationally recognized for the finest selection of footwear and accessories from the world's leading designers. Favorite brands for women and men include Christian Louboutin, Jimmy Choo, Manolo Blahnik, Salvatore Ferragamo, Aquazzura, Chloe, Giuseppe Zanotti, René Caovilla, Valentino and many more. As well as men's collections from Versace, Kenzo, Paul Smith, Salvatore Ferragamo, Hugo Boss, Gravati and more. DAVIDS has 4 locations in Toronto and a thriving e-commerce site at www.davidsfootwear.com.
SOURCE Harry Rosen Inc.