Joe's Jeans Enters Into $5.5 Million Agreement to License Footwear
30 Março 2010 - 7:00AM
Marketwired
Joe's Jeans Inc. (the "Company") (NASDAQ: JOEZ) announced today
that it has signed a new license agreement with Burano LLC to
manufacture and distribute Joe's® branded footwear for women. The
initial term of the agreement is for three years with minimum net
sales commitments of $5.5 million over the term.
The new line of women's shoes represents a stylish complement to
an ever-expanding Joe's® wardrobe. The first shipment consists of
ballet flats in a variety of embellishments and textures and began
shipping this month to major department and specialty store
retailers, Company owned retail stores and its Internet store with
a retail price of $120 to $145. The ballet flats are intended to be
offered every season with a new interpretation on the classic shoe.
In April, a line of wedges, flat sandals and casual heels is
expected to begin shipping and the Fall line, including boots, is
expected to begin shipping in July. The shoes will have a vintage
look with a feminine vibe and sexy attitude. The offerings will
include soft, draping leathers in rich colors and a focus on
intricate detailing on the soles.
"We believe our new line of Joe's® branded footwear will
contribute to continued brand name recognition and overall growth
for 2010. The shoe line will reflect and embody the Joe's®
customer, as a fashion forward, casual woman with an independent
streak," said Marc Crossman, President and Chief Executive Officer.
Crossman continued, "We are excited to be able to offer our
customer fashion forward shoes at attractive retail price points
and look forward to the line's development in our collection."
About Joe's Jeans Inc.
Joe's Jeans Inc. designs, produces and sells apparel and
apparel-related products to the retail and premium markets under
the Joe's® brand and related trademarks. More information is
available at the company website at www.joesjeans.com.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this document involved estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words "intend,"
"believe," "estimate, "project," "expect" or similar expressions.
Any forward-looking statement inherently involves risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to: the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the risk that changes in
general economic conditions, consumer confidence, or consumer
spending patterns will have a negative impact on the Company's
financial performance or strategies; the highly competitive nature
of the Company's business in the United States and internationally
and its dependence on consumer spending patterns, which are
influenced by numerous other factors; the Company's ability to
respond to the business environment and fashion trends; continued
acceptance of the Joe's® brand in the marketplace; successful
implementation of any growth or strategic plans; effective
inventory management; the Company's ability to continue to have
access on favorable terms to sufficient sources of liquidity
necessary to fund ongoing cash requirements of its operations,
which access may be adversely impacted by a number of factors,
including the reduced availability of credit generally and the
substantial tightening of the credit markets, including lending by
financial institutions, who are sources of credit for the Company,
the recent increase in the cost of capital, the level of the
Company's cash flows, which will be impacted by the level of
consumer spending and retailer and consumer acceptance of its
products; the ability to generate positive cash flow from
operations; competitive factors, including the possibility of major
customers sourcing product overseas in competition with our
products; the risk that acts or omissions by the company's third
party vendors could have a negative impact on the company's
reputation; a possible oversupply of denim in the marketplace; and
other risks. The Company discusses certain of these factors more
fully in its additional filings with the SEC, including its last
annual report on Form 10-K filed with the SEC, and this release
should be read in conjunction with that annual report on Form 10-K,
together with all of the Company's other filings, including current
reports on Form 8-K, made with the SEC through the date of this
release. The Company urges you to consider all of these risks,
uncertainties and other factors carefully in evaluating the
forward-looking statements contained in this release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
Contact: Joe's Jeans Inc. Hamish Sandhu 323-837-3700 x 304
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