Kentwool Celebrates 175th Anniversary And Five Generations Of Success Family-Owned Upstate Manufacturer Has Adapted Its Business Model To Thrive, Achieve Longevity

GREENVILLE, S.C. — June 19, 2018 — Kentwool, the fifth-generation family-owned American textile innovator, is celebrating its 175th anniversary this year. Though many of its peers have moved operations abroad, the company continues to make its premium products entirely in the United States; Kentwool boasts 81 employees between its Pickens manufacturing facility and Greenville offices.

Kentwool’s CEO, noted Greenville philanthropist Mark Kent, passed away unexpectedly last fall; his wife Kimberly V. Kent, formerly corporate counsel for Kentwool, is now at the company’s helm.

“At every turn I see the fruits of Mark’s leadership, his vision, and the affection he had for Kentwool and everyone in it. He was a service-focused leader, one with a clear vision and a deep commitment to this company, our employees and our success,” Kent said, crediting Kentwool’s longevity to her late husband and the generations before him.

Kentwool was founded in Philadelphia in 1843 by Thomas Kent, and in 1954 operations moved South to Pickens; the company’s headquarters soon followed. Mark Kent became CEO upon the sudden death of his father in the 1990s, and during his tenure he adapted Kentwool’s business model to weather the storms of a rapidly changing textile industry.

Passionate about historic preservation, Mark founded Kentwool Development to preserve and restore Greenville’s Kent Court, previously home of Devereaux’s, and Historic Chamber Building. In recent years, Mark and his team created what is widely known to be the “World’s Best Sock,” in hopes of alleviating the discomfort Mark and his fellow golf-lovers experienced after being on their feet for 18 holes. Kentwool Performance was born in 2008 and is now a favorite of Bubba Watson and other pros on the LPGA and LPGA tours.

Mark’s forward-thinking leadership and desire to expand Kentwool’s business endeavors allowed the company to withstand economic pressures that took down many competitors, says Keith Horn, president of Kentwool Manufacturing.

“You don’t make it to your 175th anniversary on accident,” Horn said. “During his years as CEO, Mark expanded the business three-fold. Through Kentwool Performance, his advocacy about wool’s wearability in every season and his promotion of its natural qualities, Mark allowed us to adapt to changing consumer behaviors. He stayed one step ahead of things, so Kentwool was able to do the same.”

Kentwool was founded in 1843, Kentwool continues to be one of the nation’s longest-running, family-owned textile companies. Kentwool is the only company in the western — and one of 60 in the world — to receive the Usterized Quality Certification indicating the highest level of quality assurance in yarn production.

An avid golfer, Kentwool’s late CEO Mark Kent had the idea to produce the “World’s Best Golf Sock” after standing in the 18th fairway of the BMW Nationwide Tour Pro-Am tending to blistered, bleeding feet instead of concentrating on the eagle opportunity guaranteeing him a spot in the final round.

Born from that moment is golf’s leading, premium merino wool golf sock. It enables golfers of all abilities to play their best while benefiting from abrasion and fatigue resistance, as well as Kentwool’s blister-free guarantee. Kentwool utilizes its nearly two-century-old heritage of superiority in textiles to create socks which draw upon wool’s natural and cool performance fibers for moisture management, sheer comfort and other performance-enhancing benefits.

Posted June 19, 2018

Source: Kentwool

L.L.Bean Launches The First-Ever Outdoor Coworking Space To Encourage People To Spend More Time Outdoors — Even At Work

FREEPORT, Maine — June 19, 2018 — We spend 95 percent of our time inside — nearly half of that related to work. Yet studies show that when we spend time outdoors, we are more productive, more creative and happier. Committed to helping people enjoy the outdoors for more than 100 years, renowned outdoor retailer L.L.Bean has partnered with leading coworking provider, Industrious, to launch an initiative to bring more outdoor time into the workday with the introduction of “Be an Outsider at Work.” The initiative will launch in New York City’s Madison Square Park on Thursday, June 21st with the first-ever outdoor coworking space, complete with individual workspaces, collaborative conference areas, cycling desks and outdoor teambuilding activities — giving new meaning to being “Out of Office.”

