KIVA Outdoor Travel and Accessory Brand to Integrate on baggallini Platform
PICKERINGTON, Ohio, Jan. 22, 2013 /PRNewswire/ -- baggallini, the Portland, OR- based subsidiary of accessories marketer R.G. Barry Corp. (Nasdaq: DFZ) announced today its parent Company has finalized a strategic transaction to acquire the outdoor niche KIVA brand from KIVA Designs, Inc., for an undisclosed cash price.
KIVA is a northern California-based, privately-owned developer and marketer of both men's and women's products, including functional outdoor and travel bags and accessories. For more than 20 years, KIVA's eco-friendly, innovative outdoor gear has been designed to hold up to even the most demanding travel schedule.
The purchase of the KIVA brand and related assets closed today. R.G. Barry senior management will discuss the purchase during their regularly scheduled investor conference call/webcast planned for the morning of Tuesday, Feb. 5.
"The KIVA purchase is a strategic move that fits nicely with our baggallini operations," said R.G. Barry Corporation President and Chief Executive Officer Greg Tunney. "The products and reputation of the KIVA brand will strengthen our footprint within the growing outdoors and travel category and help us expand our bag-related business."
"We are very excited to offer KIVA the same successful platforms that have allowed baggallini to consistently grow and prosper," said baggallini President Dennis Eckols. "KIVA will retain its unique identity while sharing access to our best-in-class design, sourcing, customer service and supply chain systems."
About RG Barry
RG Barry develops great accessories brands that provide fashionable, solution-oriented products that touch consumers. Our primary brands include: Dearfoams slippers dearfoams.com; baggallini handbags, totes and travel accessories baggallini.com; and Foot Petals premium insoles and comfort products footpetals.com. To learn more, visit us at rgbarry.com.
Some of the disclosures in this news release contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by forward-looking words such as "may," "expect," "could," "should," "anticipate," "believe," "estimate," or words with similar meanings. Any statements that refer to projections of our future performance, anticipated trends in our business and other characterizations of future events or circumstances are forward-looking statements. These statements, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, are based upon our current plans and strategies and reflect our current assessment of the risks and uncertainties related to our business. These risks include, but are not limited to: our continuing ability to source products from third parties located within and outside North America; competitive cost pressures; the loss of retailer customers to competitors, consolidations, bankruptcies or liquidations; shifts in consumer preferences; the impact of the global financial crisis and general economic conditions on consumer spending; the impact of the highly seasonal nature of our footwear business upon our operations; inaccurate forecasting of consumer demand; difficulties liquidating excess inventory; disruption of our supply chain or distribution networks; our ability to implement new enterprise resource information systems; a failure in or a breach of our operational or security systems or infrastructure, or those of our third-party suppliers and other service providers, including as a result of cyber-attacks; the unexpected loss of any of the skills and experience provided by our senior officers; our ability to successfully integrate any new business acquisitions; and our investment of excess cash in certificates of deposit and other variable rate demand note securities. You should read this news release carefully because the forward-looking statements contained in it (1) discuss our future expectations; (2) contain projections of our future results of operations or of our future financial condition; or (3) state other "forward-looking" information. The risk factors described in "Item 1A. Risk Factors" of Part I of our Annual Report on Form 10-K for the fiscal year ended June 30, 2012 (the "2012 Form 10-K") and our other filings with the Securities and Exchange Commission (the "SEC"), give examples of the types of uncertainties that may cause actual performance to differ materially from the expectations we describe in our forward-looking statements. If the events described in "Item 1A. Risk Factors" of Part I of our 2012 Form 10-K occur, they could have a material adverse effect on our business, operating results and financial condition. You should also know that it is impossible to predict or identify all risks and uncertainties related to our business. Consequently, no one should consider any such list to be a complete set of all potential risks and uncertainties. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the statement is made to reflect unanticipated events, except as required by applicable law. Any further disclosures in our filings with the SEC should also be considered.
SOURCE RG Barry