NEW YORK, May 12 /PRNewswire-FirstCall/ -- Candie's, Inc. (Nasdaq: CAND)
("Candie's") announced today that it has licensed the exclusive right to
manufacture, sell and distribute footwear under the CANDIE'S brand to Steven
Madden, Ltd. (Nasdaq: SHOO) ("Steve Madden"). Under the terms of the new
license, Candie's will continue to ship footwear orders for Spring 2003 and
Steve Madden will ship orders commencing Fall 2003.
Neil Cole, CEO and President stated, "We are very excited about this
strategic relationship and believe it will capitalize on the strength of the
CANDIE'S brand. By adding another powerful license to the CANDIE'S stable,
which already includes Liz Claiborne, Inc. for fragrance and Gadzooks, Inc.
for apparel, Candie's, Inc. can continue to build the CANDIE'S name into a
mega-brand that is one of the most recognized in the junior arena."
Commenting on the impact of the CANDIE'S footwear license on the
operations of the Company, Mr. Cole continued, "As a result of this license
and the Company's license of BONGO footwear to Kenneth Cole Productions, Inc.,
which was announced last week, the Company has eliminated the cost and risk
associated with footwear operations in favor of a licensing model that is
poised to deliver increased profitability and value to our shareholders."
About Candie's, Inc.
Candie's, Inc. is in the business of licensing the Candie's name on a
variety of young women's footwear, apparel and fashion products and is a
leading designer, distributor and marketer of jeans wear under the Bongo brand
through its wholly owned subsidiary, Unzipped Apparel, LLC. Candie's also
arranges for the manufacture of footwear products for mass market and discount
retailers under the private label brand of the retailer or other trademarks
owned or licensed by Candie's. The Company also licenses the Bongo brand for
women's and kids' apparel, sportswear, cold weather accessories, swimwear,
belts, eyewear, jewelry and watches, and operates 21 Candie's retail stores.
For investor information please visit the corporate web site at
Forward-Looking Statement Disclosure
The statements which are not historical facts contained in this press
release are forward-looking statements that involve a number of known and
unknown risks, uncertainties and other factors all of which are difficult or
impossible to predict and many of which are beyond the control of the Company,
which 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
factors include, but are not limited to the risks detailed in the Company's
Securities and Exchange Commission filings, and uncertainty associated with
the impact on the company in relation to recent events discussed in the
Company's form 10-K for fiscal 2002. Readers are cautioned not to place undue
reliance on these forward-looking statements.
Richard Danderline of Candie's, Inc.