A new survey from L.L.Bean found that while most people enjoy the outdoors, many of them rarely take time to work outside. In fact, 87 percent of indoor workers consider themselves someone who enjoys the outdoors but 75 percent of indoor workers rarely or never take time to work outside. That’s why L.L.Bean has partnered with coworking leader Industrious, and leveraged its well-established expertise in design, productivity and the coworking industry to create the first-ever outdoor coworking space that provides an opportunity for people to experience the benefits of working outdoors.

“So many of us love spending time outdoors and appreciate the benefits, yet for many people outdoor time is only spent away from work and on weekends,” said Steve Smith, president and CEO of L.L.Bean. “We hope that the ‘Be an Outsider at Work’ initiative will inspire employees to be creative in finding new ways to incorporate outdoor time in their day. We also hope that by demonstrating the benefits, employers will be supportive of this idea.”

Survey Reveals We Want More Time Outside

To better understand the barriers and benefits to working outdoors, L.L.Bean has partnered with workplace strategy expert Leigh Stringer, author of The Healthy Workplace: How to Improve the Well-Being of Your Employees — and Boost Your Company’s Bottom Line.

“As humans, we have a preference to be in and among nature over man-made environments, so why not adopt the notion of working outside?” said Stringer. “Our survey revealed there’s a strong desire to spend more time outside during the workday, and our goal with this initiative is to show that there are many different ways to do so — we’re turning the workspace inside out.”

The L.L.Bean 2018 Work and the Outdoors Survey revealed:

  • A majority of those surveyed who work indoors would like to spend more time outside during the workday, yet see their job as their biggest barrier. The survey found that 86 percent of indoor workers would like to spend more time outside during the workday, and 65 percent of survey respondents said their job is the biggest barrier to spending time outdoors.
  • Workers strongly support the idea of outdoor workspace, yet company culture does not always support it. The survey found that 82 percent of indoor workers liked or loved the concept of an outdoor workspace. Only half of respondents say their colleagues and boss would be supportive of working outside, or would not care as long as work is getting done.
  • Workers believe there are tangible benefits to working outside. The top 5 perceived benefits to working outdoors are:
    • Improve their mood (74 percent)
    • Lower their stress level (71 percent)
    • Provide relaxation (69 percent)
    • Promote health and wellness (66 percent)
    • Increased happiness (64 percent)
  • Workers claim they are most likely to do creative and relationship-based work outdoors, and see less potential for work involving technology and equipment. Indoor workers are most likely to do creative work (77 percent), brainstorms (73 percent) or one on one discussions (73 percent) outside, and least likely to do computer-based work (41 percent) or conference calls (32 percent).

“Companies are beginning to realize that the digital transformation is making the workplace more flexible, collaborative, and open than ever before,” said Jamie Hodari, CEO of Industrious. “People thrive in coworking spaces and we think there is potential for even greater benefits if they work together outside. This is the first time we’re bringing our coworking expertise outdoors, and we’re thrilled to partner with L.L.Bean and take on the challenge of creating this unique workspace.”

How to Be an Outsider at Work

“Be an Outsider at Work” will launch in New York City’s Madison Square Park on Thursday, June 21st and be open to the public from 9 a.m. to 6 p.m., complete with wifi, power and collaborative workspaces, designed by Industrious. Everyone is invited to reserve a free workspace at www.BeAnOutsiderAtWork.com or stop by the park. L.L.Bean’s Outdoor Discovery Program experts will also be on-site to facilitate a short team-building exercise, which will involve a group problem-solving activity designed to highlight teamwork, communication, and leadership skills.

After New York City, the activation will travel to Boston, MA July 10-12, Philadelphia, July 17-19, and Madison, Wis., July 24-26.

