Juicy Couture and Movado Group, Inc. Sign Global Licensing Agreement
NEW YORK, Nov. 22 /PRNewswire-FirstCall/ -- Juicy Couture and Movado Group, Inc. (NYSE: MOV) today announced they have signed an exclusive long-term, worldwide licensing agreement to design, produce and market a collection of watches under the Juicy Couture and Couture Couture brand names. The agreement is effective immediately and financial terms of the agreement were not disclosed.
The Juicy Couture watch collection is scheduled to launch in fall 2006 and will be sold through select, high-end retail distribution outlets initially in the United States, followed by Europe and Asia. The Juicy Couture collection of watches will be fashion-forward with lots of rich color, exotic skins, beautiful jewel elements and clever shapes.
About adding watches to its growing empire, Ms. Gela Taylor and Ms. Pamela Skaist-Levy, co-presidents and founders of Juicy Couture, said, "We are ecstatic about launching our first watch collection and really excited to partner with Movado Group, a leader in the industry, who is known for innovative design and high quality craftsmanship. Juicy has become a fashion lifestyle house and watches, like jewelry, are essential pieces in the Juicy girl's wardrobe. We adore chic, fun time pieces, and think the world is ready to live on Juicy time!"
Efraim Grinberg, President and Chief Executive Officer of Movado Group, commented, "Juicy Couture is one of the fastest growing lifestyle brands in the upscale contemporary category. The Juicy watch collection will be a natural extension of the brand's clear and focused vision, unique identity and leading brand position. We look forward to working with Pam and Gela as we create an exciting collection of Juicy timepieces."
Based in Southern California, Juicy Couture is a premium designer, marketer and wholesaler of sophisticated, yet fun fashion for women, men and children and is recognized around the world as a leading contemporary brand of casual lifestyle clothing. Juicy primarily targets the fashion-conscious woman between the ages of 18 and 45, as well as aspirational teens and baby boomers. Liz Claiborne Inc. (NYSE: LIZ) purchased the company in the spring of 2003, and has facilitated Juicy's growth into a powerhouse lifestyle brand.
Movado Group, Inc. designs, manufactures, and distributes Movado, Ebel, Concord, ESQ, Coach, Tommy Hilfiger and Hugo Boss watches worldwide, and operates Movado boutiques and Company stores in the United States.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "expects," "anticipates," "believes," "targets," "goals," "projects," "intends," "plans," "seeks," "estimates," "projects," "may," "will," "should" and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to: the Company's ability to successfully introduce and sell new products, the Company's ability to successfully integrate the operations of newly acquired and/or licensed brands without disruption to its other business activities, changes in consumer demand for the Company's products, risks relating to the retail industry, import restrictions, competition, seasonality and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time.
Movado Group, Inc.
SOURCE Movado Group, Inc.
CONTACT: Jennifer Pinto of Juicy Couture, +1-212-626-3679,
Suzanne Michalek of Movado Group, Inc., +1-201-267-8000,