MIAMI, March 20, 2015 (GLOBE NEWSWIRE) -- (Nasdaq:PERY) – Perry Ellis International, Inc. (PEI) today announced that is has reached a definitive agreement to sell the intellectual property of its C&C California® brand to ACH C&C LLC, a newly created venture by members of ACI Licensing. Terms of the deal were not disclosed. Under the purchase agreement PEI will work with the buyer and its affiliates to ensure a smooth transition.
Oscar Feldenkreis, President and COO of PEI, said, "The sale of the iconic C&C California brand marks another step in our effort to ensure that assets within the Perry Ellis International portfolio are core to our strategy and are able to generate enhanced shareholder value."
Mr. Feldenkreis continued, "This decision to sell C&C reflects the Company's focus and commitment to drive the proficiency of our core business and advances our strategy of focusing on larger, higher margin brands and businesses that accelerate our growth and drive profitability. We are entering fiscal 2016 in a position of strength and will continue to concentrate on our global businesses and brands, led by Perry Ellis, Original Penguin, Rafaella, Laundry and Golf lifestyle apparel."
Andrew Cohan, Managing Partner of ACH said, "In 2002, C&C California was founded with the vision of creating the 'ultimate favorite T-shirt.' This vision inspired a brand that is known for its vintage-inspired, buttery soft fabrics with an emphasis on comfort and subtle detailing. We are pleased to bring this marquee brand into our portfolio and look forward to growing its distribution globally."
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel, accessories and fragrances. The Company's collection of dress and casual shirts, golf sportswear, sweaters, dress pants, casual pants and shorts, jeans wear, active wear, dresses and men's and women's swimwear is available through all major levels of retail distribution. The Company, through its wholly owned subsidiaries, owns a portfolio of nationally and internationally recognized brands, including: Perry Ellis®, Jantzen®, Laundry by Shelli Segal®, Rafaella®, Cubavera®, Ben Hogan®, Savane®, Original Penguin® by Munsingwear®, Grand Slam®, John Henry®, Manhattan®, Axist®, and Farah®. The Company enhances its roster of brands by licensing trademarks from third parties, including: Nike® and Jag® for swimwear, and Callaway®, PGA TOUR®, and Jack Nicklaus® for golf apparel. Additional information on the Company is available at http://www.pery.com.