The business is currently managed through FJ Benjamin’s subsidiaries in the two markets — FJ Benjamin (M) Sdn. Bhd. in Malaysia and PT Gilang Agung Persada in Indonesia. Both companies will enter into sale and purchase agreements with a new distributor for the respective territories.

In a stock disclosure to SGX, FJ Benjamin said the exit is expected to have a material financial impact on the Group, given the significance of Guess within its brand portfolio.

“The Board wishes to thank Guess for its long partnership and will work together with the new distributor to ensure a seamless transition of the Guess business,” the company said in its filing.

The Group noted that it will provide further updates should there be any material developments.

FJ Benjamin Holdings Ltd, founded in 1959 and headquartered in Singapore, is a fashion and lifestyle company engaged in brand management, retail, and distribution across Southeast Asia. The company has built a portfolio of international fashion and lifestyle labels, covering categories such as luxury, mid-tier fashion, timepieces, and lifestyle products. Its operations span Singapore, Malaysia, and Indonesia.

Over the years, FJ Benjamin has managed brands including Guess, Marc Jacobs, Rebecca Minkoff, La Senza, Pretty Ballerinas, and watch labels like Bell & Ross and Victorinox. The Group’s strategy combines direct retail operations with distribution partnerships across the region.

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Through the agreement, FJ Benjamin have entered into a three-year exclusive franchise agreement for the retail and distribution of Superdry products in Singapore and Malaysia with options to renew with The Pond Group, effective 1 June this year.

Moreover, the agreement allows the group to continue operating its Superdry franchise stores in Singapore and Malaysia, and the group is looking positively to developing this business with the new owner of Superdry. 

Said agreement is not expected to have an impact on the financial performance of the group for the current financial year ending 30 June 2024.

Superdry was created in 2003 by Julian Dunkerton and James Holder. With its roots based around Japanese imagery and vintage American sportswear, Superdry has evolved into a diverse British lifestyle brand with a true global reach. Superdry is poised for continued success with continued global expansion and daring designs that propel the brand each season.

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The signed MOU will see Lazada managing the full online ecosystem of FJB brands, developing new tailor-made solutions to deliver an excellent omnichannel customer experience for FJB brands in Singapore, Malaysia, and Indonesia. The parties will also discuss with brand principals the opportunities for e-commerce in markets where Lazada has a presence, such as Vietnam, Thailand, and the Philippines. 

Besides operating principal branded sites, it is also intended to host certain brands on LazMall as well as other regional sites, subject to principal approvals.

Group CEO of FJ Benjamin, Nash Benjamin, commented that the retail company has been strategizing and planning its omnichannel business model for some time now.

“This partnership with Lazada is intended to get us to where we want to be much faster and in a more cost-efficient manner. This will combine our respective capabilities to strengthen customer experience across brick and mortar and virtual channels,” said Benjamin.

Meanwhile, the CEO of Lazada Singapore, James Chang said that they are thrilled to be part of a new chapter with FJ Benjamin, valuing their trust in Lazada. Chang further shared that lifestyle, fashion and beauty are important pillars in their e-commerce plans and shoppers can now look forward to seeing more well-known brands and labels on their platform, for an integrated shopping experience.

“In the last year, Lazada has supported many businesses that adopted a multichannel approach to set up stores online and we know that our expertise in the e-commerce space will benefit and contribute to the success of a renowned brand like FJ Benjamin, and look forward to seeing positive results with them,” added Chang.

Last year’s lockdown forced FJB stores in Southeast Asia to close down, which led the company to turn to e-commerce. It has ramped up its online presence from one brand, the cult British fashion label Superdry, to almost all its brands including Guess, La Senza, Casio, Rebecca Minkoff, Pretty Ballerinas, Airfree, and Dr. Barbara Sturm. Some of the brands managed by FJB are already available on Lazada’s premiere shopping platform, Lazmall, such as La Senza, Pretty Ballerinas, and Petunia Pickle Bottom.

The press release shared that under the terms of the MOU, both FJB and Lazada will, within 90 days, work on a detailed action plan and a definitive agreement to move the partnership forward.

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