Jones Apparel Group, Inc. (NYSE: JNY) today announced that it has signed an exclusive license agreement with Olivet International, Inc. Olivet will manufacture and distribute women's luggage and travel accessories under the Nine West brand to luggage departments of department stores and specialty retailers who carry Nine West footwear, accessories and apparel, as well as upscale luggage specialty stores. The collection, previously marketed by Nine West Accessories, will be re-launched to the trade in the March 2005 market for Fall 2005 delivery in Olivet's showrooms located at 10 West 33rd Street, New York, New York.
Rhonda Brown, President and Chief Executive Officer, Footwear, Accessories and Retail Group, stated, "Our agreement with Olivet for Nine West luggage will leverage our strengths to maximize this business opportunity. We look forward to translating the spirit of Nine West to luggage that will complement our brand initiatives and offer a unique point of view to our loyal Nine West customer."
Jerry Moon, Chief Executive Officer, Olivet International, Inc., stated, "We are pleased to enter this agreement for Nine West luggage. We believe our shared focus on superior quality product, innovative styling and marketing synergies will make a difference to both our retail partners and the Nine West consumer."
Jones Apparel Group, Inc. (http://www.jny.com), a Fortune 500 company, is a leading designer and marketer of branded apparel, footwear and accessories. The Company's nationally recognized brands include Jones New York, Evan- Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Kasper, Anne Klein, Albert Nipon and LeSuit. The Company also markets apparel under the Polo Jeans Company brand licensed from Polo Ralph Lauren Corporation and costume jewelry under the Tommy Hilfiger brand licensed from Tommy Hilfiger Licensing, Inc. and the Givenchy brand licensed from Givenchy Corporation. For more than 30 years, the Company has built a reputation for excellence in product quality and value, and in operational execution.
Olivet International, Inc., privately held, is a leading marketer of luggage and travel accessories in department stores and specialty stores nationwide under leading national and private label brands and the licensed Dockers brand with a reputation for quality and customer service.
Certain statements herein are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent Jones Apparel Group's expectations or beliefs concerning future events that involve risks and uncertainties, including the strength of the economy and the overall level of consumer spending, the performance of the Company's products within the prevailing retail environment, and other factors which are set forth in the Company's 2003 Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
SOURCE Jones Apparel Group, Inc.
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