The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
14-Apr-2006
Jones Apparel Group, Inc. Announces Management Change and Realignment in its Wholesale Footwear and Accessories and Retail Businesses NEW YORK, April 14 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced the following promotions:
- Andrew Cohen to Chief Executive Officer - Wholesale Footwear and
Accessories, and,
- Heather Pech to Chief Executive Officer - Company-Owned Retail Footwear
and Apparel.
Both executives will now report directly to Peter Boneparth, President and
Chief Executive Officer of the Company. The Company also announced that
Rhonda Brown, the former Chief Executive Officer of the Footwear, Apparel and
Retail Group, is no longer with the Company.
Mr. Boneparth stated, "I am confident that this new management structure
will enable us to better leverage Andy's and Heather's considerable experience
and leadership skills. This, in turn, will enhance our ability to solidify
and grow our footwear, accessories and retail businesses. As the largest
provider of women's fashion footwear brands in the United States with a large
and growing presence in key international markets, we are very optimistic
about the future of these businesses. We look forward to further
strengthening our position as a leading resource for retail customers and
consumers around the globe."
Both Mr. Cohen and Ms. Pech assumed responsibility for their respective
businesses at the Company in January of 2006. Mr. Cohen, who prior to January
2006 held the position of Group President - l.e.i. and Energie, is a highly
regarded executive with more than thirty years of experience in the apparel
and footwear industry, including having served in very senior positions in the
footwear industry for the Esprit and Sam & Libby brands. He will continue to
be responsible for managing and further developing the Company's portfolio of
footwear, handbags and costume jewelry. Ms. Pech, who prior to January 2006
served as the Chief Executive Officer of the Company's Polo Jeans Company
division and President of the Jones New York Sport division, also has
extensive industry experience and a proven track record of success. She will
continue to focus on leveraging the Company's infrastructure to further grow
the retail business.
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. The Company also markets directly to consumers through our chain
of specialty retail and value-based stores, and operates the Barneys New York
chain of luxury stores. 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, Le Suit and Barneys New York. The Company also markets
costume jewelry under 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. The Company primarily 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, 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 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.
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,"
"expect," "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 involves risks and uncertainties, including:
* those associated with the effect of national and regional economic
conditions;
* lowered levels of consumer spending resulting from a general economic
downturn or lower levels of consumer confidence;
* the performance of the Company's 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;
* consolidation of the Company's retail customers;
* financial difficulties encountered by customers;
* the effects of vigorous competition in the markets in which the Company
operates;
* the Company's ability to identify acquisition candidates and, in an
increasingly 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 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 general quota has expired on apparel products (while China has
agreed to safeguard quota on certain classes of apparel products through
2008, political pressure will likely continue for restraint on
importation of apparel);
* the Company's ability to successfully implement new operational and
financial computer systems; and
* 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 for the fiscal year ended December 31, 2005, including, but not limited to,
the Statement Regarding Forward-Looking Disclosure and Item 1A - Risk Factors
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.
Media Contact:M
Joele Frank and Sharon Goldstein
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
SOURCE Jones Apparel Group, Inc.
CONTACT: Media Contact: Joele Frank and Sharon Goldstein of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, for Jones Apparel Group, Inc.; or
Efthimios P. Sotos, Chief Financial Officer of Jones Apparel Group, Inc.,
+1-215-785-4000 |