For those that can’t make it to one of L.L.Bean’s outdoor coworking spaces, there are many simple ways to incorporate the outdoors into your workday, such as:

  • Host a Blue Sky Brainstorm: Boost creativity by taking a brainstorm into an outdoor space
  • Share Al Fresco Feedback: Try sharing feedback with colleagues in the fresh air. It’s a naturally de-stressing environment, and walking together in a single direction helps keep the conversation future-focused.
  • Take a Refresh Session: Get outside even just for a break or over lunch. Research shows taking a 5-15 minute walk can rejuvenate you for the tasks ahead and refocus your day.
  • Optimize Outside for Work: Create a dedicated outdoor workspace or a toolkit complete with wifi, anti-glare screens, and shade at home or with your employer
  • Outerviews: Put the view back in interview by hosting them outside. It will reduce participant anxiety, feel like more neutral territory and encourage open dialogue in the open air.

Posted June 19, 2018

Source: L.L.Bean

My Size To Launch QSize™ Mobile Measurement Solution For Quality Control Within Apparel Manufacturing

AIRPORT CITY, Israel — June 19, 2018 — My Size Inc., the developer and creator of smartphone measurement applications, today announced its plans to launch QSize™, a mobile measurement solution for retailers to ensure quality control throughout the apparel manufacturing process.

The current process for quality control within apparel manufacturing includes measurement of each garment by hand, followed by manual entry of such measurement into the manufacturer’s back office system, creating a significant possibility for human error. My Size’s QSize will enable a retailer to fully automate its quality control process by utilizing a mobile-based measurement and data logging system.

To use QSize, the user will first scan the apparel’s barcode utilizing their mobile device, and is then shown a graphic illustration of how to measure the garment. The user will then measure the garment with a few easy movements of the mobile device, and the data is then accurately and automatically uploaded into the retailer’s back office system each and every time.

“The existing quality control system in the retail industry is antiquated and rife with opportunity for human error due to the misreading of a tape measure or incorrect data entry on a keyboard. QSize, which utilizes the same innovative mobile measurement technology that powers our other products, can empower apparel manufacturing employees to perform their jobs faster and more accurately each time,” said Ronen Luzon, CEO, My Size “Through the launch of QSize, we are expanding our technology offering to provide a full measurement solution for the retail industry, ensuring both the retailer and the consumer can move through their respective process as efficiently and accurately as possible.”

Depending on the brand, we estimate that anywhere from 1-4% of garments can be rejected at quality control for reasons including improper sizing. If such a garment cannot be repaired easily it is usually thrown away — creating an immediate and crucial need to identify errors in sizing to avoid a mass-production of improper garments. In the U.S., where 450 million pairs of jeans are purchased each year, an average cost of $20 per pair of jeans could result in $90 million lost to retailers.

According to a survey of people working in fashion, 94% agreed that garment fit is a problem in retail and manufacturing today. That same survey reported that 75% said speed-to-market is the number one reason why they have increased fit issues, while 56% said they could obtain a better fit for their line if they had more time in production to perfect the fit. Utilizing antiquated measurement tactics such as tape measures is time consuming and slow. If apparel retailers and manufacturers want to become more efficient and more accurate, they will need to adopt technologies that can improve process.

Posted June 19, 2018

Source: My Size, Inc.

Universal Fibers® Welcomes Global Carpet Industry To NeoCon 2018

CHICAGO — June 19, 2018 — For the sixth consecutive year, Universal Fibers® welcomed its global customers and industry partners to its Annual Celebration of NeoCon.

The event was held on the eve of NeoCon and as in previous years took place in the historic Michigan Room of the iconic University Club of Chicago. The gala was attended by industry leaders across the globe representing flooring producers from North America, Europe and Asia.

In support of Universal Fibers’ earned reputation for establishing partnered relationships, the theme of the event was Better Together.

