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Provides Green Growth Brands with access to DSW’s massive footwear and accessories retail footprint
COLUMBUS, OH, Jan. 10, 2019 /CNW/ – Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) (GGB or the Company) today announced an agreement (the Agreement) with DSW Inc. (NYSE: DSW) (DSW) to sell hemp-derived cannabidiol (CBD) personal care products under the Seventh Sense Botanical Therapy brand at select DSW stores throughout the U.S.
The Agreement was received by Green Growth Brands yesterday, January 9, for 54,960 units and covers sales in 96 U.S.-based DSW stores. Seventh Sense brand offers high-quality CBD-infused products and affordable prices, including muscle balms, body lotions, body washes and foot creams. The Agreement follows a successful test phase conducted last autumn in which Green Growth Brands sold select Seventh Sense products in 10 DSW stores. During the first 10 weeks of the test period, 74.4% of product presented on shelves was sold, significantly exceeding expectations.
“DSW is the number one full line adult footwear specialty retailer in North America1,” said Peter Horvath, CEO of Green Growth Brands. “They have revolutionized shopping for shoes and accessories and we are thrilled they chose to partner with our company, allowing us to introduce a new product category to their customers.”
“The Agreement, and the deepening relationship with DSW, is the first step in our strategy to expand sales of personal care CBD products through external partnerships, in mall kiosks, and through a growing number of stores and online,” added Horvath.
DSW is a leading branded footwear and accessories retailer that operates a portfolio of several concepts. Designer Shoe Warehouse, its primary concept, offers a wide selection of brand name and designer dress, casual, and athletic footwear and accessories, with 515 warehouses in 44 states, and an e-commerce site, dsw.com. Its Affiliated Business Group also operates 290 leased departments for other retailers in the United States. DSW is a co-investor in Town Shoes of Canada, which operates 188 retail locations under several banners, including Town Shoes, DSW Designer Shoe Warehouse, The Shoe Company and Shoe Warehouse.
The announcement of the Agreement comes on the heels of the passage of the 2018 Farm Bill, signed in to law by President Donald Trump, which provided needed clarity regarding hemp and its extracts, opening the door for retail of such products.
“We have seen recent shifts in consumer behavior accelerate changes in the retail industry,” said Roger Rawlins, CEO of DSW Inc., “North America’s widespread adoption of the use of CBD products is one of the best examples of these shifts, and we could not be more excited about our partnership with Green Growth Brands and the introduction of their products to our customers.”
DSW Inc. is headquartered in Columbus, Ohio and in fiscal 2017, generated US$2.8 billion in net sales through its retail network comprising 10.5 million square feet of stores and approximately 12,000 associates. Accessories, including beauty and wellness products, is a growing category for DSW and will continue to be a component of its growth strategy.
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