Guess?, Inc. Announces EUR 100 Million Expansion of Its Existing European Credit Facility
July 01 2024 - 8:00AM
Business Wire
Guess?, Inc. (NYSE: GES) today announced the successful
expansion of the borrowing capacity under its existing European
revolving credit facility from €250 million to €350 million. The
facility, maintained through the Company’s wholly-owned Swiss
subsidiary, Guess Europe Sagl, has a remaining term of roughly
three years.
In line with the Company’s focus on sustainability, the interest
rate for the facility continues to be subject to an annual
adjustment based on the achievement of specific sustainability
goals aimed at reducing greenhouse gas emissions, increasing the
use of sustainably sourced materials and increasing the penetration
of the Company’s Guess ECO products.
Carlos Alberini, Chief Executive Officer of Guess?, Inc.,
commented, “The expansion of our European credit facility reflects
the confidence of our lenders in our strategy and the importance of
the European region to our overall Company. The expanded credit
facility will provide incremental access to longer-term capital
while continuing to align financial incentives with our
sustainability goals.”
About GUESS?, Inc.
Guess?, Inc. designs, markets, distributes and licenses a
lifestyle collection of contemporary apparel, denim, handbags,
watches, eyewear, footwear and other related consumer products.
Guess? products are distributed through branded Guess? stores as
well as better department and specialty stores around the world. On
April 2, 2024, the Company acquired all the operating assets and a
50% interest in the intellectual property assets of New York-based
fashion brand rag & bone, a leader in the American fashion
scene, directly operating stores in the U.S. and in the U.K., and
also available in high-end boutiques, department stores and through
e-commerce globally. As of May 4, 2024, the Company directly
operated 1,048 retail stores in Europe, the Americas and Asia. The
Company’s partners and distributors operated 533 additional retail
stores worldwide. As of May 4, 2024, the Company and its partners
and distributors operated in approximately 100 countries worldwide.
For more information about the Company, please visit
www.guess.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240628348063/en/
Guess?, Inc. Fabrice Benarouche Senior Vice President Finance,
Investor Relations and Chief Accounting Officer (213) 765-5578
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