The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
28-Nov-2006
Frits D. van Paasschen Elected to the Jones Apparel Group, Inc. Board of Directors NEW YORK, Nov. 28 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that Frits D. van Paasschen has been elected to
the Jones Apparel Group, Inc. Board of Directors. He will join the Board on
November 30, 2006.
Mr. van Paasschen brings with him outstanding credentials grounded in
management consulting and firsthand experience with establishing and building
brands in developing markets around the world. Mr. van Paasschen has over 20
years experience in retail, operations and supply chain, consumer marketing
and finance.
Beginning in 1983 Mr. van Paasschen held various management positions with
Boston Consulting Group, First Call Corporation, Goldman, Sachs & Co. and
McKinsey & Company. He left McKinsey & Company in 1995 to join Disney
Consumer Products as Vice President, Finance and Planning. In 1998 Mr. van
Paasschen became Vice President, Global Strategic Planning for Nike. He held
several senior positions with Nike, and from 2000 to 2004 served as Corporate
Vice President/General Manager Europe, Middle East and Africa.
Mr. van Paasschen is President and Chief Executive Officer of Coors
Brewing Company. He is a member of the board of directors of Oakley, a
worldwide leader in performance optics, serving on the Nominating and
Corporate Governance Committee.
Peter Boneparth, Chief Executive Officer, commented, "On behalf of the
Jones Apparel Group Board of Directors and the entire management team, I want
to welcome Frits van Paasschen. He is a proven leader with an accomplished
and notable career. We welcome his guidance and contributions to the
Company."
Including Mr. van Paasschen, eight of the eleven directors are deemed to
be independent directors under the Company's Director Independence Standards,
which appear on the Company's website, http://www.jny.com (under the "Our
Company - Corporate Governance" caption).
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:
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those associated with the effect of national and regional economic
conditions;
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lowered levels of consumer spending resulting from a general economic
downturn or lower levels of consumer confidence;
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the performance of the Company's products within the prevailing retail
environment;
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customer acceptance of both new designs and newly-introduced product
lines;
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the Company's reliance on a few department store groups for large
portions of the Company's business;
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consolidation of the Company's retail customers;
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financial difficulties encountered by customers;
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the effects of vigorous competition in the markets in which the Company
operates;
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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;
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the integration of the organizations and operations of any acquired
businesses into the Company's existing organization and operations;
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the Company's reliance on independent foreign manufacturers;
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changes in the costs of raw materials, labor, advertising and
transportation;
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the general inability to obtain higher wholesale prices for the
Company's products that the Company has experienced for many years;
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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);
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the Company's ability to successfully implement new operational and
financial computer systems; and
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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
Web site: http://www.jny.com
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