The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Reaches Agreement With Olivet International, Inc. for Nine West Luggage
NEW YORK, Nov 23, 2004 /PRNewswire-FirstCall via COMTEX/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that it has signed an exclusive license agreement
with Olivet International, Inc. Olivet will manufacture and distribute
women's luggage and travel accessories under the Nine West brand to luggage
departments of department stores and specialty retailers who carry Nine West
footwear, accessories and apparel, as well as upscale luggage specialty
stores. The collection, previously marketed by Nine West Accessories, will be
re-launched to the trade in the March 2005 market for Fall 2005 delivery in
Olivet's showrooms located at 10 West 33rd Street, New York, New York.
Rhonda Brown, President and Chief Executive Officer, Footwear, Accessories
and Retail Group, stated, "Our agreement with Olivet for Nine West luggage
will leverage our strengths to maximize this business opportunity. We look
forward to translating the spirit of Nine West to luggage that will complement
our brand initiatives and offer a unique point of view to our loyal Nine West
Jerry Moon, Chief Executive Officer, Olivet International, Inc., stated,
"We are pleased to enter this agreement for Nine West luggage. We believe our
shared focus on superior quality product, innovative styling and marketing
synergies will make a difference to both our retail partners and the Nine West
Jones Apparel Group, Inc. (http://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, Evan-
Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Nine
West, Easy Spirit, Enzo Angiolini, Bandolino, Joan & David, Mootsies Tootsies,
Sam & Libby, Napier, Judith Jack, Kasper, Anne Klein, Albert Nipon and LeSuit.
The Company also markets apparel under the Polo Jeans Company brand licensed
from Polo Ralph Lauren Corporation and costume jewelry under the Tommy
Hilfiger brand licensed from Tommy Hilfiger Licensing, Inc. and the Givenchy
brand licensed from Givenchy Corporation. For more than 30 years, the Company
has built a reputation for excellence in product quality and value, and in
Olivet International, Inc., privately held, is a leading marketer of
luggage and travel accessories in department stores and specialty stores
nationwide under leading national and private label brands and the licensed
Dockers brand with a reputation for quality and customer service.
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 Jones Apparel Group'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 2003 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.
SOURCE Jones Apparel Group, Inc.
Wesley R. Card, Chief Operating and Financial Officer or Anita
Britt, Executive Vice President, both of Jones Apparel Group, +1-215-785-4000