Everlast Worldwide Inc. Announces the Strategic Signing of Men's Apparel License in the U.S.
December 14 2005 - 12:19PM
PR Newswire (US)
Company expands licensing relationship with Jacques Moret, Inc. NEW
YORK, Dec. 14 /PRNewswire-FirstCall/ -- Everlast(R) Worldwide Inc.
(NASDAQ:EVST), manufacturer, marketer and licensor of sporting
goods and apparel under the Everlast brand name, today announced
the signing of a new four-year license agreement with Jacques
Moret, Inc. of New York City. As of January 1, 2006, this new
agreement grants Moret, a major supplier to the U.S. apparel
market, a license for Everlast men's activewear, sportswear,
outerwear and swimwear in the United States. Moret will partner
with M. Hidary and Company Inc. for design, development and sales
of the activewear portion of the license. M. Hidary has achieved
great success with its many years of experience in the men's
branded activewear business. They will purchase certain men's
apparel inventory owned by Everlast and assume other transitional
costs associated with the men's business. Additionally, certain key
sales, merchandising and operational personnel will join the new
group. Seth Horowitz, Chairman, CEO and President of Everlast,
said, "Everlast has achieved tremendous success from operating its
own men's apparel business. However, we came to the conclusion that
the Company and brand would greatly benefit from licensing the
men's apparel category to Jacques Moret, Inc., one of the
industry's leading suppliers. As a result of this agreement, the
men's line will benefit from Moret's market relationships and
abilities for sourcing. We are quite familiar with the management
of Moret and their strengths, as we granted our U.S. women's
apparel license to them late last year. The early success of that
license helped to make the decision to grant this license for U.S.
men's apparel a logical one. Further, we foresee many synergies for
Moret in leading both our men's and women's apparel in the U.S.
market place." Horowitz continued, "Distribution levels of Everlast
men's apparel will remain unchanged and will continue to be focused
on department and specialty stores, mid-tier department stores as
well as sporting goods retailers. Orders already placed with
Everlast for spring and summer men's apparel will be fully shipped
in joint efforts between Everlast and Jacques Moret, Inc. during
the transition period. Customer satisfaction and avoidance of
disruptions will be a top priority for both companies." Joey
Harary, President of Jacques Moret, Inc., stated," We are extremely
excited with our relationship with Everlast. We have every belief
that we will be able to put the resources behind Everlast men's
apparel that will result in a significant expansion of shelf-space
and an increase in Everlast's brand equity; we believe this will
help our women's business significantly, as well. We will be
working with M. Hidary and Company Inc. of New York to guarantee
that our Everlast men's active apparel business will be handled
with the strong emphasis and ultimate expertise it deserves." He
continued, "Over the past five years, the management of Everlast
Worldwide has taken the brand to new heights of consumer awareness
through innovative marketing and merchandising programs. Their
ability to execute one major brand exposure campaign after the
other, through product placement in the critically-acclaimed movies
Million Dollar Baby and Cinderella Man, to the unscripted drama,
The Contender, produced by Mark Burnett Productions and DreamWorks,
has quite frankly amazed us." Seth Horowitz concluded by stating,
"Licensing men's apparel to Jacques Moret will allow Everlast
management to focus its talents and efforts on our professional and
retail boxing equipment and worldwide licensing businesses, which
have achieved new heights during 2005. In addition, by eliminating
our apparel businesses, we believe we will be able to identify and
execute even more cost containment initiatives that will further
enhance Everlast's operating results." About Everlast Worldwide
Inc. Everlast Worldwide Inc. manufactures markets and licenses
sporting goods and apparel products under the Everlast brand name.
Since 1910, Everlast has been the preeminent brand in the world of
boxing and is among the most dominant brands in the overall
sporting goods and apparel industries. Over the past 95 years,
Everlast products have become the "Choice of Champions(TM)", having
been used for training and professional fights by many of the
biggest names in the sport. Everlast is the market leader in nearly
all of its product categories, responsible for leading eight of the
top ten boxing equipment products in sales. In addition to
producing and marketing boxing equipment and accessories, Everlast
Worldwide Inc. licenses its brand to providers of men's and women's
sportswear and active wear, children's wear, footwear, watches,
cardiovascular exercise equipment and gym/duffel bags. At the
retail level, Everlast's licensed products generate over $700
million in revenues. The company's Web site can be found at
http://www.everlast.com/. About Jacques Moret, Inc. Jacques Moret,
Inc. manufactures activewear, bodywear and intimates under its
brand names: Jacques Moret; Everlast; Norma Kamali-Everlast; Jockey
Activewear; Etonic; Freestyle, a Danskin Company; Scanty; and
2(X)ist men's underwear. In addition Jacques Moret, Inc. is an
activewear licensee and is the leading replenishment supplier of
both branded and private label activewear in department stores,
mass merchandisers and sporting goods chains nationwide. The
company's Web sites can be found at http://www.moret.com/ or
http://www.2xist.com/. Statements made in this Press Release that
are estimates of past or future performance are based on a number
of factors, some of which are outside of the Company's control.
Statements made in this Press Release that state the intentions,
beliefs, expectations or predictions of Everlast Worldwide, Inc.
and its management for the future are forward-looking statements.
It is important to note that actual results could differ materially
from those projected in such forward-looking statements.
Information concerning factors that could cause actual results to
differ materially from those in forward- looking statements is
contained from time to time in filings of Everlast Worldwide with
the U.S. Securities and Exchange Commission. Copies of these
filings may be obtained by contacting Everlast Worldwide or the
SEC. DATASOURCE: Everlast Worldwide Inc. CONTACT: Hal Worsham,
Senior Vice President of Everlast Worldwide Inc., +1-212-239-0990;
or Gene Marbach or Jeremy Bridgman, Investor Relations, both of
Makovsky + Company, +1-212-508-9600 Web site:
http://www.everlast.com/ http://www.moret.com/
http://www.2xist.com/
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