Beyonce and Tina Knowles' Clothing Line, House of Dereon, Annouce Licensing Agreement With G-III Apparel Group, Ltd for Outerwear Collection
NEW YORK, March 10, 2005 -- Beyonce and Tina Knowles today announce that The House of Dereon has signed a licensing agreement with G-III Apparel Group, Ltd. (GIII) to collaborate on the design, marketing and distribution of an exclusive comprehensive collection of outerwear. This young contemporary women's line is expected to launch in time for the holiday delivery to better specialty and department stores throughout the country.
Beyonce Knowles said, "We want to launch an extraordinary outerwear collection for the Holiday season ... the perfect coat to complement our fashion line."
Tina Knowles added, "Beyonce and I are so thrilled to add G-III to the House of Dereon team! My daughter and I are enjoying every moment as we put together what we hope will be a truly incredible collection for the young women's contemporary fashion market."
Morris Goldfarb, G-III's Chief Executive Officer, said, "We are pleased to partner with this extraordinarily talented and focused group. Music and fashion have always gone hand in hand and we believe that this line will demonstrate once again that there is a significant audience for not only Beyonce's performances, but also her style. We believe that our expertise in outerwear and the support of Beyonce and Kids Headquarters for the development of the House of Dereon brand will provide a solid foundation for our Holiday season launch. This business is part of our overall strategy to continue to diversify our portfolio of leading brands under license."
Cory Silverstein, Corporate Executive Vice President of Beyond Productions, commented, "G-III's expertise in the outerwear category will further extend the reach of our House of Dereon brand. It is our strategy to partner with only the best, most capable companies in the apparel and consumer products industry to build an enduring and successful business. This agreement brings us one step closer to our goal. We are excited about the upcoming Holiday launch and look forward to building on the momentum we believe it will create for the House of Dereon brand."
About Beyond Productions, LLC
Beyond Productions, LLC was founded in May 2004 by Tina and Beyonce Knowles, Jason and Arthur Rabin and Cory Silverstein of Wear Me Apparel/Kids Headquarters. The partnership will provide the infrastructure for licensing and brand management to House of Dereon. This collaboration was orchestrated by Tina and Beyonce Knowles who wanted to bring trend-setting style and a creative take on fashion to stylish women everywhere. The design alliance features three co-creative directors, Beyonce and Tina Knowles, and Heather Thomson Schindler.
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear and sportswear under licensed labels, our own labels and private labels. The Company has fashion licenses with Kenneth Cole, Nine West, Cole Haan, Jones Apparel, Sean John, Cece Cord, Izod, House of Dereon, Bill Blass and James Dean and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Louisville Slugger, NASCAR, World Poker Tour and more than 60 universities nationwide. Company-owned labels include, among others, Black Rivet, Colebrook and Siena Studio.
Statements concerning the GIII'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 include, but are not limited to, reliance on foreign manufacturers, the nature of the apparel industry, including changing customer demand and tastes, reliance on licensed product, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, general economic conditions, as well as other risks detailed in GIII's filings with the Securities and Exchange Commission. GIII assumes no obligation to update the information in this release.
Contacts: Paul Wilmot Communications Hampton Carney / Lelle Henrichsen 212-206-7447 hcarney@greatpress.com / lhenrichsen@greatpress.com G -- III Apparel Group, Ltd. James Palczynski, Investor Relations 203-222-9013 Wayne S. Miller, 212-403-0500