CJ O Shopping, the TV shopping unit of the CJ Group, announced on Thursday that it has an exclusive licensing contract for cooperate development with Vera Wang, an American fashion designer based in New York City.
Vera Wang, recognized as the most prominent designer of bridal wear in America, has become a high-profile figure in the fashion world. In 2005, the prestigious Council of Fashion Designers of America (CFDA) selected Wang as the Womenswear Designer of the Year.
CJ O Shopping has been collaborating with the designer in lingerie development since 2012. Through this exclusive contract, the first of its kind in Asia, the Korean TV shopping company wants to extend its fashion business, which had been limited to underwear, into the beauty industry and home deco business. The recent deal is expected to increase the reputation of New York-based designer Wang across Asian countries as well as CJ’s status.
Based on the deal, the company will begin its lingerie brand Vera Wang Intimates on the 20th of this month and launch a lifestyle brand including Vera Wang Home in May. It plans to showcase more products in garments, cosmetics, and accessories through the Vera Wang collection in September.
Through this collaboration project, the Korean company expects to generate more than 400 billion won (US$366 million) in sales for the next five years by diversifying sales plans and marketing channels, from its original TV shopping to department stores and other retail shops. Vice President of CJ O Shopping Lee In-su said, “Launching the integration brand of Vera Wang, we pursue the excellence in product quality and competitive design to promote our company as a differentiated global leading shopping company.”