"OSIM will be a strategic partner with product development capabilities extremely complementary to those of Brookstone's, in addition to an international store infrastructure, primarily in Asia, that will help expand the Brookstone brand globally," says Michael Anthony, Brookstone's chairman and CEO.
Brookstone's senior management is expected to stay on at the company, Anthony says.
For the fiscal year ending Jan. 29, 2005, the locally based company's total sales increased $14.9 million to $499 million, compared to $434 million in 2003. Same-store sales also rose 6.3% while the firm's direct marketing profit increased 73.5% to $11 million. The firm said it earned a record profit of $21.4 million in 2004, or $1.02 per diluted share. The company, which opened 18 new Brookstone stores in 2004, plans to put another 20 on line this year and is forecasting same-store sales growth of 2% to 3%.
OSIM sells health and lifestyle products through about 700 outlets in Asia, Australia, Africa, the Middle East, United Kingdom and North America. Since 1995, JW Childs has invested in 34 companies, including Equinox Fitness Clubs and upscale clothier Joseph Abboud, with a total transaction value of $7.8 billion. Temasek has invested in many industries, including real estate, telecommunications and transportation.
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