Cherokee Global Brands Announces License Agreement with Sears Canada for its Cherokee Brand in Canada
23 Apr, 2015, 08:15 ET
To Launch In Stores and Online Spring 2016
SHERMAN OAKS, CA and TORONTO, April 23, 2015 /CNW/ - Cherokee Global Brands (NASDAQ: CHKE), a global marketer of style-focused lifestyle brands, announced today that it has entered into a new license agreement with Sears Canada Inc. (TSX: SCC; NASDAQ: SRSC) effective May 3, 2015. The multi-year agreement covers a wide range of Cherokee® family lifestyle categories including men's, women's and children's clothing, footwear and accessories and is planned to launch in Spring 2016.
Howard Siegel, Cherokee Global Brands' President & COO commented, "For almost 20 years, Cherokee has been recognized as a premier family lifestyle brand throughout Canada. We are excited to be able to continue that tradition and announce our partnership with Sears Canada, one of Canada's leading multi-channel Department Store retailers. We have worked diligently to provide our partners with well-designed product and turn-key solutions that touch all aspects of the consumer experience. We look forward to a long, successful partnership with Sears Canada."
"The alliance announced today with Cherokee Global Brands supports Sears Canada's strategy to bring a meaningful collection of both private and exclusive national brands to our customers coast to coast," said Ron Boire, President and Chief Executive Officer, Sears Canada Inc. "Cherokee is a world renowned national brand to which Canadians want access in-person and online, and Sears multi-channel capability allows Canadians to shop for Cherokee the way they want to. Cherokee also reflects Sears value proposition offering great quality at great prices, and we look forward to a fruitful relationship with Cherokee in the years to come."
About Sears Canada
Sears Canada is a multi-channel retailer with a network that includes 172 corporate stores, 201 Hometown stores, over 1,300 catalogue and online merchandise pick-up locations, 96 Sears Travel offices and a nationwide repair and service network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.
About Cherokee Global Brands
Cherokee Global Brands is a global marketer and manager of a portfolio of Fashion and Lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange® and Sideout®, in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 50 countries and 7,000 retail doors plus online business around the world including: Target Stores (U.S.), Kohl's (U.S.), Argos & Sports Direct (UK and Ireland), RT-Mart (Peoples Republic of China), Pick 'n Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Eroski (Spain), Nishimatsuya (Japan), Magnit (Russia), Landmark Group's Max Stores (certain Middle East and North Africa countries), and the TJX Companies (U.S., Canada and Europe).
Statements included within this news release may contain forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. When used, the words "anticipates," "believes," "expects," "may," "should," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements included in this press release (including, without limitation, express or implied statements regarding potential future business development) involve known and unknown risk and uncertainties that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties, include, but are not limited to, the effect of global economic conditions, the financial condition of the apparel and retail industry, adverse changes in licensee or consumer acceptance of products bearing the Company's brands, the ability and/or commitment of the Company's licensees to design, manufacture and market Cherokee, Liz Lange, Completely Me, Sideout and Carole Little branded products, the Company's dependence on Target for most of the Company's revenues and the Company's dependence on its key management personnel. The risks included here are not exhaustive. A further list and description of these risks, uncertainties and other matters can be found in the Company's Annual Report on Form 10-K for Fiscal Year 2014, and in its periodic reports on Forms 10-Q and 8-K. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intent or obligation to update any of the forward-looking statements contained herein to reflect future events and developments.
SOURCE Sears Canada Inc.
Image with caption: "Cherokee (CNW Group/Sears Canada Inc.)". Image available at: http://photos.newswire.ca/images/download/20150423_C5736_PHOTO_EN_14624.jpg
For further information: Contact for Media: Jason Boling, CFO, Cherokee Global Brands, 5990 Sepulveda Blvd., Suite 600, Sherman Oaks, CA 91411, (818) 908-9868; Patricia Nir/Kimberly Esterkin, Addo Communications, Inc., 2121 Wilshire Blvd., Suite 775, Los Angeles, CA 90025, (310) 829-5400; Vincent Power, Sears Canada Inc., Corporate Communications, [email protected], (416) 941-4422
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