G-III Apparel Group, Ltd. Signs Expanded License With NFL
NEW YORK, Oct 14, 2010 -- G-III Apparel Group, Ltd. (Nasdaq:GIII) today announced that it has entered into a new, extended and expanded license agreement with National Football League Properties, Inc. to manufacture and market men's and women's outerwear, sportswear, and swimwear products in the United States under a variety of NFL trademarks.
Under this license, G-III will have the exclusive rights to distribute outerwear to mass-market retailers and mid-tier department stores. In addition, G-III will also have rights to sell outerwear, sportswear, and swimwear to better department stores, specialty stores, stadiums and sporting good stores. G-III has been a licensee of the NFL since 1988. The term of the new license, which extends and expands its existing relationship with the NFL, is for five years and will commence April 1, 2012.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, Ltd., commented, "We are very pleased to have been chosen as one of a select group of companies to continue to grow its business with NFL. We are proud of the work we have done and the relationships we have built with the NFL over the last two decades. We are confident that we will create additional revenue and profit growth for G-III and the NFL through this new expanded agreement."
"We are pleased to continue our relationship with G-III to deliver to our fans a variety of apparel including outerwear and lifestyle collections for men and women," said Leo Kane, the NFL's vice president of consumer products. "G-III has proven itself to be an excellent partner that is capable of delivering high-quality products to our many fans and supporting the continued growth of our broader licensing business."
About G-III Apparel Group, Ltd.
G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear and women's suits under licensed brands, our own brands and private label brands. G-III sells outerwear and dresses under our own Andrew Marc, Marc New York and Marc Moto brands and has licensed these brands to select third parties in certain product categories. G-III has fashion licenses under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Nine West, Ellen Tracy, Tommy Hilfiger, Enyce, Levi's and Dockers brands and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. Our other owned brands include Jessica Howard, Eliza J, Black Rivet, G-III, Tannery West, G-III by Carl Banks and Winlit. G-III also operates retail outlet stores under our Wilsons Leather name and is a party to a joint venture that will operate retail outlet stores under the Vince Camuto name.
G-III Safe Harbor Disclosure
Statements concerning G-III'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, risks of doing business abroad, the current economic and credit environment, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, 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 G-III's filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.
CONTACT: For: G-III Apparel Group, Ltd.
Investor Relations
James Palczynski
203-682-8229
G-III Apparel Group, Ltd.
Wayne S. Miller, Chief Operating Officer
212-403-0500