The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Announces Realignment of Management of Wholesale Apparel Businesses
NEW YORK, Nov 29, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that Lynne Cote has been appointed to the newly
created position of Chief Executive Officer - Wholesale Sportswear, Suits and
Dresses. Ms. Cote will continue to report to Peter Boneparth, Chief Executive
Ms. Cote will have complete responsibility for all of Jones Apparel's
wholesale sportswear, suit and dress brands including the flagship brands:
Jones New York, Anne Klein New York and Nine West. Ms. Cote's new role also
encompasses her current responsibilities for the Company's moderate apparel
sportswear brands. The Company plans to replace Ms. Cote's prior position and
has begun a search to identify possible candidates. Once this position is
filled, it will report to Ms. Cote.
Mr. Boneparth commented, "Lynne has strong leadership skills and extensive
experience in the design, merchandising, marketing and production of women's
apparel. She has been instrumental in profitably growing existing brands and
also identifying and launching new brands. This newly created position will
allow Jones Apparel to: (i) better serve our wholesale customers across all
channels of distribution by responding quicker to their evolving needs, (ii)
have greater consistency across our wholesale apparel product categories and,
(iii) leverage our infrastructure to further drive operational efficiencies."
As part of this management realignment, Jones Apparel Group, Inc. also
announced the following promotions:
- Mark Mendelson - Chief Merchandising Officer, Better Apparel. Mr.
Mendelson will be responsible for the Company's wholesale
merchandising and assortment activities for its better apparel
divisions. This appointment will allow the Company to achieve
better brand consistency across multiple product categories.
- Susan Metzger - President - Sales and Marketing, Better
Sportswear. Ms. Metzger will be responsible for leading and
coordinating the sales and marketing function for all of the
Company's wholesale better sportswear brands.
- Gregg I. Marks - Chief Executive Officer, Jones Suit Divisions.
Mr. Marks will be responsible for all of the Company's suit
Mr. Boneparth added, "Mark, Susan and Gregg have each demonstrated a high
level of dedication and commitment to Jones Apparel Group. These promotions
are in recognition of their strong respective abilities and we look forward to
their valuable contributions to the future success of the Company."
In addition to Ms. Cote's current direct reports, Mr. Mendelson, Ms.
Metzger, Mr. Marks, Barbara Kennedy, President - Dress Division, Howard
Zwilling, President - Erika Division and Sam Tang, President - Jones
International, Ltd., will also report to her.
Mr. Boneparth concluded, "Jones Apparel Group has many notable strengths,
including the creation of high-quality product and superior merchandising
skills. The management realignment announced today, along with the strategic
operating review that we have previously announced to improve our performance,
will ensure that Jones Apparel Group remains properly positioned for the long-
term benefit of our shareholders."
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 New York
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 contained herein are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding the Company's 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 expectations or beliefs concerning future
events that involve risks and uncertainties, including:
- those associated with the effect of national and regional economic
- lowered levels of consumer spending resulting from a general economic
downturn or lower levels of consumer confidence or generally reduced
shopping activity caused by public safety concerns;
- the performance of the Company's products within the prevailing
- customer acceptance of both new designs and newly-introduced product
- the Company's reliance on a few department store groups for large
portions of the Company's business;
- consolidation of the Company's retail customers;
- financial difficulties encountered by customers;
- the effects of vigorous competition in the markets in which the
- the Company's ability to identify acquisition candidates and acquire
such businesses on reasonable financial and other terms, in an
increasingly competitive environment for such acquisitions;
- the integration of the organizations and operations of any acquired
businesses into the Company's existing organization and operations;
- the Company's reliance on independent foreign manufacturers;
- changes in the costs of raw materials, labor and advertising;
- 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 the new environment in
which quota has been eliminated on apparel products while political
pressure is building for the re-imposition of quotas in certain
- the Company's 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 expectations can be found in the Company's Annual Report on Form 10-
K/A for the fiscal year ended December 31, 2004, including, but not limited
to, the Statement Regarding Forward-Looking Disclosure and the information
concerning trends and risk factors included in Management's Discussion and
Analysis of Financial Condition and Results of Operations therein, and in the
Company's other filings with the Securities and Exchange Commission. Although
the Company believes that the expectations reflected in such forward-looking
statements are reasonable, such expectations may prove to be incorrect. 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 Finance, both of Jones Apparel Group, +1-215-785-4000