G-III Apparel Group, Ltd. Announces New Director and Chief Financial Officer
NEW YORK--Sept. 14, 2005--G-III Apparel Group, Ltd. (Nasdaq: GIII) today announced that it had promoted Neal Nackman to the position of Chief Financial Officer and elected Laura Pomerantz to its board of directors.
Morris Goldfarb, Chairman and Chief Executive Officer, commented, "Our core business and our latest acquisitions have dramatically increased the scope and size of our business. We believe that we are positioned well to continue this trend of growth and that naming Laura to our board and Neal to the position of Chief Financial Officer will enhance our capability to capitalize on our many opportunities. Our Board looks forward to benefiting from the significant experience and expertise Laura has in the retail and fashion fields."
"We have a deep and talented team here at G-III and we believe we can expect significant contributions from each of these outstanding individuals. Additionally, Neal's promotion to Chief Financial Officer will enable Wayne Miller, who has held that position as well as the position of Chief Operating Officer, to focus more of his attention on the integration and operations of our recently acquired businesses, as well as to continue to pursue new business opportunities."
Mr. Nackman has been the Company's Vice President, Finance since joining G-III in December 2003. From January 2003 until joining G-III, Mr. Nackman was a financial consultant with Jefferson Wells International. For the eight years prior to 2003, he held senior level finance positions at Nautica, Inc., Perry Ellis, Inc., and Martha Stewart Living Omnimedia. Mr. Nackman spent the first 14 years of his career in public accounting with Grant Thornton. He was a partner in Grant Thornton when he left in 1995 to join Nautica. Mr. Nackman will report directly to Wayne Miller.
Ms. Pomerantz is a Principal at PBS Realty Advisors LLC, where she advises and negotiates for a wide range of clients on retail and commercial real-estate strategies and transactions. Prior to joining PBS, Ms. Pomerantz was a Senior Managing Director at Newmark & Company Real Estate. Earlier in her career she also held executive and management positions with S.L. Green and The Leslie Fay Companies, Inc. She also served for five years on the Board of Directors for Elder-Beerman Stores, Inc. until its sale in 2003. Ms. Pomerantz has a long and distinguished record of community involvement and support for the fine and performing arts. She is currently a member of the Carnegie Hall Board of Trustees and a member of the Board of Directors of the Richard Tucker Foundation.
About G-III Apparel Group, Ltd.
G-III Apparel Group, Ltd. is a leading manufacturer and distributor of outerwear and sportswear under licensed labels, our own labels and private labels. The Company has fashion licenses, among others, for Calvin Klein, Kenneth Cole, Nine West, Cole Haan, Guess?, Jones Apparel, Sean John, Cece Cord, Izod, St. John Knits, House of Dereon, Ellen Tracy, Tommy Hilfiger, BCBG by Max Azria, Donald Trump, and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Louisville Slugger, NASCAR, World Poker Tour and more than 60 universities nationwide. Company-owned labels include, among others, Marvin Richards, Black Rivet, Winlit, LNR, La Nouvelle Renaissance, Colebrook and Siena Studio.
Statements concerning the Company'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, reliance on licensed product, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible business disruption from acquisitions, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
Contacts: For G-III Apparel Group, Ltd.
Investor Relations
James Palczynski, 203-682-8229
or
G-III Apparel Group, Ltd.
Wayne S. Miller, 212-403-0500