Spanish retail giant Cortefiel is to bring three of its retail chains to the UK in the first deal for property company Land Securities’ Brand Empire venture.
Cortefiel will make its UK standalone store debut in partnership with Brand Empire. Three of Cortefiel’s chains – young fashion chains Cortefiel and Springfield and lingerie chain women’secret – will launch in the spring or summer, with a second phase of openings planned for the autumn and more over the next five years.
Brand Empire, which was set up by Land Securities last year in an attempt to help more international retailers enter the UK market, will invest in the stores and the staff while Cortefiel will be responsible for the stock and marketing the brands in the UK.
Cortefiel has operations in 60 countries, and group managing director Ezequiel Szafir said the move “will give us quick access with high presence while reducing some of the risks usually encountered when entering a new market.”
Cortefiel debuted its eponymous chain and Springfield in the UK market in September in a handful of concessions in Debenhams, which have since closed.
Brand Empire has been set up as an “arms-length” subsidiary of Land Securities, with its own board and employees conducting negotiations with Land Securities and other landlords.