G-III Apparel Group, Ltd. Creates Joint Venture With The Camuto Group
NEW YORK--G-III Apparel Group, Ltd. (NasdaqGS: GIII) and The Camuto Group today together announced the formation of a joint venture that will open and operate footwear and accessory retail stores under the name "Vince Camuto". Initially focused on the outlet retail market, the companies believe that there is a significant opportunity for this joint venture to leverage both G-III's highly capable retail infrastructure and The Camuto Group's strong brand portfolio to create a vibrant, attractive and differentiated footwear and accessory concept.
The Camuto Group, a private company founded in 2001 by Mr. Camuto and other footwear industry veterans, will provide product for the new concept and will merchandise the stores. G-III will provide the infrastructure and expertise needed for a successful retail chain, including real-estate, distribution, information systems, finance and administration. Both companies will share equally in the capital costs of the joint venture.
Vince Camuto, Owner and Chief Executive Officer of The Camuto Group, commented, "We are very excited about this new strategic initiative, which will take our growing family of brands directly to the consumer through a visual and dynamic compelling concept. We also believe that, with the combined expertise and resources that this partnership brings to bear, these stores will prove capable of strong financial performance. We are confident that these stores will address a void in the outlet marketplace for fashionable but affordable women's contemporary footwear and accessories."
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, Ltd., stated, "Vince is an icon in the fashion footwear industry and we are very pleased to extend our strategic relationship with The Camuto Group. We believe that the concept will prove to be an excellent platform for the Camuto Group's strong assortment of brands and will resonate well with a wide range of women. For G-III, this initiative will enable us to better leverage our retail infrastructure and serve as another vehicle for growth within our increasingly diversified mix of businesses."
The companies both noted that they were targeting the opening of the first Vince Camuto store during the first half of 2011.
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.
About The Camuto Group
Camuto Group designs, develops and distributes footwear under the Vince Camuto, Jessica Simpson, BCBG Max Azria, BCBGeneration, Kensiegirl, Lucky Brand, Arturo Chiang and various other brand names As an industry leader, Camuto Group is renowned for its long-proven ability to build prominent women's lifestyle brands on a global scale. At the core of the Camuto Group's mission are three definitive hallmarks: superior quality of product, unsurpassed value, and consistency of branding. This mission is inspired by the Camuto Group's founder and CEO, Vince Camuto, whose passion for product and industry-revered reputation drive every aspect of his business.
Over the past 30 years, Vince Camuto has developed an unmatched understanding of the female consumer, which has allowed him to not only design popular products but also apply effective brand messaging to ensure widespread success. Since 2001, the Camuto Group has maintained this tradition, offering women exceptional products at a surprising value without compromising high standards of quality and craftsmanship. The Camuto Group delivers value to not only the consumer but also partnering retail, production, and parent companies enabling fiscal success and long-term brand sustainability.
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.
Contacts: For G-III Apparel Group, Ltd. Investor Relations: James Palczynski, 203-682-8229 or G-III Apparel Group, Ltd. Wayne S. Miller, Chief Operating Officer 212-403-0500