May 27, 2008, 13:55 GMT
Treviso, Italy - Italian clothing group Benetton announced Tuesday it has signed an agreement with department store chain Sears Mexico to develop its brand in the Central American nation.
Based in the north-eastern Italian city of Treviso, Benetton, which is known for its colourful knitwear, said in a statement it aimed to open 50 stores in Mexico.
Under the agreement, Benetton will also open points of sale in Sears department stores across Mexico, giving the Italian company a total of around 250 retail outlets in the Central American nation by 2011.
'With its rapid economic growth and young population (60 per cent below 24 years of age), Mexico is considered one of the key markets on the American continent,' Benetton said in the statement.
The deal is part of Benetton's expansion strategy into emerging markets which besides Latin America include India, China, Turkey, Russia and eastern Europe.
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