Cole Haan and G-III Apparel Partner to Produce Outerwear
Yarmouth, ME and New York, NY, February 15, 2000 - Cole Haanand G-III Apparel Group (NASDAQ:GIII) today announced that theyhave entered into an agreement whereby G-III will manufacture,distribute and sell men's and women's leather and cloth outerwearand leather apparel bearing the Cole Haan name.
This is the first such partnership for Cole Haan, a leadingdesigner and marketer of high-quality men's and women's footwearand accessories. This collection will debut in fall 2000 at allCole Haan retail stores and at select stores with which Cole Haanhas an existing relationship. Under this multi-year contract, G-III will handle all aspects of manufacturing, distribution, sales and marketing of this new line under the direction of Cole Haan.
Morris Goldfarb, Chief Executive Officer of G-III said,"We're honored to have been chosen by Cole Haan to manufactureits collection of outerwear and selected leather apparel. Thisnew relationship further exemplifies G-III's strategy ofincreased emphasis on branded merchandise, while positioning usfor continued growth."
Cole Haan has recently infused a new aesthetic in itsfootwear and accessories, which draws from its rich heritage andupdates its product, making it more modern and relevant. "AsCole Haan has embarked on a new era of creating innovativeproducts with our 'modern artisan' aesthetic, it seemed perfectlynatural to enter the outerwear arena," said Cole Haan chairmanand CEO Matt Rubel. "We sought a partner as dedicated as we areto providing high-quality, hand-crafted product that letsconsumers wear Cole Haan in every part of their lives. G-IIIbrings this dedication and an outstanding record of expertise."
About Cole HaanCole Haan creates footwear and accessories that celebrate the artof fine craftsmanship through timeless design. A wholly-ownedsubsidiary of Nike, Inc., Cole Haan has its internationalheadquarters in Yarmouth, Maine and its design headquarters inNew York City.
About G-III Apparel GroupG-III Apparel Group is a leading manufacturer and distributor ofleather and non-leather outerwear apparel. The Company hasfashion licenses with Kenneth Cole Productions, Nine West Group,Cole Haan and Tommy Hilfiger and a distribution agreement forCaterpillar apparel as well as licensing agreements with theNational Football League, National Hockey League, NationalBasketball Association, Major League Baseball and more than 20universities nationwide.
Statements concerning the Company's business outlook for futureeconomic performance; anticipated revenues, expenses or otherfinancial items; product introductions and plans and objectivesrelated thereto; and statements concerning assumptions made orexpectations as to any future events, conditions, performance orother matters, are "forward-looking statements" as that term isdefined under the Federal Securities laws. Forward-lookingstatements are subject to risks, uncertainties and other factorswhich could cause actual results to differ materially from thosestated in such statements. Such risks, uncertainties and factorsinclude, but are not limited to, reliance on foreignmanufacturers, the nature of the apparel industry, includingchanging customer demand and tastes, seasonality, customeracceptance of new products, the impact of competitive productsand pricing, dependence on existing management, general economicconditions, as well as other risks detailed in the Company'sfilings with the Securities and Exchange Commission.
Contact: Investor Relations: Cheryl Schneider Press: David Nugent/Ellen Paz (212) 850-5600 G-III Apparel Group, Ltd. Wayne Miller Chief Financial Officer (212) 403-0500