– First Location Opens Today, August 25, at Flagship House of Fraser Store on Oxford Street, London –
MONTREAL, Aug. 25, 2017 /CNW/ - LXRandCo, Inc. ("LXRandCo" or the "Company") (TSX: LXR, LXR.WT), an international omni-channel retailer of branded vintage luxury handbags and accessories, today announced it is opening its first stores in the United Kingdom under a recently established agreement with iconic British department store, House of Fraser ("HoF") that will see LXRandCo locations opened in five of HoF's top performing stores. The first LXRandCo location opens today, August 25, at HoF's London flagship store on Oxford Street, one of the busiest shopping streets in Europe.
"We are honoured to partner with a retailer with the history and reputation of the UK's House of Fraser to bring the vintage luxury shopping experience to their clientele," said Fred Mannella, Chief Executive Officer, LXRandCo. Inc. "Our agreement with HoF, our sixth retail partner and first in the UK, further underscores LXRandCo's compelling value proposition to major retailers internationally. Our vintage luxury product offering celebrates the iconic nature of luxury brands, while embracing the rapidly emerging trend of reuse and extension of product lifespans. Shoppers from around the world flock to Oxford Street in London, which makes the HoF flagship store there the ideal location for our first opening with this new partner."
Mr. Mannella added, "The remainder of 2017 will be a very busy period for us. We are on plan to double the size of our current retail network in the second half of the year, opening more than 60 additional locations with both existing and new retail partners, to enter 2018 with an international network of more than 120 stores."
LXRandCo will open the remaining four House of Fraser locations in Guildford, Manchester, Edinburgh and Leeds, throughout the remainder of August and September 2017.
About House of Fraser UK
House of Fraser is a department store group with 59 enviable locations across the UK and Ireland. As one of the best known names on the high street, House of Fraser has presented customers with an unrivalled nationwide department store for over 165 years. In December 2016, House of Fraser opened its first international store in Nanjing, China. The House of Fraser Group, in the UK and Ireland, has annual sales of £1.3bn and employs over 6,000 House of Fraser employees and 11,500 concession staff through over 4 million sqft of selling space. Customers can shop at House of Fraser from http://www.houseoffraser.co.uk.
House of Fraser (UK & Ireland) Limited (formerly Highland Group Holdings Limited) is the parent company of the House of Fraser business in the UK and Ireland. It is 89% owned by House of Fraser Group Limited, which is also the parent company of House of Fraser's operations in China (the remaining 11% interest in House of Fraser (UK & Ireland) Limited is owned by West Coast Capital (HOF CO) Limited). Nanjing Cenbest, a listed company in China is the Group's ultimate parent company, following the acquisition on 2 September 2014.
LXRandCo is a rapidly growing, international omni-channel retailer of branded vintage luxury handbags and accessories. LXRandCo sources and authenticates high quality pre-owned products and sells them through: a retail network of stores located in major department stores in Canada, the United States and Europe; wholesale operations primarily in the United States; and its own e-Commerce website, www.lxrco.com. LXRandCo offers pre-owned products from iconic brands such as Hermès, Louis Vuitton, Gucci and Chanel, among others, at attractive prices and seeks to appeal to the aspirational lifestyle needs of women [and men?] of all ages. As at June 30, 2017, LXRandCo's retail network consisted of 61 stores with nine located in Canada, 38 in the United States, 10 in Germany and four in Belgium. LXRandCo has offices in Montréal, Québec, and Tokyo, Japan.
Caution Regarding Forward-Looking Statements
Certain statements in this press release are prospective in nature and constitute forward-looking information and/or forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements concerning the financial results and condition of the Company, expectations regarding market trends, overall market growth rates and the Company's growth rates, future objectives and strategies to achieve those objectives, including, without limitation, store openings, store productivity, margin improvements and e-Commerce penetration as well as other statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, outlook, circumstances, performance or expectations that are not historical facts.
Forward-looking statements generally, but not always, can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events and the negative of any of these terms.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management, which includes assumptions about continued revenues based on historical past performance, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. With respect to the forward-looking statements included in this press release, management has made certain assumptions with respect to, among other things, the Company's ability to meet its future objectives and strategies, the Company's ability to achieve its future projects and plans and that such projects and plans will proceed as anticipated, the expected growth of the Company's e-Commerce revenue, the expected number and timing of store openings in North America and internationally, entering into new and/or expanded retail partnerships in North America and internationally, the Company's ability to source products, the Company's competitive position in the vintage luxury industry, and beliefs and intentions regarding the ownership of material trademarks and domain names used in connection with the marketing, distribution and sale of the Company's products as well as assumptions concerning general economic and market growth rates, currency exchange and interest rates and competitive intensity.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include, but are not limited to, those factors described under the heading "Risk Factors" in Gibraltar Growth's final non-offering long form prospectus dated May 12, 2017 and as described from time to time in the reports and disclosure documents filed by the Company with the Canadian securities regulatory agencies and commissions. Such list of risk factors is not exhaustive of the factors that may impact the forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the forward-looking statements in this press release. As a result of the foregoing and other factors, there can be no assurance that actual results will be consistent with these forward-looking statements.
All forward-looking statements included in and incorporated into this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Readers are cautioned that the actual results achieved will vary from the information provided herein and that such variations may be material. Consequently, there are no representations by LXRandCo that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.
SOURCE LXRandCo, Inc.
For further information: Jeremy Stepak, Interim Chief Financial Officer, LXRandCo, Inc., +1 (416) 301-1333; Lawrence Chamberlain, LodeRock Advisors, +1 (416) 519-4196, [email protected]