G-III Apparel Group, Ltd. Announces Andrew Marc Accessories License
NEW YORK, Feb 26, 2009 -- -- Upscale Line to Debut for Spring 2010 -- G-III Apparel Group, Ltd. (NasdaqGSM:GIII) today announced that it had entered into a long-term men's accessories license for its Andrew Marc and Marc New York brands with Foundry Accessories, LLC. Under the agreement, Foundry, headed by Paul De Fabrizio, will design, market and distribute men's belts, wallets, messenger bags, portfolios, briefcases, luggage and other categories of accessories under the Andrew Marc and Marc New York brand names. Other terms of the license were not disclosed.
Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, "We believe that the Andrew Marc and Marc New York brands, which occupy an excellent position in upscale specialty retailers and department stores, are capable of supporting a broad range of product categories. We also believe that well-designed merchandise and up and coming brands can become a clear point of differentiation for our retail partners. The contemporary aesthetic and high-fashion identity of the Andrew Marc brands are well suited to this kind of product line extension. As a licensee for so many strong companies, we believe that we have identified an excellent partner in Foundry Accessories, LLC, a company that shares our commitment to quality of design, provision of value to consumers, and a vision for the future for these important brands."
Paul De Fabrizio, President, Foundry Accessories, LLC, commented, "We are very pleased to have partnered with G-III to add the Andrew Marc and Marc New York brands to our developing portfolio of accessories businesses. The status of the Andrew Marc label is well suited to this important group of categories and we look forward to demonstrating our expertise in leveraging that brand identity to build a significant business in this market."
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear, dresses and sportswear under licensed brands, private labels and our own brands. G-III also operates 119 outlet stores under the Wilsons Leather name. The Company has fashion licenses, among others, under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Nine West, Ellen Tracy, House of Dereon, Tommy Hilfiger, 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. G-III works with leading retailers in developing product lines to be sold under their own proprietary private labels. Company-owned brands include, among others, Andrew Marc, Marc New York, 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 Foundry Accessories, LLC
Foundry Accessories, LLC is at the forefront of designing, manufacturing and distributing men's and women's accessories for the domestic and international markets. Foundry's mission is to expand its current position in branded accessories by building a collection of market-leading national and internationally registered trademarked brands through licensing, joint ventures and acquisitions. Foundry Accessories, LLC has assembled the finest team of highly experienced professionals in design, development, manufacturing, distribution and sales. Foundry's ability to work with each client's unique needs enables them to create a strong assortment, leverage brand identity and to build a significant presence in the accessories market. Foundry Accessories, LLC is a privately held company.
Safe Harbor Language
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, dependence on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit crisis, the nature of the apparel industry, including changing consumer 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 G-III's filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.
CONTACTS: G-III Apparel Group, Ltd.
Investor Relations:
James Palczynski
203-682-8229
Wayne S. Miller, Chief Operating Officer
212-403-0500