Vera Bradley Enters Import and Distribution Agreement With Mitsubishi
Corporation and Look Inc. for the Sale of Its Products in Japan
FORT WAYNE, Ind., June 4, 2014 (GLOBE NEWSWIRE) -- Vera Bradley, Inc.
(Nasdaq:VRA) ("Vera Bradley" or the "Company") today announced it has entered
into a five-year agreement with Look Inc. ("Look"), who has exclusive rights
to market and distribute its products in Japan. As a partner to Look,
Mitsubishi Corporation ("Mitsubishi") has been granted the exclusive right to
import Vera Bradley products into Japan during the term of the agreement.
Look is expected to begin distribution of the Vera Bradley brand in Japan in
October 2014. Throughout the term of the agreement, Look is expected to open
Vera Bradley stand-alone retail stores and boutiques as well as sell its
products through select department stores and specialty shops in Tokyo and
other key metropolitan markets throughout Japan. In addition, Look will assume
operation of www.verabradley.co.jp, the Vera Bradley Japanese e-commerce site,
by early fall 2014.
Robert Wallstrom, Chief Executive Officer of Vera Bradley, noted, "We entered
Japan on our own over three years ago, and our experience has proven to us
that there is an enormous opportunity for Vera Bradley there. Mitsubishi and
Look have an unparalleled retail network of department stores, boutiques, and
free-standing stores throughout Japan as well as distribution and retail
partnerships with several internationally renowned brands. We have many loyal
customers in Japan, and we believe Mitsubishi and Look will be the right
partners to expand our reach and help us capitalize on our potential there."
In the Company's third fiscal quarter, Vera Bradley will discontinue the
operations of its existing 13 retail locations in Japan.
Guggenheim Securities served as financial advisor to Vera Bradley in this
About Vera Bradley, Inc.
Vera Bradley, Inc. is a leading designer of women's handbags and accessories,
luggage and travel items, eyewear, stationery and gifts. Founded in 1982 by
friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand's iconic
designs and versatile styles offer women of all ages a colorful way to
accessorize. Vera Bradley offers a unique, multi-channel sales model as well
as a focus on service and a high level of engagement with fans. Fiscal 2014
net revenues totaled approximately $536 million. The Company's commitment to
breast cancer research continues to increase its reach through the Vera
Bradley Foundation for Breast Cancer. For more information about Vera Bradley
(Nasdaq:VRA), visit www.verabradley.com/mediaroom.
Vera Bradley Safe Harbor Statement
Certain statements in this release are "forward-looking statements" made
pursuant to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995.Such forward-looking statements reflect the Company's
current expectations or beliefs concerning future events and are subject to
various risks and uncertainties that may cause actual results to differ
materially from those that we expected, including: possible adverse changes in
general economic conditions and their impact on consumer confidence and
spending; possible inability to predict and respond in a timely manner to
changes in consumer demand; possible loss of key management or design
associates or inability to attract and retain the talent required for our
business; possible inability to maintain and enhance our brand; possible
inability to successfully implement our growth strategies or manage our
growing business; possible inability to successfully open new stores as
planned; and possible inability to sustain levels of comparable-store
sales.For a discussion of these and other risks and uncertainties that could
cause actual results to differ materially from those contained in our
forward-looking statements, please refer to "Risk Factors" in Part I, Item 1A
of our Annual Report on Form 10-K for the fiscal year ended February 1,
2014.We undertake no obligation to publicly update or revise any
forward-looking statement.Financial schedules are attached to this release.
VP of Investor Relations and Communications
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