Cherokee Announces Expansion at Target, Extension of Cherokee Brand Agreement with Comercial Mexicana
Cherokee Inc. (NASDAQ: CHKE), a leading innovator and global marketer of style-focused lifestyle brands, announced today that effective January 29, 2013 the Company has re-acquired the Cherokee School Uniform category from Strategic Partners.
“The acquisition of the Cherokee School Uniform rights from Strategic Partners allows us to bring a strategic business back within our control,” said Henry Stupp, Chief Executive Officer of Cherokee Inc. “This is another important milestone for our Company that will expand our overall product offering. Additionally, acquiring the Cherokee School Uniform category will further strengthen our relationship with Target through a multi-year license term, which includes separate minimum guarantees and additional royalties. We expect this transaction will be immediately accretive for shareholders, and we will work closely with Target to expand our product offering for Cherokee families.”
Cherokee Inc. also announced today the recent extension of its Cherokee brand license agreement with Comercial Mexicana. The license agreement has been extended an additional six years through December 31, 2019. As partners for over six years, Cherokee and Comercial Mexicana have enjoyed mutual success and both parties look forward to continuing to build and grow the Cherokee brand throughout Mexico's retail market.
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