G-III Apparel Group and Genesco Enter into Footwear License for G.H. Bass
G-III Apparel Group, Ltd. (NASDAQ: GIII) ("the Company")and Genesco Inc. (NYSE: GCO) announced today that they have entered into a wholesale license agreement for Genesco to design, distribute, and market G.H. Bass men's and women's footwear in the United States and Canada. The line will be shown to the trade this summer. First shipments are expected for the Spring 2016 season, with distribution through better department and specialty stores.
Jeff Goldfarb, G-III's Director of Business Development, commented, "G.H. Bass is an iconic American brand and we are excited about the opportunity to build upon the Bass heritage with a best-in-class partner like Genesco. We believe Genesco's expertise and market leadership in footwear is a perfect complement to our G.H. Bass team."
Andy Gilbert, President of Genesco's licensed brands, commented, "G.H. Bass has the consumer recognition and the growth potential, both with the G.H. Bass retail stores and in the wider wholesale marketplace, to become a meaningful addition to our diversified portfolio of owned and licensed brands. We are looking forward to working with our partners at G-III to position the G.H. Bass brand as one of the premiere global lifestyle brands in the market today."
This agreement marks the fourth licensing agreement G-III has signed since purchasing the G.H. Bass brand in 2013. The Company also currently has agreements with PVH Corp. (NYSE: PVH) for wholesale distribution of men's sportswear and with Overland Shoes Limited for wholesale distribution of men's, women's and children's footwear throughout Europe, as well as for operation of retail stores throughout Europe.
The Company intends to continue to revitalize and build the G.H. Bass heritage brand through improved assortments in its chain of 156 outlet stores and additional category licenses with strong partners. G-III also intends to use its in-house expertise to produce certain key categories for Bass, including its planned launch of Bass women's apparel for delivery in Fall 2015.
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