“Since 1969 our greatest advances in innovation have come as a result of partnership and collaboration. We innovate together, we win together and tonight we celebrate together,” said Phil Harmon, President of Universal Fibers. “We are extremely proud to welcome this esteemed group of honored customers and industry partners and thank each and every one of you for joining us.”

Posted June 19, 2018

Source: Universal Fibers

Clo® Insulation’s Acclaimed Vivo Product Line Expands Its Footprint Beyond Outdoor Performance Wear

NORWICH, England — June 19, 2018 — Clo Insulation, the developers of highly breathable insulation for garments, is now garnering attention from popular lifestyle brands, expanding its reach beyond outdoor performance wear.

Clo Insulation is best known as the creators of Vivo, the most breathable insulation on the market. To date, Vivo is widely embraced by global outdoor garment brands, but now, moving beyond its traditional customer base, Clo Insulation is partnering with famed equestrian-based apparel maker Schockemöhle and urban streetwear giant Horsefeathers. While specific details are still under wraps, both clothiers will be implementing Vivo into their upcoming product lines within the next year.

“We believe our Vivo line of insulation is showing tremendous value to apparel designed for all lifestyles and activities,” said Toby Harvey, Head of Global Sales at Clo Insulation. “Sure, Vivo is ideal for outdoor garments, but as the breathability is proving unparalleled in design and performance, it’s becoming a much-needed element for all clothing, from equestrian apparel to skater culture to high fashion. After all, Vivo allows people of all walks of life to feel warmer and more comfortable, and thus live better.”

Vivo is an ultra-lightweight insulation designed with specialized apertures. The strategically placed holes trap warm air while also allowing moisture to move away from the body quickly. In fact, lab testing has proven Vivo can increase breathability by up to 30% without affecting thermal performance, which in turn enhances warmth and comfort. Today, apparel manufacturers can choose from three Vivo products:

  • Vivo Eco — made with 90-percent recycled fibers, its flexible yet stable structure provides excellent comfort.
  • Vivo Teknica — provides the perfect balance between breathability and warmth plus an edge in performance.
  • Vivo Veluti — delivers a luxury feel while also being super breathable and lightweight.

Despite the newfound success of Vivo outside of the outdoor industry, Clo Insulation is not straying from its roots. Iconic outdoor brands such as Bergans, Dynafit, and KJUS will also be featuring Vivo in new products launching in the coming year.

“We’re absolutely thrilled to see Vivo’s unrivaled breathability being the key factor for its implementation in clothing for everyone, everywhere,” said Harvey.

Vivo has won numerous textile innovation awards, including multiple ISPO Textrends Top 10 honors. Clo Insulation is slated to unveil more Vivo products and innovations throughout 2018 and 2019.

Posted June 19, 2018

Source: Clo Insulation


New Look, Direction At Ampacet: Innovation, Global Support And Sustainability

TARRYTOWN, N.Y. — June 18, 2018 — Ampacet Corp. — a global provider of polymer materials, services and solutions — has announced a refreshed focus on innovation, expansion, global support and sustainability with the unveiling of a new logo, tagline and website to underscore the new direction.  
“We believe that a company should always be moving forward. This means that periodically we must reassess and realign and shift our priorities,” said Yves Carette, Ampacet president and CEO. “We are rebalancing to focus on color, special effects and advanced functional additives. We’re moving into more regions and increasing our presence in existing ones and we’re adding markets, including appliances, automotive, healthcare, 3-D printing and aerospace.”
The directional change is reflected in the new logo, tagline and website. The logo is a refinement of the old one, so it’s a nod to the past, but the graphics are strong, dynamic and modern. The three dots in the logo represent the primary colors: red, yellow and blue. 
“Our tagline, ‘Plastics Reimagined,’ signifies the future, as plastics move into new applications and become more sustainable than ever. While a future without plastics right now would be unimaginable, there are so many more ways to use plastics to make our lives safer, healthier and more fun,” adds Carette.
Websites need to be refreshed, too, and the site will provide additional details and specifications on Ampacet’s products and services, participation in trade shows, speaking e2ngagements and the latest news. 
Changes at Ampacet also include support teams rebuilt from the ground up to support customers globally. Multidisciplinary sales and technical teams at the company’s 24 facilities worldwide are working in concert to handle customers’ toughest challenges.
Lastly, Ampacet has developed a sustainability policy for the company, suppliers and  employees. The company is taking an active role in promoting the circular economy in the plastics industry, and encouraging suppliers to do the same. Ampacet team members will be participating in local recycling programs and projects, as well.
Posted June 19, 2018
Source: Ampacet

