FORT WAYNE, Ind., Dec. 07, 2016 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq:VRA) (“Vera Bradley” or the “Company”) today announced it has entered into three additional licensing agreements in the areas of home, hosiery, and swim. The Company previously announced licensing arrangements for stationery and publishing.
Rob Wallstrom, Chief Executive Officer of Vera Bradley, noted, “We are excited about the expansion of our products through licensing which should increase our brand exposure, allow us to acquire new customers, provide additional distribution, drive traffic to our digital flagship, and position us for eventual international growth.”
“We have targeted the areas of home, fashion, and beauty for licensing, and we continue to be pleased with the amount of interest we are receiving from high-quality potential partners,” commented Sue Fuller, Chief Merchandising Officer for Vera Bradley. “Our beautiful and unique patterns are perfect for these key categories.”
The Company has entered into partnerships with:
- Peking Handicraft Inc. for decorative bedding, area rugs, and kitchen textiles with distribution beginning in Fall 2017;
- Renfro Corporation for hosiery, tights, boot liners, and slipper socks with distribution beginning in Fall 2017; and
- Mainstream Swimsuits, Inc. for swimwear and cover-ups with distribution beginning in Spring 2017.
These products will be sold in appropriate distribution channels including Vera Bradley stores, verabradley.com, and specialty and chain stores throughout the country.
Vera Bradley will work with the licensing partners in the development and final approval of all product designs. Management does not expect licensing partnerships to have a material impact on the company’s financial performance for the fiscal years ending January 28, 2017 and February 3, 2018.
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 Peking Handicraft
Peking Handicraft Inc. is a leading international manufacturer and wholesaler with 40 years of experience specializing in home textiles, decorative accessories, and giftware. Headquartered in San Francisco and Shanghai, Peking is a premier provider of both licensed and private-labeled high quality Bedding and Home décor products available through all major levels of retail distribution in the United States as well as retailers across North America, Europe, and Asia. For more information, please visit www.pkhc.com.
About Renfro
Renfro Corporation is a global leader in the design, manufacture, marketing, merchandising and selling of socks and legwear products in North America and selected international markets. Headquartered in Mount Airy, N.C., the company provides and continuously innovates a full line of branded and private-label sock products. It also licenses an extensive list of leading brands. Since its founding as Renfro Hosiery Mills in 1921, Renfro has grown from a small domestic manufacturer with 25 employees to a category front-runner with 5,500 employees worldwide. Renfro’s successful formula and consistent growth are rooted in strong core values and a commitment to providing the best quality, service and value to consumers and customers. The company’s respected name, integrity and innovation have fostered solid, trusted relationships with the world’s largest retailers. For more information, please visit www.renfro.com.
About Mainstream Swimsuits, Inc.
Mainstream Swimsuits, Inc. ("Mainstream") is a privately held, 4th generation company focusing on branded, licensed and private label swimwear. Founded in 1936 in New York City, today Mainstream is a premier global swimwear company based in Easton, Pennsylvania with additional offices located in New York, Los Angeles, Paris and Hong Kong. With distribution in over 35 countries, Mainstream is widely recognized as an industry leader for its high quality and cutting edge design for women's, men's and children's swimwear and cover-ups.
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 our growth strategies or manage our growing business; possible inability to successfully open new 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 30, 2016. We undertake no obligation to publicly update or revise any forward-looking statement. Financial schedules are attached to this release.