Agreement For Esprit Women's and Young Women's Footwear, Handbags and Small Leather Goods NEW YORK, July 23 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc. (NYSE: JNY) today announced the successful completion of its previously announced letter of intent to enter into a licensing agreement with a subsidiary of Esprit Holdings Limited (SEHK: 330; London: EPT LI). The licensing agreement covers the manufacture and distribution of women's and young women's footwear, luggage, handbags and small leather goods bearing a diversified complement of ESPRIT trademarks. As previously announced, these branded products will be distributed exclusively by the Nine West Group Division to department stores, retail specialty stores and other direct to consumer venues throughout the United States and Puerto Rico. The licensing agreement calls for an initial term of five years, with a renewal option of an additional five years should certain conditions be met. Rhonda Brown, President and CEO of Nine West Group, stated, "We are very excited with the execution of this licensing agreement and are pleased to be adding such well-known brands to our existing portfolio. This is a great opportunity for the Nine West Group Division and we look forward to launching the business at the upcoming August footwear market in Las Vegas." Jones Apparel Group, Inc. (www.jny.com), a Fortune 500 Company, is a leading designer and marketer of branded apparel, footwear and accessories. The Company's nationally recognized brands include: Jones New York; Lauren by Ralph Lauren, Ralph by Ralph Lauren, and Polo Jeans Company, which are licensed from Polo Ralph Lauren Corporation; Evan-Picone, Rena Rowan, Norton McNaughton, Gloria Vanderbilt, Erika, Energie, Currants, Jamie Scott, Todd Oldham, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Napier and Judith Jack. The Company also markets costume jewelry under the Tommy Hilfiger brand licensed from Tommy Hilfiger Corporation and the Givenchy brand licensed from Givenchy Corporation. Celebrating more than 30 years of service, the Company has built a reputation for excellence in product quality and value, and in operational execution. Esprit Holdings Limited (www.espritholdings.com) is a constituent stock of the MSCI Hong Kong Index, and its subsidiaries are engaged in the retail and wholesale distribution of quality lifestyle products under its globally recognized ESPRIT brand and of cosmetic products under its RED EARTH brand. The Group controls retail space of over 3 million square feet in more than 40 countries and ESPRIT products are sold in more than 80 countries worldwide. It operates approximately 500 directly managed retail outlets and has over 2,000 franchised shops. Certain statements herein are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent the Company's expectations or beliefs concerning future events that involve risks and uncertainties, including the strength of the economy and the overall level of consumer spending, the performance of the Company's products within the prevailing retail environment, and other factors which are set forth in the Company's 2001 Form 10-K and in all filings with the SEC made by the Company subsequent to the filing of the Form 10-K. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X60347590 SOURCE Jones Apparel Group, Inc. -0- 07/23/2002 /CONTACT: Wesley R. Card, Chief Operating and Financial Officer, or Anita Britt, Executive Vice President Finance, both of Jones Apparel Group, +1-215-785-4000/ /Web site: http://www.espritholdings.com / /Web site: http://www.jny.com / (JNY) CO: Jones Apparel Group, Inc.; Esprit Holdings Limited; Nine West Group ST: New York, Nevada IN: REA FAS TEX SU: LIC WOM -0- Jul/23/2002 17:53 GMT
Jones Apparel Group, Inc. Announces Completion of Licensing
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