J.Crew Group Inc. Names Johanna Uurasjarvi Chief Design Officer

NEW YORK CITY — June 18, 2018 — Global retailer, J.Crew Group Inc., announced today that it has named Johanna Uurasjarvi as chief design officer. She will be responsible for guiding the overall design direction for the J.Crew brand and report to Jim Brett, J.Crew Group, Inc. CEO. Uurasjarvi joins J.Crew from West Elm, where she was the Creative Director of the lifestyle and specialty home furnishing company. Prior to that she was the Creative Director of Anthropologie for a decade.

“Johanna brings more than 25 years of fashion and design experience with a unique understanding of how customers shop and live. She is a visionary with impeccable taste who will undoubtedly inspire our team, our partners, and our customers.” said Brett. “I am thrilled to work with Johanna again. We had a powerful and successful partnership at West Elm and Anthropologie, and to work with her again is an honor.”

At West Elm, she was the concept builder of its successful “New Modern” assortment, a lighter and brighter interpretation of classic Mid-Century Modern with layered textures and material innovation, incorporating the company’s signature interest in global artistry. She was known for consistently delivering imaginative collections and was an instrumental part of a team that helped the brand to reach $1 billion in revenue.

Prior to that, Uurasjarvi was the executive creative director of product design for Anthropologie, where she built the company’s first in-house design team. Her talent for juxtaposing clean lines with whimsical detail created the original aesthetic, still the foundational signature. In 2008, she developed the cult wholesale brand, Leifsdottir, which was carried by the brand as well as 200 additional doors, including Neiman Marcus, Bloomingdale’s and Nordstrom stores, and in 2011 was picked as one of the most creative people of the year by Fast Company.

“I am thrilled to join the talented team at J. Crew and help to evolve this incredible iconic brand,” said Uurasjarvi. “I also look forward to working with Jim again. His vision, values and unique understanding of today’s consumer make him a special leader.”

Born and raised in Finland, Uurasjarvi graduated from Helsinki’s Aalto University in the field of Art and Design and worked internationally before joining Anthropologie in Philadelphia, PA. She then moved to Brooklyn, New York, with her husband, three children and dog, when she joined West Elm.

Posted June 18, 2018

Source: J.Crew Group Inc.

UNTUCKit Announces Drew Brees As New Investor 

NEW YORK CITY — June 18, 2018 — UNTUCKit, one of the fastest-growing retail brands in the United States, announced today its newest investor, Drew Brees, the quarterback of the New Orleans Saints and entrepreneur.

After meeting UNTUCKit Founder Chris Riccobono at the 2018 Super Bowl, Drew reached out directly to express his interest in working together. His passion for the UNTUCKit brand has created a new model for partnership that sits at the intersection of investment and brand ambassadorship.

“We’re excited to welcome Drew to the UNTUCKit family both as an investor and brand ambassador. Aside from being one of the most outstanding players in the NFL, he’s a great family man and extremely charitable—a perfect fit for UNTUCKit. When we initially met to discuss working together, his knowledge of the brand blew me away — he came prepared with 20 pages of notes and questions about our EBITDA. It was clear Drew wanted his involvement with the brand to be substantial, and his success over the years as an entrepreneur made him a great fit as an investor. Drew and his entire family encompass the UNTUCKit lifestyle, so bringing him in as a brand ambassador was a natural next step,” said UNTUCKit Founder Chris Riccobono.

