BOGOTA, Colombia, Oct. 18 /PRNewswire-FirstCall/ -- Payless ShoeSource and its new Joint Venture partner led by Colombian retail businessman Samuel Azout, announced today that they will bring Payless ShoeSource to the Colombian market with 10 new stores expected to open beginning in summer and early fall 2008. Details of this new joint venture agreement were not disclosed.
Payless has an expanding international presence today with nearly 200 stores in nine countries throughout the region including in Central America, the Caribbean, and South America. These operations are through existing joint venture partnerships. Payless also has a strong presence in Canada, Puerto Rico, the U.S. Virgin Islands, Guam and Saipan, all of which are operated directly or as wholly owned subsidiaries.
"Payless is on a mission to democratize fashion and design in footwear and accessories for the world, and we are truly thrilled to bring this brand promise to the people of Colombia," said Matt Rubel, chief executive officer and president of Payless ShoeSource. "Through our feasibility studies, Colombia arose as a strong fit for the next step in Payless' international expansion. It's a vibrant country with a large, growing population, expanding spending power, and a strong appetite for on-trend fashion at a great price. We are pleased to be partnering with Mr. Azout -- who has done great things for the steady and marked growth of the retail industry in Colombia -- and want to thank the Colombian government for all its support on this initiative as well. We look forward to a bright and successful future together."
Payless said it believes Colombia could, in the long term, support at least 100 stores nationwide.
In keeping with Payless' strong commitment to the communities in which it operates and to philanthropic giving that benefits women and kids, Payless also said it plans to work with local foundations to donate shoes for the needy, as well as raise money for key causes affecting Colombia.
"We couldn't be happier with our partnership with Payless, which will inject a fresh new concept into the Colombian retail landscape," said Samuel Azout, leader of the Colombian joint venture partner group. "Fashion is a right, not just a luxury. Colombians are going to be overwhelmed by Payless and what it has to offer -- a fun, inspiring shopping experience with great brands and high-quality, affordable fashion products -- all soon to be available to shoppers. Payless is a powerful partner to bring the fashion democracy to Colombia and to be involved as a partner in our community as well."
About Payless
Payless ShoeSource, Inc., the largest specialty family footwear retailer in the Western Hemisphere, is dedicated to democratizing fashion and design in footwear and accessories to inspire fun fashion possibilities for the family. As of the end of the second quarter 2007, Payless operated more than 4,500 stores. In addition, customers can buy shoes over the Internet through Payless.com(R) at http://www.payless.com
Payless is a business unit of Collective Brands, Inc. PSS, the consumer-centric global footwear, accessories and lifestyle brand company, reaching customers through multiple price points and selling channels. Collective Brands, Inc. is the holding company of Payless ShoeSource, Stride Rite and Collective Licensing International. Information about, and links for shopping on, each of the Collective Brand's units can be found at http://www.collectivebrands.com
About Samuel Azout
Most recently Samuel Azout served as President and CEO of Carulla Vivero S.A. (http://www.carullavivero.com), the second largest retail company in Colombia with $1 billion (US) in annual sales. In 2006 the company was sold to Almacenes Exito, the largest Colombian retailer, controlled by the French retailer Casino. Carulla Vivero operates 168 hypermarkets and supermarkets in all major geographical areas of Colombia and has 13,200 direct employees. Samuel Azout's main business accomplishment has been the consolidation of the once-fragmented Colombian retail sector. Carulla Vivero resulted from the merger of former retailers "Carulla y Compania" and "Almacenes Vivero," and the acquisition of a few other regional supermarket chains. Before leading Carulla Vivero, Azout was responsible for the successful turnaround of Almacenes Vivero, the company founded by his father in the late 1960s. Azout holds a Masters of Public Administration degree from the Kennedy School of Government at Harvard University and a Bachelor of Science degree in Applied Economics and Business Management from Cornell University.
Source: Payless ShoeSource
