NEW YORK, Dec. 14 /PRNewswire-FirstCall/ -- Everlast(R) Worldwide Inc.
(Nasdaq: EVST), manufacturer, marketer and licensor of sporting goods and
apparel under the Everlast brand name, today announced the signing of a new
four-year license agreement with Jacques Moret, Inc. of New York City. As of
January 1, 2006, this new agreement grants Moret, a major supplier to the U.S.
apparel market, a license for Everlast men's activewear, sportswear, outerwear
and swimwear in the United States.
Moret will partner with M. Hidary and Company Inc. for design, development
and sales of the activewear portion of the license. M. Hidary has achieved
great success with its many years of experience in the men's branded
activewear business. They will purchase certain men's apparel inventory owned
by Everlast and assume other transitional costs associated with the men's
business. Additionally, certain key sales, merchandising and operational
personnel will join the new group.
Seth Horowitz, Chairman, CEO and President of Everlast, said, "Everlast
has achieved tremendous success from operating its own men's apparel business.
However, we came to the conclusion that the Company and brand would greatly
benefit from licensing the men's apparel category to Jacques Moret, Inc., one
of the industry's leading suppliers. As a result of this agreement, the men's
line will benefit from Moret's market relationships and abilities for
sourcing. We are quite familiar with the management of Moret and their
strengths, as we granted our U.S. women's apparel license to them late last
year. The early success of that license helped to make the decision to grant
this license for U.S. men's apparel a logical one. Further, we foresee many
synergies for Moret in leading both our men's and women's apparel in the U.S.
Horowitz continued, "Distribution levels of Everlast men's apparel will
remain unchanged and will continue to be focused on department and specialty
stores, mid-tier department stores as well as sporting goods retailers. Orders
already placed with Everlast for spring and summer men's apparel will be fully
shipped in joint efforts between Everlast and Jacques Moret, Inc. during the
transition period. Customer satisfaction and avoidance of disruptions will be
a top priority for both companies."
Joey Harary, President of Jacques Moret, Inc., stated," We are extremely
excited with our relationship with Everlast. We have every belief that we will
be able to put the resources behind Everlast men's apparel that will result in
a significant expansion of shelf-space and an increase in Everlast's brand
equity; we believe this will help our women's business significantly, as well.
We will be working with M. Hidary and Company Inc. of New York to guarantee
that our Everlast men's active apparel business will be handled with the
strong emphasis and ultimate expertise it deserves."
He continued, "Over the past five years, the management of Everlast
Worldwide has taken the brand to new heights of consumer awareness through
innovative marketing and merchandising programs. Their ability to execute one
major brand exposure campaign after the other, through product placement in
the critically-acclaimed movies Million Dollar Baby and Cinderella Man, to the
unscripted drama, The Contender, produced by Mark Burnett Productions and
DreamWorks, has quite frankly amazed us."
Seth Horowitz concluded by stating, "Licensing men's apparel to Jacques
Moret will allow Everlast management to focus its talents and efforts on our
professional and retail boxing equipment and worldwide licensing businesses,
which have achieved new heights during 2005. In addition, by eliminating our
apparel businesses, we believe we will be able to identify and execute even
more cost containment initiatives that will further enhance Everlast's
About Everlast Worldwide Inc.
Everlast Worldwide Inc. manufactures markets and licenses sporting goods
and apparel products under the Everlast brand name. Since 1910, Everlast has
been the preeminent brand in the world of boxing and is among the most
dominant brands in the overall sporting goods and apparel industries. Over
the past 95 years, Everlast products have become the "Choice of
Champions(TM)", having been used for training and professional fights by many
of the biggest names in the sport. Everlast is the market leader in nearly all
of its product categories, responsible for leading eight of the top ten boxing
equipment products in sales. In addition to producing and marketing boxing
equipment and accessories, Everlast Worldwide Inc. licenses its brand to
providers of men's and women's sportswear and active wear, children's wear,
footwear, watches, cardiovascular exercise equipment and gym/duffel bags. At
the retail level, Everlast's licensed products generate over $700 million in
revenues. The company's Web site can be found at http://www.everlast.com.
About Jacques Moret, Inc.
Jacques Moret, Inc. manufactures activewear, bodywear and intimates under
its brand names: Jacques Moret; Everlast; Norma Kamali-Everlast; Jockey
Activewear; Etonic; Freestyle, a Danskin Company; Scanty; and 2(X)ist men's
underwear. In addition Jacques Moret, Inc. is an activewear licensee and is
the leading replenishment supplier of both branded and private label
activewear in department stores, mass merchandisers and sporting goods chains
nationwide. The company's Web sites can be found at www.moret.com or
Statements made in this Press Release that are estimates of past or future
performance are based on a number of factors, some of which are outside of the
Company's control. Statements made in this Press Release that state the
intentions, beliefs, expectations or predictions of Everlast Worldwide, Inc.
and its management for the future are forward-looking statements. It is
important to note that actual results could differ materially from those
projected in such forward-looking statements. Information concerning factors
that could cause actual results to differ materially from those in forward-
looking statements is contained from time to time in filings of Everlast
Worldwide with the U.S. Securities and Exchange Commission. Copies of these
filings may be obtained by contacting Everlast Worldwide or the SEC.
SOURCE Everlast Worldwide Inc.