Cherokee Inc. (NASDAQ: CHKE), a global brand management company, is pleased to announce today that both Cherokee Inc. and Tesco have reached a mutual agreement to re-launch the Cherokee brand leveraging the Company’s new 360˚ approach to product design & development, marketing and support services. The renewed commitment is a fundamental opportunity to showcase the changes within the Cherokee Group and implement the same successful methods Cherokee has been employing to build long-term sustainable growth with its partners in over 30 countries.
Jill Easterbrook, Tesco U.K. Clothing Director, said, “We are delighted to be working with Cherokee again. It is a well-liked brand in the UK and familiar to Tesco shoppers. Our customers like the classic American, casual style at very affordable prices. I look forward to launching the new collection for autumn/winter later this year.”Jason Tarry, CEO Clothing, Tesco Central Europe, further commented: “There is a great opportunity to build on our decade-long relationship with Cherokee and introduce this range to our customers in Central Europe. We are working very closely with Cherokee on this collaboration to ensure we have the right price ranges in place for our specific markets.” About Cherokee Inc. Cherokee Inc. is a global marketer and manager of a portfolio of Fashion and Lifestyle brands it owns and represents in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 30 countries around the world including Target Stores (U.S.), Tesco (U.K., Ireland and certain Central European countries), Zellers (Canada), RT-Mart (Peoples Republic of China and Taiwan), Pick ‘n Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India and certain Middle Eastern countries), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Eroski (Spain), Nishimatsuya (Japan), Magnit (Russia) 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 and the anticipated credit facility) 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, Sideout and Carole Little branded products, the Company’s dependence on a select group of licensees 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 2011, 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. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50226167&lang=en