NEW YORK--(BUSINESS WIRE)--
G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced that it has
entered into a joint venture agreement with China Ting Group Holdings
Limited to open and operate Calvin Klein Performance retail stores in
China and Hong Kong, under the Calvin Klein Performance store license
previously granted to G-III by Calvin Klein, Inc., a wholly owned
subsidiary of PVH Corp. (NYSE: PVH). G-III will retain 51% ownership of
the joint venture which expects to begin operating retail locations in
major Chinese markets starting in Fall 2012.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel
Group, commented, "As the pre-eminent global fashion brand, Calvin Klein
is well positioned for further success in the Performance Apparel arena.
With strong relationships and an excellent track record, G-III and China
Ting are well able to serve the market opportunity in China. China Ting
has a precise understanding of what is necessary to successfully
penetrate one of the most dynamic markets in the world. We are excited
to take this step and further our strategic initiatives to diversify our
company through global opportunities."
Ting Hung Yi, Chief Executive Officer of China Ting Group Holdings
Limited commented, "We are very pleased to partner with a strong and
well-respected organization like G-III. We believe that the women's
Calvin Klein Performance apparel will resonate with a wide range of
female consumers throughout China. We are confident that we can leverage
our expertise to build a meaningful business for this iconic, global
brand."
Tom Murry, President and Chief Executive Officer of Calvin Klein, Inc.
stated, "G-III has demonstrated that they understand our consumer and
can steward the brand across a number of important categories. We are
excited to see G-III build upon the work they have done in the United
States to further expand Calvin Klein Performance at retail in China and
Hong Kong."
The Company noted that the products offered will be the women's active
performance wear apparel in the athletic and performance wear categories
developed and produced under G-III's license from Calvin Klein, Inc.
utilizing materials and designs that enhance the active lifestyle
including yoga, running, tennis, and biking. The line features items
rendered in performance fabrics and finished with detailing appropriate
for each of those classifications. The products to be offered in the
retail stores in China and Hong Kong will include active performance
wear pants, capris, shorts, tank tops, t shirts, and hooded jackets.
As previously announced, G-III entered into a women's wholesale Calvin
Klein Performance license in 2007. In December 2011, the Company
announced that it had entered into a retail store agreement with Calvin
Klein, Inc., to open Calvin Klein Performance stores and shop in shops
for the sale of women's Calvin Klein Performance apparel in the United
States, China, and Hong Kong. G-III also has rights to expand to
additional countries throughout the world. The first Calvin Klein
Performance store opened in the United States last month at Scottsdale
Quarter in Scottsdale, Arizona.
G-III is a leading manufacturer and distributor of outerwear, dresses,
sportswear and women's suits, as well as handbags and luggage, 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, Vince Camuto, Nine West, Ellen Tracy, Tommy Hilfiger,
Kensie, 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, G-III Sports by Carl Banks and
Winlit. G-III also operates outlet stores under our Wilsons Leather and
Andrew Marc names, is a party to a joint venture that operates outlet
stores under the Vince Camuto name, and operates retail stores under the
Calvin Klein Performance name.
Calvin Klein, Inc. is one of the leading fashion design and marketing
studios in the world. It designs and markets women's and men's designer
collection apparel and a range of other products that are manufactured
and marketed through an extensive network of licensing agreements and
other arrangements worldwide. Brands/lifestyles include Calvin Klein
Collection, ck Calvin Klein, Calvin Klein, Calvin
Klein Jeans and Calvin Klein Underwear. Product lines under
the various Calvin Klein brands include women's dresses and
suits, men's dress furnishings and tailored clothing, men's and women's
sportswear and bridge and collection apparel, golf apparel, jeanswear,
underwear, fragrances, eyewear, women's performance apparel, hosiery,
socks, footwear, swimwear, jewelry, watches, outerwear, handbags, small
leather goods, and home furnishings (including furniture). For more
information, please visit calvinklein.com.
PVH Corp., one of the world's largest apparel companies, owns and
markets the iconic Calvin Klein and Tommy Hilfiger brands
worldwide. It is the world's largest shirt and neckwear company and
markets a variety of goods under its own brands, Van Heusen, Calvin
Klein, Tommy Hilfiger, IZOD, ARROW, Bass
and G.H. Bass & Co., and its licensed brands, including Geoffrey
Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL
Michael Kors, Sean John, Chaps, Donald J. Trump
Signature Collection, JOE Joseph Abboud, DKNY, Ike
Behar and John Varvatos. For more information, please visit pvh.com.
China Ting Group Holdings Ltd. is a leading fashion retail and
manufacturing group headquartered in Hong Kong with fully vertical
textile production operations in Hangzhou, China. Listed on the Hong
Kong Main Stock Exchange since 2005 (code 3398), the Group today has
sales offices worldwide - USA, Europe, Hong Kong, China - and a strong
nationwide network of retail distribution stores in China for their own
brands (Finity, Elanie, Riverstone) as well as licensed brand Max
Studio. A pioneer in international brand distribution within China, the
Group opened its first FINITY, USA, store in 1998 and has, since, seen
its retail business expand and diversify to become one of China's more
successful brand retailing groups today.
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 crisis, 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.
Investor Relations
James Palczynski, 203-682-8229
or
G-III
Apparel Group, Ltd.
Wayne S. Miller, 212-403-0500
Chief
Operating Officer
Source: G-III Apparel Group, Ltd.
News Provided by Acquire Media