“I’m so glad to be working with UNTUCKit, a brand that aligns so well with my lifestyle. I’ve loved the shirt from the moment I put it on, and after doing some research and seeing their incredible success, I knew this was a brand I wanted to be involved with. Its products fit so many aspects my life, whether I’m on a business trip, date night with my wife, or having play time with the kids, and each product has the ideal look, fit, and feel,” said Drew Brees.

As a part of the ongoing relationship, Drew will appear in UNTUCKit marketing campaigns in stores and across digital and print platforms. The debut campaign will launch on June 18th as an in-home catalogue featuring images of Drew and his entire family in San Diego.

The partnership with UNTUCKit is a continued step in Drew’s entrepreneurial work, which includes relationships with the Jimmy John’s sandwich franchise, Football ‘N” America, Walk-On’s Bistreaux & Bar and Waitr Food Delivery & Carryout. Drew and his wife Brittany also established their own philanthropic organization, the Brees Dream Foundation, in 2003 and have since contributed over $33 million to help improve the quality of life for cancer patients and provide care, education, and opportunities for children and families in need.

Posted June 18, 2018

Source: UNTUCKit

Milliken Specialty Interiors Celebrates Opening Of Permanent High Point Showroom With Showtime Industry Party And Best Showroom Award

SPARTANBURG, S.C. — June 18, 2018 — Global innovation company with textile, specialty chemical and floor covering manufacturing expertise, Milliken & Company’s Specialty Interiors business, celebrated the launch of its permanent High Point Showroom in high style: with a well-attended industry party and winning Best Showroom. Party invitees, which included clients, prospects, partners and industry influencers, were given a tour of the new space and an official welcome by the Milliken Specialty Interiors team.

The Milliken Showroom, which occupies a prime spot on the MSTT 4th floor, is modern, warm and inviting and showcases the full breadth of Milliken’s innovative interior textiles business, including products suitable for use in home, office and hospitality environments.  It features a clean design with abundant natural light and Milliken flooring and fabrics on nearly all soft surfaces. Based on consumer and industry demand, Milliken’s revolutionary new eco-elegant Breathe by Milliken™ collection, which combines all the protection and durability of a performance fabric with minimal chemistry and cleanable natural or polyester fibers made from recycled plastic bottles, is prominently displayed in the space. While the space highlights a wide range of new furniture pieces, many of the furnishings are vintage pieces from the Milliken archives, including several by Knoll and Coalesse, among others. All the furniture in the showroom is American-made, highlighting Milliken’s proud tradition of and support for American manufacturing.

The reviews for the new space have been very favorable, highlighted by the fact that it was voted Best Showroom by Showtime’s more than 600 buying attendees. The Best Showroom award is given based on popular vote and is open to all permanent showrooms located in the Market Square Textile Tower and Historic Market Square. The award is sponsored by International Textile Alliance, the producers of Showtime, and International Market Centers.

“We are very excited to share our Milliken story with our customers in such a beautifully designed space, and we are very honored to receive this prestigious Best Showroom award,” said Milliken Specialty Interiors Vice President Jennifer K. Harmon. “Investing is this permanent showroom allows us to better serve this strategic market, and we continue to work diligently to provide unique solutions and value-added product offerings.”

Posted June 18, 2018

Source: Milliken Specialty Interiors

Perry Ellis International Enters Into A $437 Million Transaction To Become A Private Company Through An Acquisition Led By George Feldenkreis

MIAMI — June 16, 2018 — Perry Ellis International today announced it has entered into a definitive merger agreement under which a newly formed entity controlled by George Feldenkreis, Perry Ellis’ founder and member of the company’s Board of Directors, will acquire all of the outstanding common shares of Perry Ellis not already beneficially owned by the Feldenkreis family for $27.50 per share in cash. Additionally, the company and George Feldenkreis have agreed to defer the next annual meeting for the election of directors while the merger agreement is pending.

