Kenneth Cole Productions and G-III Apparel Group, Ltd. Sign Licensing Agreement to Commence Men's Outerwear and Extend Women's Outerwear
NEW YORK, Nov. 29, 2004 -- Kenneth Cole Productions, Inc. (KCP) and G-III Apparel Group, Ltd. (GIII) today announced that they have reached an agreement to expand their relationship for outerwear. Effective January 1, 2005, G-III, the licensee for Kenneth Cole New York and Reaction Kenneth Cole women's outerwear since 1995, will now also manufacture, market, and distribute men's outerwear for the Kenneth Cole New York and Reaction labels. The dual-gender license is for a term of four years with one four-year renewal term, subject to the satisfaction of certain performance conditions. Commencing with the Fall 2005 collection, G-III will be replacing Gordon & Ferguson of Delaware, Inc., the existing men's outerwear licensee, whose agreement is terminating by mutual consent.
Chairman and Chief Executive Officer Kenneth Cole said, "We look forward to building on our strong relationship with G-III. Based on the excellent performance of women's outerwear, we are pleased to extend the term of that license. In addition, we believe that G-III's understanding of our brands and their leadership in the outerwear industry will serve the men's outerwear business as well. With this partnership, we are confident that our outerwear business will continue to grow stronger."
Morris Goldfarb, G-III's Chief Executive Officer, said, "We are very excited about expanding our business with Kenneth Cole Productions. Their women's outerwear license has long been one of the most important lines in our mix of business. We believe that we have an opportunity to assume what is already a substantial men's business and take it to the next level in terms of volume and retail performance."
About Kenneth Cole Productions, Inc.
Kenneth Cole Productions, Inc. designs, sources, and markets a broad range of footwear, handbags, and accessories under the brand names Kenneth Cole New York, Reaction Kenneth Cole, and Unlisted, a Kenneth Cole Production. The company has also granted a wide variety of third party licenses for the production of men's and women's apparel, timepieces, eyewear, and several other accessory categories. The company's products are distributed through department stores, better specialty stores, and company-owned retail stores as well as direct to consumer catalogs and e-commerce.
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 with Kenneth Cole, Nine West, Timberland, Cole Haan, Cece Cord, Jones Apparel, Sean John, Bill Blass, and James Dean and sports licenses with the National Football League, National Hockey League, National Basketball Association, Major League Baseball, Louisville Slugger, NASCAR, World Poker Tour and more than 60 universities nationwide. Company-owned labels include, among others, Black Rivet, Colebrook and Siena Studio.
Kenneth Cole Forward-Looking Statement Disclosure
The statements contained in this release, which are not historical facts, may be deemed to constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results might differ materially from those projected in such statements due to a number of risks and uncertainties, including but not limited to, demand and competition for the company's products, the ability to enter into new product license agreements, changes in consumer preferences or fashion trends, delays in anticipated store openings, and changes in the Company's relationships with vendors and other resources. The forward-looking statements contained herein are also subject to other risks and uncertainties that are described in the Company's reports and registration statements filed with the Securities and Exchange Commission.
G-III Forward-Looking Statement Disclosure
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 other factors which could cause actual results to differ materially from those stated in such statements. Such 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, 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: G-III Apparel Group, Ltd. Wayne S. Miller, 212-405-0500 Kenneth Cole Productions, Inc. David Edelman, 212-265-1500 Integrated Corporate Relations, Inc. James R. Palczynski, 203-222-9013