Perry Ellis International Completes Acquisition of C&C California(R) and Laundry(R)
February 04 2008 - 7:03PM
Business Wire
Perry Ellis International (NASDAQ:PERY) announced today that it has
completed its previously announced acquisition of C&C
California and Laundry brands from Liz Claiborne. The transaction
is valued at $33.1 million, including approximately $10.1 million
in inventory at closing. The company funded the acquisition with
funds from its credit line. Both brands are ideally positioned to
address the fastest growing segment within women�s apparel:
contemporary. C&C California developed a celebrity following
for its buttery soft cottons and flattering fits, leading women
around the world to stack their closets with easy layering pieces
exemplifying California chic. Laundry�s unique point of view places
it among the most exciting and sought after collections in the
contemporary market, and is a reigning go-to source for flirty,
sophisticated dresses. Both brands sell in luxury retail stores and
high-end specialty boutiques; C&C California is also available
online at www.candccalifornia.com. Together they will join the
Original Penguin brand to form the company�s new Contemporary
Business Platform. "Contemporary women�s represents a great
opportunity for us, and we are pleased to have acquired two brands
that are so well positioned to take advantage of the current
momentum in the segment," said George Feldenkreis, Perry Ellis
International chairman and CEO. "We will be aggressively pursuing
the opportunities that this new avenue of growth presents to us,
and continue to expect the acquisition to be accretive to fiscal
2009 results," Mr. Feldenkreis concluded. "This acquisition marks
our entry into contemporary women�s sportswear with two great
brands poised for expansion. We are excited not only about the
potential for product extensions and synergies throughout our
existing business platforms, but for the significant talent that
this new team brings to the Perry Ellis International family," said
Oscar Feldenkreis, president and COO. Perry Ellis International
expects total revenues for C&C California and Laundry during
Fiscal 2009 to be approximately flat to those of fiscal 2008.
Accretion for fiscal 2009 earnings per share is expected in the
range of $0.08 to $0.10. 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. The company�s collection of dress and
casual shirts, golf sportswear, sweaters, dress and casual pants
and shorts, jeans wear, active wear 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�, Jantzen�, Cubavera�, Savane�, Munsingwear�, Original
Penguin� by Munsingwear�, AXIST�, Grand Slam�, John Henry�, Natural
Issue�, Farah�, Pro Player�, Manhattan�, the Havanera Co. �, Axis�,
Tricots St. Raphael�, Mondo di Marco�, Redsand�, Gotcha�, Girl
Star� and MCD�. The company enhances its roster of brands by
licensing trademarks from third parties including Dockers� for
outerwear, Nike� and JAG� for swimwear, and PING� and PGA TOUR� for
golf apparel. Additional information is available at
http://www.pery.com. 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,� �could,� �may,� �might,� �potential,�
�predict,� �should,� �estimate,� �expect,� �project,� �believe,�
�plan,� �envision,� �continue,� �intend,� �target,� �contemplate,�
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, 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 integrate
acquired businesses, trademarks, tradenames 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.
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