From the
press release:
G-III Apparel Group, Ltd. (NASDAQ: GIII) and Christian Casey LLC., owner of Sean John, today jointly announced the termination and transition of the Sean John junior women�s sportswear license back to Christian Casey LLC. G-III will continue to produce men�s and women�s outerwear under the Sean John label. G-III and Christian Casey LLC also announced that the women�s outerwear license had been extended by one year to December 31, 2010.
Morris Goldfarb, Chairman and Chief Executive Officer, said, �We are very pleased to continue to partner with Sean John and to be involved with the growth of the brand through our men�s and women�s outerwear collections. We continue to believe that the Sean John brand will support a sizable junior sportswear assortment. Despite the opportunity, we have reached a mutual decision that the line requires specific operational and financial commitments that would best be made by the Sean John organization.�
G-III noted that it would take a charge of approximately $0.03 per share on an after-tax basis in the current fourth quarter of fiscal 2008 in connection with the termination of its Sean John women�s sportswear license.
Sean �Diddy� Combs, founder and chairman of Sean John, said, �G-III has been an outstanding partner for our brand in the men�s and women�s outerwear category and we value our long term partnership with them. I would like to thank GIII and their incredible team for all of their work thus far in helping Sean John establish a presence in the women�s junior sportswear market and for the continuing excellence of their outerwear effort. But at this time, I have decided on another course for its future. We know there is a strong desire for the Sean John women�s sportswear because we have seen huge successes with our women�s outerwear and fragrance Unforgivable Woman, which launched in the top 10 in fall 2007. I look forward to announcing our plans for this collection very soon.�
