Oakley Launches New Retail Partnership With Parisian; Seven
Oakley In-Store Concept Shops to Debut in May 2002
Business Editors & Retail Writers
FOOTHILL RANCH, Calif.--(BUSINESS WIRE)--Feb. 27, 2002--Oakley Inc. (NYSE:OO) today announced a new retail partnership with specialty department store chain Parisian, a division of Saks Inc. (NYSE:SKS).
The partnership marks the first time that the two companies have done business together and calls for Parisian to develop Oakley concept shops that will feature a complete selection of Oakley products including eyewear, footwear, apparel and watches.
Terms of the agreement call for Parisian to deploy seven in-store concept shops in May 2002. Stores will be outfitted with Oakley-branded doublewide eyewear towers and branded footwear and apparel rocket displays to further communicate the synergies of the Oakley brand across all product categories.
"This partnership with Parisian gives us a great opportunity to show our entire product line in one of the most prominent specialty department stores in the southeast. We have said all along that when our eyewear is showcased with our other product categories they all do very well," commented chief executive officer Jim Jannard.
Rob Gruen, president and chief executive officer of Parisian, commented: "We are very pleased to introduce Oakley eyewear and other distinctive Oakley products to our Parisian stores. The name Oakley has long been synonymous with quality and style and this partnership is consistent with our specialty department store strategy of providing unique and differentiated products to our customers."
The broad assortment of products from each category will qualify these initial locations to join the "Oakley Premium Dealer" program established in August 2001. Each location will have an Oakley staff specialist specifically trained about the latest technologies employed throughout the company's entire product offering.
The initial Parisian locations will be University Mall, Tuscaloosa, Ala.; Riverchase Galleria, Birmingham, Ala.; The Summit, Birmingham, Ala.; Peachtree Mall, Columbus, Ga.; Town Center, Kennesaw, Ga.; Laurel Park Place, Livonia, Mich. and the Phipps Plaza, Atlanta.
About Oakley Inc.
Oakley: An original, unexpected and innovative world brand. Building on its legacy of market-leading sunglasses, the company offers expanding lines of premium performance footwear, apparel, accessories, watches and prescription eyewear to consumers in more than 70 countries.
Trailing-12-month net sales through Dec. 31, 2001 totaled $429.3 million and generated net income of $50.4 million -- an 11.7 percent net margin.
Oakley news releases, SEC filings and the company's Annual Report are available at no charge through the company's Web site at www.oakley.com.
About Saks Inc.
Saks operates Saks Department Store Group (SDSG) with 41 Parisian specialty department stores and 202 traditional department stores under the names of Proffitt's, McRae's, Younkers, Herberger's, Carson Pirie Scott, Bergner's and Boston Store.
The company also operates Saks Fifth Avenue Enterprises (SFAE), which consists of 61 Saks Fifth Avenue stores and 52 Saks Off 5th stores. The company's annual revenues exceed $6 billion.
Saks news releases, SEC filings and the company's Annual Report are available at no charge through the company's Web site at www.saksincorporated.com.
Oakley Inc. Safe Harbor Disclaimer
This news release contains certain statements of a forward-looking nature. Such statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: risks related to the company's ability to manage rapid growth; the ability to identify qualified manufacturing partners; the ability to coordinate product development and production processes with those partners; the ability of those manufacturing partners to increase production volumes in a timely fashion in response to increasing demand and enable the company to achieve timely delivery of finished goods to its retail customers; the ability to provide adequate fixturing to existing and future retail customers to meet anticipated needs and schedules; the dependence on eyewear sales to Sunglass Hut which is owned by a major competitor and, accordingly, could materially alter or terminate its relationship with the company; the company's ability to expand distribution channels and its own retail operations in a timely manner; unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by retailers; continued weakening of economic conditions could reduce demand for products sold by the company and could adversely affect profitability, especially of the company's retail operations; further terrorist acts, or the threat thereof, could continue to adversely affect consumer confidence and spending, could interrupt production and distribution of product and raw materials and could, as a result, adversely affect the company's operations and financial performance; the ability of the company to integrate acquisitions; the ability to continue to develop and produce innovative new products and introduce them in a timely manner; the acceptance in the marketplace of the company's new products and changes in consumer preferences; reductions in sales of products, either as the result of economic or other conditions or reduced consumer acceptance of a product, could result in a buildup of inventory; the ability to source raw materials and finished products at favorable prices to the company; the potential effect of periodic power crises on the company's operations including temporary blackouts at the company's facilities; foreign currency exchange rate fluctuations; and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended Dec. 31, 2000 and other filings made periodically by the company. The company undertakes no obligation to update this forward-looking information.
Saks Inc. Safe Harbor Disclaimer
The information contained in this news release that addresses future results or expectations is considered "forward-looking" information within the definition of the Federal securities laws. Forward-looking information in this document can be identified through the use of words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "should," "would," "believe," "estimate," "contemplate," "possible," and "point." The forward-looking information is premised on many factors, some of which are outlined below. Actual consolidated results might differ materially from projected forward-looking information if there are any material changes in management's assumptions.
The forward-looking information and statements are based on a series of projections and estimates and involve risks and uncertainties. These risks and uncertainties include such factors as: the level of consumer spending for apparel and other merchandise carried by the company and its ability to respond quickly to consumer trends; adequate and stable sources of merchandise; the competitive pricing environment within the department and specialty store industries as well as other retail channels; the effectiveness of planned advertising, marketing, and promotional campaigns; favorable customer response to increased relationship marketing efforts of proprietary credit card loyalty programs; successful integration of Saks Direct into the SFAE stores and merchant organization; appropriate inventory management; effective expense control; effective operation of the credit card operations of National Bank of the Great Lakes, the company's national credit card bank; and changes in interest rates. For additional information regarding these and other risk factors, please refer to Exhibit 99.1 to the company's Form 10-K for the fiscal year ended Feb. 3, 2001 filed with the Securities and Exchange Commission ("SEC"), which may be accessed via EDGAR through the Internet at www.sec.gov.
Management undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons are advised, however, to consult any further disclosures management makes on related subjects in its reports filed with the SEC and in its news releases.