STOCKHOLM, August 28 J.Lindeberg-Joint-Ven
STOCKHOLM, August 28 /PRNewswire/ -- J.Lindeberg, designer of high-end
fashion, announced that it has formed a joint venture with People's
Liberation(TM) under the brand names People's Liberation(TM) and William
Rast(TM) to operate the J. Lindeberg brand in the United States.
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A new company, J. Lindeberg USA, LLC, has been set up to market and sell
the existing men's high-end fashion and golf apparel brand in the United
States. Under terms of the agreement, the joint venture business will acquire
certain assets from J. Lindeberg USA, including its accounts receivable, the
New York retail store, inventory and human capital, among other assets.
People's Liberation will manage the joint venture business and provide
working capital. J. Lindeberg USA and People's Liberation will each own 50%
of the joint venture.
J. Lindeberg CEO Stefan Engstrom commented, "We are pleased to announce
this partnership with People's Liberation for the United States market.
People's Liberation will bring both additional resources and complementary
expertise to our existing U.S. operation and will allow for more focus and
faster growth of the J. Lindeberg brand."
Johan Lindeberg, the brand's founder and creative director, added,
"J.Lindeberg was always built with the US market in mind. I am really
confident that this Joint Venture will enable us to to capitalize of the
brand awareness and position that we have built the last 12 years as well as
create stronger synergies between the group of brands that are now managed
under People's Liberation.."
"We are excited about adding J. Lindeberg USA to our growing portfolio of
brands," stated Colin Dyne, Chairman and Chief Executive Officer of People's
Liberation. "This joint venture provides us with an opportunity to build and
expand a complementary U.S. business around a super-premium European brand.
It also gives us a valuable retail foothold in New York City."
"Revenue and expenses for the entire joint venture will be consolidated
on the People's Liberation income statement," observed Mr. Dyne, "adding
muscle to our financial condition and operating capabilities. We largely
control the destiny of the new enterprise inasmuch as we will be managing it.
Our single-minded purpose is to build and expand a profitable U.S. business
for this marquee global brand."
J. Lindeberg AB is the privately-held, Sweden-based parent of J.
Lindeberg USA, with approximately $55 million in global sales. Successfully
combining fashion and sportswear innovations since its founding in 1996, J.
Lindeberg AB distributes to more than 25 countries worldwide, including the
United States, United Kingdom, Japan and Scandinavia, with a presence in
upscale department stores and some of the world's most exclusive golf course
pro shops. The more recently formed J. Lindeberg USA distributes its apparel
lines through its flagship stores in New York City and Los Angeles, upscale
department stores and online. J. Lindeberg USA apparel is also available at
such preeminent golf courses as the Riviera Country Club and Pine Valley. It
is worn by A-list celebrities including Brad Pitt, Justin Timberlake and Ewan
McGregor, as well as by leading golf professionals including Jesper Parnevik,
Camilo Villegas and Richard S. Johnson, winner of the recent PGA U.S. Bank
Championship in Milwaukee.
ABOUT J. LINDEBERG
Since it's foundation in 1996 by creative director Johan Lindeberg,
J.Lindeberg has successfully combined fashion and sportswear. The companies
high end men's fashion collection and premium golf apparel is sold worldwide
in more than 25 countries including the US, UK, Scandinavia and Japan. Apart
from J.Lindeberg flagship stores that can be found in e.g. New York,
Stockholm, Copenhagen, Tokyo and Hong Kong, Retailers carrying J Lindeberg
include leading independent boutiques, Upscale departments stores and some
the world's most exclusive golf course pro shops. Headquartered in Stockholm
the Companies annual revenue is approx USD 50million and since 2007 it's
principle owner is investment firm the Proventus together with CEO Stefan
Engstrom.
ABOUT PEOPLE'S LIBERATION(TM) AND WILLIAM RAST(TM)
Los Angeles-based People's Liberation designs, markets and sells premium
contemporary apparel under the brand names People's Liberation(TM) and
William Rast(TM) and also operates J. Lindeberg USA, LLC under a joint
venture with global men's fashion and men's and women's golf apparel brand J.
Lindeberg, based in Sweden. The clothing consists of premium denim, knits,
wovens and outerwear for men and women. The William Rast(TM) brand is 50%
jointly owned by the Company and superstar Justin Timberlake. The J.
Lindeberg USA joint venture is operated by People's Liberation in partnership
with the highly regarded design consultancy of Johan and Marcella Lindeberg,
who also developed the William Rast(TM) Collection. The Company distributes
its merchandise to better domestic department stores and boutiques, including
Nordstrom, Saks Fifth Avenue, Neiman Marcus, Bloomingdales, and Fred Segal.
Outside the U.S., its products are sold directly and through distributors to
better department stores and boutiques in 16 nations. The Company also sells
merchandise on its websites www.peoplesliberation.com and
http://www.williamrast.com.
SOURCE J.Lindeberg
