Perry Ellis International (ticker: PERY, exchange: NASDAQ Global Market (.O))
News Release -
Perry Ellis International Announces It Will Resume Manufacturing Dress Shirts
MIAMI, May 25, 2010 (BUSINESS WIRE) --Perry Ellis International (NASDAQ:PERY) announced today that it has agreed with Smart Apparel (U.S.) Inc. to end its license agreement for men's dress shirts under the Perry Ellis and Perry Ellis Portfolio brands. Under the amended agreement Smart Apparel will continue to manufacture and distribute Perry Ellis dress shirts until December 31, 2010. Effective January 1, 2011, Perry Ellis International will take over all aspects of its dress shirt business. Smart Apparel will continue producing Perry Ellis International's tailored clothing including men's suits, suit separates, and sport jackets, which are available at major department stores nationwide.
"Smart Apparel remains a key component and partner for Perry Ellis International, and we would like to thank the Company for its hard work, dedication and expertise in producing our dress shirts over the last two years. However, as our Perry Ellis Collection business continues to gain momentum in the department store channel, we feel there are several new synergies within our current product assortment that can be leveraged to maximize our Perry Ellis business and continue to fuel the growth within the brand," commented George Feldenkreis, Chairman and CEO of Perry Ellis International.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories, and fragrances. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress and casual pants and shorts, jeans wear, active wear and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands including Perry Ellis(R), Jantzen(R), Laundry by Shelli Segal(R), C&C California(R), Cubavera(R), Centro(R), Solero(R), Munsingwear(R), Savane(R), Original Penguin(R) by Munsingwear(R), Grand Slam(R), Natural Issue(R), Pro Player(R), the Havanera Co.(R), Axis(R), Tricots St. Raphael(R), Gotcha(R), Girl Star(R), MCD(R) John Henry(R), Mondo di Marco(R), Redsand(R), Manhattan(R), Axist(R) and Farah(R). The Company enhances its roster of brands by licensing trademarks from third parties including Pierre Cardin(R) for men's sportswear, Nike(R) and Jag(R) for swimwear, and Callaway Golf(R), TOP-FLITE(R), PGA TOUR(R) and Champions Tour(R) for golf apparel. Additional information on the Company is available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.pery.com&esheet=6305090&lan=en_US&anchor=http%3A%2F%2Fwww.pery.com&index=1&md5=d853e32de8bf367486b019b4d36f9c13.
Safe Harbor Statement
We caution readers that the forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include: general economic conditions, a significant decrease in business from or loss of any of our major customers or programs, anticipated and unanticipated trends and conditions in our industry, including the impact of recent or future retail and wholesale consolidation, the effectiveness of our planned advertising, marketing and promotional campaigns, our ability to contain costs, disruptions in the supply chain, our future capital needs and our ability to obtain financing, our ability to integrate acquired businesses, trademarks, trade names and licenses, our ability to predict consumer preferences and changes in fashion trends and consumer acceptance of both new designs and newly introduced products, the termination or non-renewal of any material license agreements to which we are a party, changes in the costs of raw materials, labor and advertising, our ability to carry out growth strategies including expansion in international and direct to consumer retail markets, the level of consumer spending for apparel and other merchandise, our ability to compete, exposure to foreign currency risk and interest rate risk, possible disruption in commercial activities due to terrorist activity and armed conflict, and other factors set forth in Perry Ellis International's filings with the Securities and Exchange Commission. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Perry Ellis' filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
SOURCE: Perry Ellis International
Perry Ellis International
Allison Malkin, Integrated Corporate Relations, 203-682-2285