The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Announces Completion of Licensing Agreement For Esprit Women's and Young Women's Footwear, Handbags and Small Leather Goods
NEW YORK, July 23 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced the successful completion of its previously
announced letter of intent to enter into a licensing agreement with a
subsidiary of Esprit Holdings Limited (SEHK: 330; London: EPT LI). The
licensing agreement covers the manufacture and distribution of women's and
young women's footwear, luggage, handbags and small leather goods bearing a
diversified complement of ESPRIT trademarks. As previously announced, these
branded products will be distributed exclusively by the Nine West Group
Division to department stores, retail specialty stores and other direct to
consumer venues throughout the United States and Puerto Rico. The licensing
agreement calls for an initial term of five years, with a renewal option of an
additional five years should certain conditions be met.
Rhonda Brown, President and CEO of Nine West Group, stated, "We are very
excited with the execution of this licensing agreement and are pleased to be
adding such well-known brands to our existing portfolio. This is a great
opportunity for the Nine West Group Division and we look forward to launching
the business at the upcoming August footwear market in Las Vegas."
Jones Apparel Group, Inc. (www.jny.com), a Fortune 500 Company, is a
leading designer and marketer of branded apparel, footwear and accessories.
The Company's nationally recognized brands include: Jones New York; Lauren by
Ralph Lauren, Ralph by Ralph Lauren, and Polo Jeans Company, which are
licensed from Polo Ralph Lauren Corporation; Evan-Picone, Rena Rowan, Norton
McNaughton, Gloria Vanderbilt, Erika, Energie, Currants, Jamie Scott, Todd
Oldham, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Napier and Judith
Jack. The Company also markets costume jewelry under the Tommy Hilfiger brand
licensed from Tommy Hilfiger Corporation and the Givenchy brand licensed from
Givenchy Corporation. Celebrating more than 30 years of service, the Company
has built a reputation for excellence in product quality and value, and in
Esprit Holdings Limited (www.espritholdings.com) is a constituent stock of
the MSCI Hong Kong Index, and its subsidiaries are engaged in the retail and
wholesale distribution of quality lifestyle products under its globally
recognized ESPRIT brand and of cosmetic products under its RED EARTH brand.
The Group controls retail space of over 3 million square feet in more than 40
countries and ESPRIT products are sold in more than 80 countries worldwide.
It operates approximately 500 directly managed retail outlets and has over
2,000 franchised shops.
Certain statements herein are "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements represent the Company's expectations
or beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's
2001 Form 10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
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SOURCE Jones Apparel Group, Inc.
Web site: http: //www.jny.com
CONTACT: Wesley R. Card, Chief Operating and Financial Officer, or Anita Britt, Executive Vice President Finance, both of Jones Apparel Group, +1-215-785-4000