Jones Apparel Group And G-III Apparel Group Sign Men's Outerwear License Agreement
New York, New York, March 16, 2000 -Jones Apparel Group(NYSE: JNY) and G-III Apparel Group Ltd. (Nasdaq: GIII) todayannounced that they have signed a multi-year license agreementfor the manufacture of men’s outerwear for the Jones New Yorkmenswear collection. G-III will manufacture men’s leather andactive outerwear under the Jones New York label. The collection,which will be launched in Fall 2000, will be sold in betterdepartment and specialty stores that carry the Jones New Yorkmenswear collection.
Jacki Nemerov, President of Jones Apparel Group, Inc. said,"The addition of this important Jones New York outerwear businesscomplements our menswear lifestyle marketing strategy to completethe total wardrobe demands of today’s menswear consumer."
Morris Goldfarb, Chief Executive Officer of G-III ApparelGroup commented, "We are pleased to have been selected by JonesNew York to manufacture this important collection of men’sleather and woven outerwear. The quality of the Jones New Yorkmenswear brand will complement our existing portfolio of brands.We look forward to working with Jones Apparel Group on this newopportunity as we continue to execute our strategy of increasedemphasis on branded apparel."
Jeanette Nostra, President of G-III Apparel Group stated,"We are excited to add this megabrand to our menswear businessand look forward to maximizing this important initiative."
Jones Apparel Group, Inc. (www.jny.com) is a leadingdesigner and marketer of branded apparel, footwear andaccessories. The Company’s nationally recognized brands include:Jones New York; Lauren by Ralph Lauren, Ralph by Ralph Lauren,and Polo Jeans Company, which are licensed from Polo RalphLauren; Even-Picone, Rena Rowan, Todd Oldham, Nine West, EasySpirit, Enzo Angioloni, Bandolino and Amalfi. As the Companycelebrates its 30th anniversary, it has built a reputation forexcellence in product quality and value, and in operationalexecution.
G-III Apparel Group is a leading manufacturer anddistributor of leather and non-leather outerwear apparel. TheCompany has fashion licenses with Kenneth Cole Productions, NineWest Group, Cole Haan, Jones Apparel Group and Tommy Hilfiger anda distribution agreement for Caterpillar apparel, as well aslicensing agreements with the National Football League, NationalHockey League, National Basketball Association, Major LeagueBaseball and more than 20 universities nationwide.
Statements concerning G-III Apparel Group’s business outlook for future economic performance; anticipated revenues, expenses or otherfinancial items; product introductions and plans and objectivesrelated thereto; and statements concerning assumptions made orexpectations as to any future events, conditions, performance orother matters, are "forward-looking statements" as that term isdefined under the Federal Securities laws. Forward-lookingstatements are subject to risks, uncertainties and other factorswhich could cause actual results to differ materially from thosestated in such statements. Such risks, uncertainties and factorsinclude, but are not limited to, reliance on foreignmanufacturers, the nature of the apparel industry, includingchanging customer demand and tastes, seasonality, customeracceptance of new products, the impact of competitive productsand pricing, dependence on existing management, general economicconditions, as well as other risks detailed in G-III Apparel Group’sfilings with the Securities and Exchange Commission.
CONTACT: Investor Relations FOR: G-III Apparel Group Ltd. Cheryl Schneider Wayne Miller Press: David Nugent Chief Financial Officer Morgen-Walke Associates (212) 403-0500 (212) 850-5600 FOR: Jones Apparel Group, Inc. Anita Britt Vice President Finance and Investor Relations (215) 785-4000