The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
20-Jun-2006
Barneys New York Announces the Scheduled Opening of Barneys New York CO-OP Stores in The Grove and The Domain NEW YORK, June 20 /PRNewswire-FirstCall/ -- Barneys New York ("Barneys"),
a wholly owned subsidiary of Jones Apparel Group, Inc. (NYSE: JNY), announced
today the scheduled opening in Spring 2007 of Barneys New York CO-OP stores at
The Grove in Los Angeles and The Domain, a new center in Austin, Texas. The
location at The Grove will be approximately 9,200 square feet, while The
Domain site will be approximately 6,500 square feet. These new locations,
when open, will represent Barneys' thirteenth and fourteenth CO-OP stores.
Howard Socol, Chairman and Chief Executive Officer of Barneys, stated,
"The latest additions to the expansion of our CO-OP concept have both
similarities and differences. Both are outdoor lifestyle centers. The Grove
affords us the opportunity to grow our business in an established center in a
market which is home to our second largest flagship store. Our location at
The Domain will be part of an exciting new center in a new market for CO-OP."
Mr. Socol continued, "We are continuing to explore additional opportunities
for the national expansion of the CO-OP concept."
Barneys New York, a wholly owned subsidiary of Jones Apparel Group, Inc.,
is a luxury retailer with flagship stores in New York City, Beverly Hills,
Chicago and Boston. Barneys also operates three regional full-price stores,
ten CO-OP Barneys New York stores, twelve outlet stores and two semi-annual
warehouse sale events.
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.
SOURCE Jones Apparel Group, Inc.
/CONTACT: Efthimios P. Sotos, Chief Financial Officer, Jones Apparel
Group, Inc., +1-215-785-4000; or Public Relations Contact: Dawn Brown, Vice
President Publicity, Barneys New York, +1-212-450-8699/
/Web site: http://www.jny.com/
(JNY)
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The Jones Group Inc.
