SHERMAN OAKS, Calif., Oct. 25, 2017 (GLOBE NEWSWIRE) -- Cherokee Global Brands (NASDAQ:CHKE), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, today announced the appointment of Mark Conway to the newly-created role of chief brand and revenue officer. In this role, Mr. Conway will oversee new business development, strategic brand planning, ecommerce and marketing and will manage development and oversight of Cherokee Global Brands’ licensee partnerships worldwide. Mr. Conway will report directly to Henry Stupp, the Company’s chief executive officer.
“Mark brings a wealth of global retail, marketing and sales expertise to Cherokee Global Brands and he’s a perfect fit for this new role. We’re pleased to welcome him to our senior executive team," commented Henry Stupp, chief executive officer. “Mark joins us at a critical time in our growth trajectory as we harness ongoing transformations in the retail landscape and complete the integration of our acquisition of Hi-Tec. Going forward, Mark will play a key leadership role as we increase the penetration of our brand portfolio in multiple channels and synergize our business units.”
“Throughout my career, I’ve led marketing and merchandising efforts for some of the fastest-growing global retail brands," said Mr. Conway. “I see tremendous potential at Cherokee Global Brands and I’m delighted to leverage my experience to ensure that the Company’s portfolio of high-equity brands reaches its full potential around the world.”
Mr. Conway brings more than 20 years of retail experience to Cherokee Global Brands, most recently, as head of international, at Canadian Tire, where he led global expansion for the retailer’s newly-created international division. Prior to Canadian Tire, he held numerous leadership positions within leading globalretail organizations including Primark, Sears and Walmart Canada where he led the apparel division and re-defined its strategy to focus on kids and basics. Mr. Conway has extensive intellectual property experience, securing rights to leading global fashion brands in international markets including Canada, UK, the Middle East, Asia and Mexico.
About Cherokee Inc.
Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Everyday California®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor® and Flip Flop Shops®, a leading franchise retail chain, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license and franchise agreements with leading retailers and manufacturers that span over 110 countries in 12,000 retail locations and digital commerce.
Safe Harbor Statement
This news release may contain forward-looking statements regarding future events and the future performance of Cherokee. Forward-looking statements in this press release include, without limitation, statements regarding: the Company’s financial performance outlook for the full fiscal year 2018; the anticipated results of its business development efforts with respect to Cherokee, Hi-Tec, Magnum and Flip Flop Shops; the anticipated impact of the additions to its accounting staff; the anticipated resolution of the defaults under the Cerberus credit facility; and anticipated market developments and opportunities. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks that: the Company and its partners will not achieve the results anticipated in the statements made in this release; the Company will not be able to obtain a waiver or amendment of the Cerberus credit facility on reasonable terms or at all; that Cerberus will exercise its rights under the credit facility to accelerate repayment of the loan and foreclose on the collateral securing the loan; the anticipated benefits of the Hi-Tec acquisition will not be achieved; global economic conditions and the financial condition of the apparel and retail industry and/or adverse changes in licensee or consumer acceptance of products bearing the Company’s brands may lead to reduced royalties; the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®, Liz Lange®, Everyday California® and Sideout® branded products could cause our results to differ from our anticipations; the Company’s dependence on a select group of licensees for most of the Company’s revenues makes us susceptible to changes in those organizations; and the Company’s dependence on its key management personnel could leave us exposed to disruption on any termination of service. The risks included here are not exhaustive. Other risks and uncertainties are described in our annual report on Form 10-K filed on May 18, 2017, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC we make from time to time, including the preliminary prospectus supplement that we filed in connection with the offering described herein. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Cherokee Global Brands
Jason Boling, CFO
818-908-9868
Addo Investor Relations
Laura Bainbridge/Patricia Nir
310-829-5400