The purchase price represents a premium of approximately 21.6 percent to Perry Ellis’ unaffected closing stock price on February 5, 2018, the last trading day prior to George Feldenkreis announcing his proposal to take the company private. The transaction is valued at approximately $437 million.

The transaction was unanimously approved by the Perry Ellis Board of Directors, acting on the unanimous recommendation of a Special Committee of independent directors that was granted full authority to conduct a comprehensive strategic review and evaluate and, if warranted, negotiate the Feldenkreis acquisition proposal.

“The Special Committee and its advisors conducted a disciplined and independent process to ensure the best outcome to maximize value for shareholders. We believe, upon the closing, that this transaction delivers an immediate cash premium and is in the best interest of all Perry Ellis shareholders,” said J. David Scheiner, non-executive chairman of the Perry Ellis Board of Directors and chair of the Special Committee.

“I believe this transaction will open an exciting new chapter for Perry Ellis, our customers and employees. The markets the Company competes in have undergone transformative changes and I believe that Perry Ellis’ ability to invest and innovate is limited by the short-term pressures of being a public company. The transaction delivers immediate value to shareholders amid an environment of unprecedented disruption and competition. I am confident that as a private company, Perry Ellis will be best positioned to make investments in digital innovation, artificial intelligence and marketing, that support our long term strategy to grow the Company’s powerful global lifestyle brands, while expanding into higher-margin businesses and channels of distribution, including international, direct-to-consumer and licensing,” said George Feldenkreis, founder and director of Perry Ellis.

“Since its founding, Perry Ellis has been a renowned influencer of fashion and a magnet for highly creative individuals and brands. The completion of this transaction will enable Perry Ellis to preserve the integrity of its infrastructure and business units across the United States and abroad. Our partners should benefit from our enhanced ability to make long term investments in brands, technology and innovation while continuing to remain focused on executing on our long term growth strategy. Perry Ellis intends to be at the forefront of the crucial digital transformation of the apparel industry from marketing to e-commerce, to applications of artificial intelligence,” said Oscar Feldenkreis, CEO of the company.

“Fortress is delighted to support the founding family of Perry Ellis in a transaction that positions the business for growth and success in the years to come,” said Josh Pack, managing partner of Fortress Investment Group.

Following completion of the transaction, Oscar Feldenkreis will continue to lead the company as CEO. George Feldenkreis, director and founder, will return to an active role in the management of the company. Perry Ellis will continue to be headquartered in Miami, Florida. Upon close, Perry Ellis will become a privately held company and Perry Ellis common shares will no longer be listed or traded on any public market.

The transaction will be financed through a Senior Secured Asset Backed Revolving Loan Facility underwritten by Wells Fargo Bank, N.A., a $282 million multi-tranche term financing facility provided by Fortress Credit Advisors LLC and equity provided by the Feldenkreis family.

The transaction, which is expected to close in the second half of calendar year 2018, is subject to the satisfaction of customary closing conditions and approvals, including approval by Perry Ellis shareholders (including a majority of the shares owned by shareholders other than the Feldenkreis family or any officers or directors of the Company), receipt of regulatory approvals and other customary closing conditions.

PJ SOLOMON is serving as financial advisor to the Special Committee, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Akerman LLP are serving as the Special Committee’s legal counsel, and Innisfree M&A Incorporated is serving as the Company’s proxy solicitor. SCOPE Advisors LLC is serving as financial advisor to the group led by George Feldenkreis, and Olshan Frome Wolosky LLP and Proskauer Rose LLP are serving as legal advisor to the group led by George Feldenkreis. Stearns Weaver Miller Weissler Alhadeff & Sitterson is serving as legal counsel to Oscar Feldenkreis. Kirkland & Ellis LLP is serving as legal advisor to Fortress Credit Advisors LLC and its affiliates.

Posted June 18, 2018

Source: Perry Ellis International

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