The Children's Place announced that it has signed an exclusive license agreement for the Greater China market, covering Mainland China, Taiwan, Hong Kong and Macau, with Zhejiang Semir Garment Co., parent of Balabala, China's largest specialty children's apparel retailer. Jane Elfers, President and CEO said, "Today's announcement unites two of the world's largest children's apparel retailers, both with long and outstanding track records of success. Entering the China market through this strategic partnership is a game-changer for our international business and is clearly a case where one plus one equals three." Elfers continued, "The young children's apparel market is already one of the fastest growing categories in China. It is currently estimated at $24 billion and, with China's two child policy firmly in place, is forecasted to double by 2025. Semir, through their Balabala brand, currently operates and franchises approximately 4,400 children's apparel stores as well as having the largest children's apparel ecommerce business in China through their partnership with third party platforms, such as Tmall, JD and VIP.com. Over the first five years of this agreement, Semir will execute an omni-channel strategy by opening at least 300 Children's Place locations in Greater China and operating The Children's Place ecommerce business. This partnership is projected to generate $125 million to $150 million in retail sales in year five."
