- Strengthens and expands presence through new wholesale licensees with Carolina Footwear in U.S. and Canada and the Batra Group for the UK and countries across Continental Europe
- Batra to establish Hi-Tec and Magnum global apparel and accessory design centre in London.
The Batra Group specializes in the design, sourcing, distribution and distribution of apparel, footwear and accessories for the sports, fitness and wellness markets. The master agreement with Batra will grant the rights to manufacture and sell a wide assortment of branded footwear in the United Kingdom, Ireland, Benelux (Belgium, Netherlands & Luxembourg), Germany, Austria, Switzerland, France, and Scandinavia. The company will also manufacture and sell apparel and accessories throughout select regions of Central and Eastern Europe, Scandinavia, the Middle East and the United Kingdom. In addition, Batra will immediately establish a global design centre for apparel and accessories based in the United Kingdom.Rajiv Batra, founder and managing director of the Batra Group stated, "We are pleased that the Hi-Tec UK leadership team has transitioned to the Batra Group in order to maintain continuity and we are excited to have the opportunity to leverage our full-service apparel sourcing, brand licensing and distribution expertise to drive long-term growth for the Hi-Tec and Magnum brands in the regions in which we operate." With the closing of the acquisition, the Hi-Tec Sports International Holdings B.V. has retained or entered into new master license agreements for footwear, apparel and accessories with Hi-Tec Sports Africa; with Martes Sports in Poland; in Portugal and Spain with Hi-Tec Sports Espana S.A. and with Advanced Manufacturing Group as the master licensee for the Interceptor® brand for tactical, military, uniform, service and work footwear for Walmart in the US & Canada. About Cherokee Inc. Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Hi-Tec and Magnum®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor® and Flip Flop Shops®, a leading franchise retail chain, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license and franchise agreements with leading retailers and manufacturers that span over 110 countries in 12,000 retail locations and digital commerce. Its retail, franchise and e-commerce platform partnerships include: Target Stores (U.S.), Kohl's (U.S.), Sears Canada (Canada), Walmart (Canada, Chile and Argentina), Argos & Sports Direct (UK and Ireland), Flip Flop Shops® (US, Canada, Caribbean, Middle East and South Africa), 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), Nishimatsuya (Japan), Landmark Group's Max Stores (certain Middle East and North Africa countries), Reliance Trends Stores (India), Ahold (Czech Republic) and the TJX Companies (U.S., Canada and Europe). Safe Harbor Statement This news release contains forward-looking statements regarding future events and the future performance of Cherokee. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks associated with the expected benefits of the Hi-Tec Acquisition, the sale of certain assets and liabilities of Hi-Tec and its subsidiaries to new operating partners, financing undertaken in connection with the Hi-Tec Acquisition, the ability of Cherokee to convert the Hi-Tec business to a branded licensing model, 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®, Carole Little®, Tony Hawk® and Hawk Brands®, Liz Lange®, Hi-Tec® and Magnum®, Interceptor®, 50 Peaks® and Sideout® 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. Other risks and uncertainties are described in our annual report on Form 10-K filed on April 14, 2016, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC we make from time to time, including the preliminary prospectus supplement that we filed in connection with the offering described herein. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:Cherokee Global BrandsJason Boling, CFO818-908-9868Addo Investor RelationsPatricia Nir310-829-5400