G-III Apparel Group Announces License Agreement For Timberland Men's Leather Outerwear
NEW YORK----Feb. 14, 2002--G-III Apparel Group, Ltd. (Nasdaq: GIII) today announced it has entered into a license agreement with The Timberland Company (NYSE: TBL), one of the world's leading outdoor lifestyle brands, for a men's leather outerwear collection that will launch for the fall 2002 season.
Building upon Timberland's rugged outdoor sportswear offering, the new leather outerwear collection will be targeted specifically at the leather outerwear classification business of department and specialty stores. The offering will feature a full range of styles, from rugged bombers and field coats in distressed leathers, to work-casual jackets in nubuck and finished leathers - all reflecting the craftsmanship, durability and rugged outdoor styling for which Timberland is known worldwide.
"We are delighted to be working with Timberland," said Morris Goldfarb, Chief Executive Officer of G-III. "No other outdoor lifestyle brand combines the heritage, brand recognition and world-wide consumer appeal that Timberland has developed. We look forward to the opportunity to help extend the brand and solidify Timberland's position in the premium leather outerwear marketplace. This partnership will be exciting for us and should have a significant impact in this market."
"Timberland has always been about premium leathers, quality craftsmanship and protection for the outdoors," said Marc Schneider, General Manager of Apparel, The Timberland Company. "We see a tremendous opportunity to build upon that heritage and create a broad leather outerwear collection that is unique to the market, and distinctly Timberland."
"G-III brings impressive scale and a wealth of expertise to the Timberland team, for everything from design to production to distribution," said Schneider. "With their innovation and leadership, we are confident that G-III is the best partner to help Timberland develop a more powerful and distinctive leather outerwear business."
The Timberland® leather outerwear collection will be distributed throughout the United States in the outerwear departments of better department stores and independent stores beginning in fall 2002. It will also be available through Timberland® stores nationwide, and online at www.timberland.com
About G-III Apparel Group, Ltd.
G-III Apparel Group (Nasdaq:G-III) is a leading manufacturer and distributor of leather and non-leather outerwear apparel. G-III has licensing agreements with several lifestyle brands as well as the National Football League, National Hockey League, National Basketball Association, Major League Baseball and more than 50 universities nationwide.
About The Timberland Company
Timberland (NYSE: TBL) is a global leader in the design, engineering and marketing of premium-quality footwear, apparel and accessories for consumers who value the outdoors and their time in it. Timberland® products offer quality craftsmanship and detailing and are built to withstand nature's elements. The Company's products can be found in leading department and specialty stores as well as Timberland® retail stores throughout North America, Europe, Asia, South Africa, Latin America and the Middle East. More information about Timberland is available in the Company's reports filed with the Securities and Exchange Commission.
Statements concerning G-III's business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are "forward-looking statements" as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors include, but are not limited to, reliance on foreign manufacturers, the nature of the apparel industry, including changing customer demand and tastes, seasonally, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, general economic conditions, as well as other risks detailed in the respective filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.
Contacts: G-III Apparel Group, Ltd. Wayne S. Miller, 212/403-0507 Chief Financial Officer The Timberland Company Investors: Susan Ostrow, 603/773-1212 Press: Leslie Bonnyman, 603/773-1511 Investor Relations James Palczynski, 203/222-9013