Vera Bradley Announces New Licensing Agreement for Sleepwear/Loungewear
March 14, 2018 --
FORT WAYNE, Ind., March 14, 2018 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq:VRA) (“Vera Bradley” or the “Company”), the iconic accessories and lifestyle brand, today announced it has entered into a licensing agreement with Apparel Partnership Group (“APG”) for sleepwear and loungewear.
Rob Wallstrom, Chief Executive Officer of Vera Bradley, noted, “We have had a successful, but very small, collection of in-house-developed sleepwear and loungewear in our own stores and on verabradley.com for some time. We are thrilled about partnering with APG to greatly expand this collection, add many new distribution points, and introduce Vera Bradley to even more customers.”
“Vera Bradley’s goal is to provide women with beautiful and thoughtful solutions in various areas of their lives, and this new partnership is consistent with that goal,” commented Stephanie Lawrence, Vice President of Licensing. “We are so excited about working with the experts at APG to create an amazing collection of Vera Bradley sleepwear and loungewear. Interpretations of our beautiful, unique patterns and designs will be perfect for this growing category of women’s apparel and will embrace our signature casual and comfortable lifestyle.”
The Vera Bradley sleepwear and loungewear collection is expected to launch in spring 2019. Products will be sold in Vera Bradley stores, on verabradley.com, and in department and specialty stores throughout the country.
The Company has existing licensing agreements for several product categories including decorative bedding, area rugs, and kitchen textiles (Peking Handicraft Inc); apparel and accessories for health care professionals (CID Resources Inc.); hosiery, tights, boot liners, and slipper socks (Renfro Corporation); swimwear and cover-ups (Mainstream Swimsuits, Inc.); various technology products including smartphone and tablet cases, power solutions, and portable audio (Incipio); signature stationery and home and office organizational products (Lifeguard Press); coloring activity and design books, gift sets, and wrapping paper (Fox Chapel Publishing); and readers and sunglasses (the McGee Group). Vera Bradley works with each licensing partner in the development and final approval of all product designs.
About Vera Bradley, Inc.
Vera Bradley is a leading designer of women's handbags, luggage and travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand's innovative designs, iconic patterns, and brilliant colors continue to inspire and connect women unlike any other brand in the global marketplace. The Company's commitment to bringing more beauty into women's lives includes its dedication to breast cancer research through the Vera Bradley Foundation for Breast Cancer. For more information about Vera Bradley (Nasdaq:VRA), visit www.verabradley.com.
About Apparel Partnership Group
Apparel Partnership Group is a New York City-based boutique apparel company specializing in the design, manufacture and wholesale of both men’s and women’s underwear/intimates, loungewear/sleepwear and performance/active-wear.
Providing direction for the company is a team of industry experts in the men’s and women’s markets combining experience of over 50+ years and whose executive leadership has directed successful business campaigns with such companies and brands as Calvin Klein, Tommy Hilfiger, Kenneth Cole, Delta Galil and Psycho Bunny.
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 Vision 20/20; possible inability to successfully implement our long-term strategic plan; possible inability to successfully open new stores, close targeted stores, and/or operate current stores as planned; adverse changes in the cost of raw materials and labor used to manufacture our products; possible adverse effects resulting from a significant disruption in our single distribution facility; and possible ramifications from the payment card incident disclosed in October 2016. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended January 28, 2017. We undertake no obligation to publicly update or revise any forward-looking statement.
Investors: Julia Bentley, VP of Investor Relations and Communicationsjbentley@verabradley.com
Media: 877-708-VERA (8372)