Pacific Sunwear of California Inc. (Nasdaq:PSUN- news) has established a significant new vendor relationship with Globe International Ltd.(“Globe”) for the distribution of Globe footwear and apparel at its stores.
Greg Weaver, chairman and chief executive officer of Pacific Sunwear, said: “Skate footwearand apparel are Pacific Sunwear’s fastest growing categories, and Globe is our customers’ mostrequested brand which we currently do not stock. Globe has established itself as a highlyauthentic and creative skate brand and is growing rapidly in our market. Skate apparel is anexpanding category at PacSun.”
“Pacific Sunwear is an excellent and fast-growing specialty retailer of authentic skate, surf andstreetwear products and Globe is pleased to have concluded this important vendorrelationship,” said Robert Hershan, chief executive of Globe.
Hershan said, “This new relationship represents a focused extension of Globe’s specialtyretailer strategy and provides a platform which will assist in driving growth in 2003 and beyond.
“First shipments will be made in the 2002 financial year, however, having regard to the variablereorder pattern experienced in the U.S. following September 11, we will not be altering ourProspectus forecast for the 2002 year.”
Pacific Sunwear is a leading specialty retailer of everyday casual apparel, accessories andfootwear designed to meet the needs of active teens and young adults. As of Nov. 28, 2001,the company operated 549 PacSun stores, 68 PacSun outlet stores and 100 d.e.m.o. stores fora total of 717 stores in 48 states and Puerto Rico. PacSun’s Web site address iswww.pacsun.com.
Globe is a multi-brand footwear, apparel and hard goods Action Sports company. Launched in1984 and listed on the Australian Stock Exchange in May 2001, Globe today owns an array ofproprietary, licensed and distributed brands. Each of these labels is strategically targeted atspecific sectors of the youth-based surf, skate and street markets, for both males and females.
Globe currently sells its products in the United States through approximately 980 specialtyskate and surf retailers, representing more than 1,200 doors.
This news release may contain forward-looking statements that involve risks and uncertainties,including changes in consumer demands and preferences, competition from other retailers andother uncertainties generally associated with apparel retailing. The historical results achievedare not necessarily indicative of future prospects of the company.
More information on factors that could affect forward-looking statements and the company’sfinancial results is included in the company’s report on Form 10-K for the year ended Feb. 4,2001 and subsequent periodic reports filed with the Securities and Exchange Commission.