The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
24-Mar-2005
Appellate Court Affirms Summary Judgment on Liability in Favor of Jones Apparel Group in $550 Million Breach of Contract Suit Against Polo Ralph Lauren CorporationNEW YORK, March 24, 2005 /PRNewswire-FirstCall via COMTEX/ -- Jones Apparel Group, Inc.
(NYSE: JNY) announced today that the Appellate Division, First Department, of
the New York State Supreme Court, has affirmed unanimously the lower court's
entry of summary judgment in favor of Jones Apparel Group on the issue of
liability in Jones' $550 million breach of contract suit against Polo Ralph
Lauren Corporation (PRC) over the termination of the Lauren by Ralph Lauren
license. A trial on the assessment of damages against PRC will follow.
Jones Apparel Group, Inc. (http://www.jny.com), a Fortune 500 company, is
a leading designer, marketer and wholesaler of branded apparel, footwear and
accessories. We also market directly to consumers through our chain of
specialty retail and value-based stores, and operate the Barneys chain of
luxury stores. Our 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, Le Suit
and Barneys New York. The Company also markets apparel under the Polo Jeans
Company brand licensed from Polo Ralph Lauren Corporation, costume jewelry
under the Tommy Hilfiger brand licensed from Tommy Hilfiger Licensing, Inc.
and the Givenchy brand licensed from Givenchy Corporation and footwear under
the Dockers Women brand licensed from Levi Strauss & Co. Each brand is
differentiated by its own distinctive styling, pricing strategy, distribution
channel and target consumer. We primarily contract for the manufacture of our
products through a worldwide network of quality manufacturers. We have
capitalized on our nationally known brand names by entering into various
licenses for several of our trademarks, including Jones New York, Evan-Picone,
Anne Klein New York, Nine West, Gloria Vanderbilt and l.e.i., with select
manufacturers of women's and men's products which we do not manufacture. For
more than 30 years, we have built a reputation for excellence in product
quality and value, and in operational execution.
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
2004 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 Vic
President Finance, +1-215-785-4000, both of Jones Apparel Group
http://www.prnewswire.com
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