Jones Apparel Group and Steven Madden Sign License Agreement for l.e.i. Footwear |
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By: Jones Apparel Group, Inc. Posted: 2008-08-13 06:27:23 |
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Jones Apparel Group, Inc. (NYSE: JNY) announced today that it has expanded its l.e.i. franchise by signing an exclusive license agreement with Steven Madden, Ltd. (Nasdaq: SHOO) which will design, manufacture and distribute a collection of junior and girls footwear under the l.e.i. brand. The collection will be distributed exclusively to Wal-Mart stores nationwide beginning Spring 2009.
Wesley R. Card, Jones Apparel Group President and Chief Executive Officer, stated, "l.e.i. footwear is the first of many planned category extensions intended to leverage the strength of l.e.i. as a branded resource across relevant categories together with Wal-Mart. We believe the junior and girl's customers recently discovering l.e.i. at Wal-Mart will be excited to accessorize their denim with trend right footwear at affordable prices. We are pleased to enter into this agreement with Steven Madden, Ltd. to deliver footwear positioned consistent with our brand strategy and which will exceed the l.e.i. customer's expectations shopping at Wal-Mart." l.e.i. is an acronym for LIFE, ENERGY, INTELLIGENCE. l.e.i.'s Declaration of Independence is claiming a freedom from old ways of thinking that are no longer accurate and appropriate. l.e.i.'s products and marketing embrace the authenticity, cheekiness, intelligence and wit of today's modern American girl. Edward Rosenfeld, Interim Chief Executive Officer of Steven Madden, Ltd., stated, "We are delighted to partner with Jones Apparel Group to bring footwear to industry leader Wal-Mart under the licensed l.e.i. junior brand. We look forward to the opportunity of offering trend right footwear solutions to a broad group of junior and girl's customers shopping their stores at reasonable prices." About Jones Apparel Group, Inc. Jones Apparel Group, Inc. (http://www.jny.com) is a leading designer, marketer and wholesaler of branded apparel, footwear and accessories. The Company also markets directly to consumers through its chain of specialty retail and value-based stores. The Company's nationally recognized brands include Jones New York, Nine West, Anne Klein, Gloria Vanderbilt, Kasper, Bandolino, Easy Spirit, Evan-Picone, l.e.i., Energie, Enzo Angiolini, Joan & David, Mootsies Tootsies, Sam & Libby, Napier, Judith Jack, Albert Nipon and Le Suit. The Company also markets costume jewelry under the Givenchy brand licensed from Givenchy Corporation, footwear under the Dockers Women brand licensed from Levi Strauss & Co., and apparel under the Rachel Roy brand licensed from Rachel Roy IP Company, LLC. Each brand is differentiated by its own distinctive styling, pricing strategy, distribution channel and target consumer. The Company contracts for the manufacture of its products through a worldwide network of quality manufacturers. The Company has capitalized on its nationally known brand names by entering into various licenses for several of its trademarks, including Jones New York, Evan-Picone, Anne Klein New York, Nine West, Gloria Vanderbilt and l.e.i., with select manufacturers of women's and men's products which the Company does not manufacture. For more than 30 years, the Company has built a reputation for excellence in product quality and value, and in operational execution. About Steven Madden, Ltd. Steven Madden, Ltd. designs and markets fashion forward footwear and accessories for women, men and children. The shoes and accessories are sold through company-owned retail stores, department stores, apparel and footwear specialty stores, and online at http://www.stevemadden.com. The Company has several licensees for its brands, including for outerwear, cold weather accessories, eyewear and hosiery and owns and operates 99 retail stores, including its online store. The Company is the licensee for footwear, handbags and belts for Fabulosity and for handbags and belts for Betsey Johnson, Daisy Fuentes, and Tracy Reese. CONTACT: For Jones Apparel Group: Investors, John T. McClain, Chief Financial Officer, +1-212-642-3860 or Media, Joele Frank and Sharon Stern of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449; For Steven Madden, Ltd.: Investors, Cara O'Brien or Leigh Parrish or Media, Diane Zappos, all of FD, +1-212-850-5600 |
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