Everlast Worldwide Inc. Signs Agreement With Largest Licensee for Line of Kids' Products
Company Completes the 'Circle of Apparel' Licensed to Jacques Moret
NEW YORK, June 1 /PRNewswire-FirstCall/ -- Everlast Worldwide Inc. (Nasdaq: EVST), manufacturer, marketer and licensor of sporting goods and apparel under the Everlast brand name, today announced that it has signed a new agreement with its largest licensee, Jacques Moret, Inc. of New York City. Effective immediately, this new agreement grants Moret, a major supplier to the U.S. apparel market, a license for Everlast boys', girls', newborn, infants and toddlers apparel in the United States. The new products will be available in early 2007 for shipment to retailers. As with the men's activewear license signed in December 2005, Moret will partner with M. Hidary and Company Inc. for design, development and sales of the boys' portion of the license. M. Hidary has achieved great success with its many years of experience in the branded boys, infants and toddler apparel business. Seth Horowitz, Chairman, President and CEO of Everlast Worldwide Inc., said, "This new license for kids' products completes the 'circle of apparel' licensed by Jacques Moret from Everlast, and this agreement further evidences the great belief that the company has in the Everlast brand. Starting with their successful women's apparel and recently adding a menswear license, Jacques Moret has introduced several lines and categories with increasing success. We have said in the past that licensing represents our greatest growth opportunity, and we will continue to pursue brand extensions where they make strategic sense." Joey Harary, President of Jacques Moret, Inc., stated, "As the largest licensee of Everlast-branded products, we foresee a very lucrative long-term future capitalizing on the universal appeal of this iconic brand. We believe the brand equity of existing products, as well as the deep knowledge and experience our design and production teams bring to the Everlast business, will translate into positive market reception. M. Hidary and Company Inc. will again partner with us to ensure that the kids' apparel business is handled with the dedication and expertise it deserves." About Everlast Worldwide Inc. Everlast Worldwide Inc. manufactures, markets and licenses sporting goods, apparel and active lifestyle 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 96 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 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 http://www.moret.com or http://www.2xist.com. 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.
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