Sean John and G-III sign license agreement for women's sportswear
Sean John, the world's fastest growing line of sportswear for men and now for women, and G-III Apparel Group, Ltd. (Nasdaq: G-III) announced the signing of a license agreement for G-III to manufacture and distribute the Sean John Women's sportswear collection. This young, contemporary line will mirror the Sean John men's collection in distribution and price point.
The Sean John Women's collection is expected to debut at retail for the Spring 2007 season and to range in price from $28 to $495. It is expected to be available in the Sean John New York flagship store, select specialty stores, and department stores across the United States and in international markets.
Sean “Diddy” Combs said, “The Sean John women's collection will revolutionize fashion like the men's line did when we launched seven years ago. With this women's collection, I plan to bring beautiful, sexy designs to ladies around the world. I can't wait to share my fashion point of view with this important women's market.”
Morris Goldfarb, Chief Executive Officer of G-III Apparel Group, said, “The Sean John brand is among the strongest in the apparel industry. For the past five years, Sean John men's outerwear has been one of our most successful businesses. We are thrilled to deepen our relationship with Sean John through this new women's initiative. We believe this program is a great opportunity to bring value to consumers, retailers, and to our shareholders.”
About Sean John
Sean John, a privately held company, was created by music icon and producer Sean “Diddy” Combs and made its fashion debut with a men's sportswear collection for the Spring 1999 season. In 2004, Sean “Diddy” Combs for Sean John was honored by the Council of Fashion Designers of America as Men's Wear Designer of the Year.
In 2005, he was honored by the Accessories Council as the Fashion Influencer of the Year at the annual ACE Awards. With annual retail sales in the United States of over $400 million, Sean John is sold in better department and specialty stores across the country, as well as select retailers around the world. In October 2005, the Sean by Sean Combs women's collection launched at retail. Sean John, in partnership with Estée Lauder Companies, launched a signature men's fragrance, Unforgivable, for the Holiday 2005 season.
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear and sportswear under licensed labels, its own labels and private labels. G-III has fashion licenses, among others, with Calvin Klein, Sean John, Kenneth Cole, Nine West, Cole Haan, Guess?, Jones Apparel, Cece Cord, Izod, Ellen Tracy, Tommy Hilfiger, Donald Trump, 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. G-III-owned labels include, among others, Marvin Richards, Black Rivet, Winlit, LNR, La Nouvelle Renaissance, Colebrook and Siena Studio.
G-III Apparel Group, Ltd – Safe Harbor Statement
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 include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions, 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.
