US Free People Enters Hong Kong Market

FreePeople, a brand of the American fashion retailer Urban Outfitters Inc., officially entered the Hong Kong market and opened an in-store store at LabConcept in Queensway Plaza, covering an area of ​​650 square feet.

FreePeople signed a distribution agreement with the Japanese retail group WorldCo. In 2012, FreePeople opened two stores in Harajuku, Tokyo and Shinjuku in late October 2013, officially opening Asia. As its first international market outside of North America, in March 2014, FreePeople opened three stores in Kyoto, Funabashi, and Osaka.

David Hayne, chief operating officer of FreePeople, said that the current brand's opportunities in Asia and Europe are very important, and plans to enter the Korean market. In June 2013, FreePeople opened a shop in Selfridges, a well-known department store in the United Kingdom, and opened a showroom near Marylebone High Street. Krissy Meehan-Mashinsky, general manager of FreePeople Global Wholesale, said that he plans to open 75 stores in the UK in the future.

In the past year, Urban Outfitters Inc. (NASDAQ:URBN) performed well under the overall downturn of the US youth apparel market. For the fiscal year ended January 31, 2014, Urban Outfitters Inc. (NASDAQ:URBN) realized a net profit of US$282.4 million, a year-on-year increase of 19%, and diluted earnings per share increased from US$1.62 in FY2012 to US$1.89, resulting in an increase in net sales. 10.4% to $3.09 billion in new highs.

Richard Hayyne, chief executive of Urban Outfitters Inc. (NASDAQ:URBN), said that although the same-name brand Urban Outfitters will weigh on the group’s overall performance in the current fiscal year 2014, “the customer’s response to the new spring clothing brand Anthropologie and FreePeople is very enthusiastic.”

FreePeople's revenue in fiscal year 2013 reached 416.4 million U.S. dollars, an increase of 29.84% year-on-year.