MIAMI -- (BUSINESS WIRE) --
Perry Ellis International, Inc. (NASDAQ: PERY) ("the Company") today announced that it has entered into a joint venture agreement with China Outfitters Holdings Limited (HKEx Stock Code: 01146) to develop the Manhattan® brand in the People's Republic of China, Hong Kong and Macau.
Manhattan, a brand with a rich history dating back 150 years to the original Manhattan Shirt Company, continues to stand for high quality and fashionable men's shirts and sportswear.
George Feldenkreis, Chairman and CEO of Perry Ellis International, commented, "This agreement and expansion into Greater China marks a major milestone for Perry Ellis International and we could not have picked a stronger partner than China Outfitters to develop the Manhattan brand. They have a demonstrated ability to build brands and an extremely strong financial position."
Mr. Feldenkreis continued, "With the China Outfitters joint venture now in place, we will have a better understanding of the various opportunities for each of our brands throughout greater China. In addition, the agreement also serves as a platform for us to further expand our broad portfolio of brands throughout the entire Asia-Pacific region. This is only the beginning of a tremendous opportunity for our Company."
China Outfitters Holdings Limited expects to begin distribution of Manhattan men's product for fall/winter 2012 throughout the People's Republic of China. More specifically, the company will initially focus its store opening efforts within Beijing, Shanghai, & Chengdu. At least one store opening is expected by December 2012. The brand currently has a presence throughout Vietnam and Taiwan through existing license agreements.
China Outfitters will manufacture and distribute a full lifestyle offering encompassing dress shirts, sweaters, trousers, jackets, suits, sport coats, leatherwear, trench coats and down garments. China Outfitters plans to expand the Manhattan brand into more than 160 Manhattan shop-in-shop concepts within the best department stores throughout Greater China by the end of 2017.
Peter Lo, Chairman and Executive Director of China Outfitters Holdings Limited, commented, "Manhattan is a widely recognized and highly regarded brand with a rich history and strong metropolitan New York lifestyle association that we believe will be well received by the Asian consumer."
China Outfitters Holdings Limited, based in Hong Kong, currently has 475 self-operated retail points and 627 third-party operated retail points under multiple brands, including: Doright, Hallmark, Jeep, Koyo Jeans, London Fog, Santa Barbara Polo & Racquet Club and Sideout.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances, as well as select children's apparel. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis(R), Original Penguin(R) by Munsingwear(R), Jantzen(R), Laundry by Shelli Segal(R), C&C California(R), Rafaella(R), Ben Hogan(R), Grand Slam(R), Savane(R), Axist(R), Manhattan(R), Farah(R), Cubavera(R), the Havanera Co.(R), Centro(R), Solero(R), John Henry(R), Munsingwear(R), Natural Issue(R), Pro Player(R), Axis(R), Tricots St. Raphael(R), Gotcha(R), Girl Star(R), MCD(R), Mondo di Marco(R), Redsand(R), Anchor Blue(R) and Miller's Outpost(R). The Company enhances its roster of brands by licensing trademarks from third parties, including: Nike(R) and Jag(R) for swimwear, and Callaway(R), PGA TOUR(R) and Champions Tour(R) for golf apparel. Additional information on the Company is available at http://www.pery.com.
About China Outfitters Holdings Limited
China Outfitters Holdings Limited is a fast-growing, menswear-focused apparel design, manufacturing, marketing and sales company in the PRC. Their wide range of menswear offerings primarily include smart casual wear, outdoor casual wear and leisure wear, as well as accessories, and are offered under a number of internationally renowned, mid-to-high end brands. The iconic, sought-after brands under license include JEEP, Santa Barbara Polo and Racquet Club, Sideout and Hallmark. The Company also sells products under their self-developed brand, Doright, and under the popular moniker, London Fog, for which they have gained the right to sell apparel products within the PRC. The Company is also an authorized retailer of Koyo Jeans branded products within the PRC.
Safe Harbor Statement
We caution readers that the forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "proforma," "project," "seek," "should," "target," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include: general economic conditions, a significant decrease in business from or loss of any of our major customers or programs, anticipated and unanticipated trends and conditions in our industry, including the impact of recent or future retail and wholesale consolidation, recent and future economic conditions, including turmoil in the financial and credit markets, the effectiveness of our planned advertising, marketing and promotional campaigns, our ability to contain costs, disruptions in the supply chain, our future capital needs and our ability to obtain financing, our ability to protect our trademarks, our ability to integrate acquired businesses, trademarks, trade names and licenses, our ability to predict consumer preferences and changes in fashion trends and consumer acceptance of both new designs and newly introduced products, the termination or non-renewal of any material license agreements to which we are a party, changes in the costs of raw materials, labor and advertising, our ability to carry out growth strategies including expansion in international and direct to consumer retail markets, the level of consumer spending for apparel and other merchandise, our ability to compete, exposure to foreign currency risk and interest rate risk, possible disruption in commercial activities due to terrorist activity and armed conflict, and other factors set forth in Perry Ellis International's filings with the Securities and Exchange Commission. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Perry Ellis' filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. We undertake no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
CONTACT:
Perry Ellis International, Inc.
Miguel Garcia, 305-873-1830