The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group Announces Exclusive Licensing Agreement With Inter ParfumsMarks First Fragrance for Nine West Brand
NEW YORK, July 26, 2010 /PRNewswire via COMTEX/ --
Jones Apparel Group, Inc. ("Jones") (NYSE: JNY) today announced that it has entered into an exclusive, world-wide license agreement with Inter Parfums USA, LLC, a wholly-owned subsidiary of Inter Parfums, Inc. ("Inter Parfums") (Nasdaq: IPAR) for the creation, production, marketing and global distribution of women's fragrances under the Nine West brand. Inter Parfums is a premier manufacturer and marketer of prestige fragrances worldwide.
Under the agreement, the initial Nine West signature fragrance will be marketed and sold globally in better department stores, specialty retailers and Nine West retail stores, with an initial launch planned to commence fall 2011. The agreement also grants Firmenich, a leading fine fragrance design company, the exclusive rights to create and supply the initial Nine West fragrance to Inter Parfums and Jones. Nine West is currently sold in 59 countries with flagship stores in leading cities, including New York, Toronto, London, Paris, Tokyo, Hong Kong, Shanghai and Beijing. The initial term of the agreement ends on December 31, 2016 with a provision for further renewal.
Richard Dickson, Chief Executive Officer of Branded Businesses at Jones Apparel Group, stated: "We are excited to be working with best in class partners, Inter Parfums and Firmenich, as we begin the creative journey of extending Nine West into this new world of fragrance. We are proud that Nine West, one of our most coveted brands, will be included in their notable portfolio of brands. Like the perfect pair of shoes, a woman's fragrance is the sensual completion to her look by providing an inviting and intimate expression of her identity."
Jean Madar, Chief Executive Officer and Chairman of the Board at Inter Parfums, stated: "Nine West's global brand recognition is an ideal platform for the development of a successful fragrance and an excellent addition to our premier portfolio. In working with Nine West and Firmenich, our goal will be to interpret Nine West through emotive qualities in scent that resonate with women around the world."
About Jones Apparel Group, Inc.
Jones Apparel Group, Inc. (www.jonesapparel.com) is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company also markets directly to consumers through its chain of specialty retail and value-based stores and through its e-commerce web sites. The Company's nationally recognized brands include Jones New York, Nine West, Anne Klein, Gloria Vanderbilt, Stuart Weitzman, Robert Rodriguez, Kasper, Bandolino, Easy Spirit, Evan-Picone, l.e.i., Energie, Enzo Angiolini, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Albert Nipon and Le Suit. The Company also markets costume jewelry under the Givenchy brand licensed from Givenchy Corporation, women's footwear under the Dockers(R) and Dockers(R) Women brands and infants', toddlers' and boys' footwear (excluding girls' footwear) under the Dockers(R) and Dockers(R) Premium brands, licensed from Levi Strauss & Co., apparel and accessories under the Rachel Roy brand licensed from Rachel Roy IP Company, LLC, and Jessica Simpson jeanswear licensed from VCJS LLC. Each brand is differentiated by its own distinctive styling, pricing strategy, distribution channel and target consumer. The Company contracts for the manufacture of its products through a worldwide network of quality manufacturers. The Company has capitalized on its nationally known brand names by entering into various licenses for several of its trademarks, including Jones New York, Anne Klein New York, Nine West, Gloria Vanderbilt, l.e.i. and Evan-Picone, with select manufacturers of women's and men's products which the Company does not manufacture. For more than 30 years, the Company has built a reputation for excellence in product quality and value, and in operational execution.
About Inter Parfums, Inc.
Inter Parfums, Inc. develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Burberry, Van Cleef & Arpels, Jimmy Choo, Paul Smith, Montblanc and S.T. Dupont. Inter Parfums, Inc. also owns Lanvin Perfumes and Nickel, a men's skin care company. It also produces personal care products for specialty retailers under exclusive agreements for Gap, Banana Republic, New York & Company, Brooks Brothers, bebe, Betsey Johnson and Nine West brands. In addition, Inter Parfums produces and supplies mass market fragrances and fragrance related products. Inter Parfums, Inc.'s products are sold in over 120 countries worldwide.
Forward Looking Statements
Certain statements contained herein are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding the Company's or Inter Parfums' expected financial position, business and financing plans are forward-looking statements. The words "believes," "expects," "plans," "intends," "anticipates" and similar expressions identify forward-looking statements. Forward-looking statements also include representations of the Company's or Inter Parfums' expectations or beliefs concerning future events that involve risks and uncertainties, including:
- those associated with the effect of national, regional and international economic conditions;
- lowered levels of consumer spending resulting from a general economic downturn or lower levels of consumer confidence;
- the tightening of the credit markets and the Company's or Inter Parfums' ability to obtain capital on satisfactory terms;
- given the uncertain economic environment, the possible unwillingness of committed lenders to meet their obligations to lend to borrowers, in general;
- the performance of the Company's or Inter Parfums' products within the prevailing retail environment;
- customer acceptance of both new designs and newly-introduced product lines;
- the Company's reliance on a few department store groups for large portions of the Company's business;
- the Company's or Inter Parfums' ability to identify acquisition candidates and, in a competitive environment for such acquisitions, acquire such businesses on reasonable financial and other terms;
- the integration of the organizations and operations of any acquired businesses into the Company's or Inter Parfums' existing organization and operations;
- consolidation of the Company's retail customers;
- financial difficulties encountered by the Company's or Inter Parfums' customers;
- the effects of vigorous competition in the markets in which the Company or Inter Parfums' operates;
- the Company's or Inter Parfums' ability to attract and retain qualified executives and other key personnel;
- the Company's or Inter Parfums' reliance on independent foreign manufacturers;
- changes in the costs of raw materials, labor, advertising and transportation;
- the general inability to obtain higher wholesale prices for the Company's products that the Company has experienced for many years;
- the uncertainties of sourcing associated with an environment in which general quota has expired on apparel products but litigation and political activity seeking to re-impose quotas have been initiated;
- the Company's ability to successfully implement new operational and financial computer systems; and
- the Company's or Inter Parfums' ability to secure and protect trademarks and other intellectual property rights.
A further description of these risks and uncertainties and other important factors that could cause actual results to differ materially from the Company's or Inter Parfums' expectations can be found in the Company's or Inter Parfums' Annual Report on Form 10-K for the year ended December 31, 2009, including, but not limited to, the Statement Regarding Forward-Looking Disclosure and Item 1A-Risk Factors therein, and in the Company's or Inter Parfums' other filings with the Securities and Exchange Commission. Although each of the Company and Inter Parfums believes that the expectations reflected in such forward-looking statements are reasonable, such expectations may prove to be incorrect. The Company and Inter Parfums do not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Jones Apparel Group, Inc. Inter Parfums, Inc.
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SOURCE Jones Apparel Group, Inc.