G-III Apparel Group, Ltd. Announces Expansion of Dress and Suit Offerings
NEW YORK--G-III Apparel Group, Ltd. (NASDAQ: GIII) today announced that it had entered into a license to produce dresses and women's suits under the Ellen Tracy brand name. The dress line is expected to commence delivery for the Spring 2008 season with suits planned to begin shipping for the Fall 2009 season. This agreement builds upon the Company's successful Ellen Tracy outerwear business, which has been licensed to G-III since 2004.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III, said, "We are pleased to deepen our relationship with the Ellen Tracy organization and further enhance and diversify our business. This license is another implementation of our strategy of becoming an all season, diversified apparel company. This new license is an excellent complement to our existing efforts in these categories and will enable us to further leverage and build upon the infrastructure we have recently bolstered with our dress acquisition. Ellen Tracy is an excellent career-oriented brand that we believe will enable us to further penetrate the dress and women's suit markets."
"Ellen Tracy is known for its classic American sportswear with exquisite tailoring and an excellent fit," commented Ann Bukawyn, President of Ellen Tracy. "We are very pleased to be expanding our strategic relationship with G-III Apparel Group as they are the right partner to help translate the Ellen Tracy sensibility into the dress and suit categories. We believe this move will further enhance our presence as a leading lifestyle collection."
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear and sportswear under licensed labels, private labels and our own labels. The Company has fashion licenses, among others, under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Nine West, Ellen Tracy, IZOD, Tommy Hilfiger, and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Louisville Slugger, World Poker Tour and more than 100 U.S. colleges and universities. We work with leading retailers in developing product lines to be sold under their own proprietary private labels. Company-owned labels include, among others, Marvin Richards, G-III, Jessica Howard, Eliza J., Industrial Cotton, Black Rivet, Siena Studio, Colebrook, G-III by Carl Banks, Winlit, NY 10018 and La Nouvelle Renaissance.
About Ellen Tracy
The Ellen Tracy collection features refined American sportswear, offering luxury fabrics, sophisticated colors, exquisite tailoring with an excellent fit. One of the top performing brands in designer bridge resources, Ellen Tracy is the cornerstone of specialty and department stores including Saks Fifth Avenue, Neiman Marcus and Bloomingdales. Licenses for the company include fragrance, jewelry, belts, outerwear, footwear, hosiery and optics. Ellen Tracy is a division of Liz Claiborne Inc.
Statements concerning the Company's business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are "forward-looking statements" as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
Contacts:
For G-III Apparel Group, Ltd.
Investor Relations:
James Palczynski, 203-682-8229
or
G-III Apparel Group, Ltd.
Wayne S. Miller, 212-403-0500
Chief Operating Officer