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

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

IRVINE, Calif.  — June 18, 2018 — Whether pursuing fashion design as a photojournalist, textile designer, writer or stylist, a cross-functional understanding of principles and hands-on experience with various elements of fashion management is an unparalleled advantage for aspiring professionals. University of California, Irvine Division of Continuing Education has introduced a custom designed program in Fashion Design Management, offering students a comprehensive program exploring the many facets of the specialty.

The full-time, two-week, non-credit program is offered on the UCI campus and offers both international and local students the opportunity to learn through applied coursework, group work, field trips, and classroom instruction. Designed for high school and university students (15+), the Fashion Design Management program encourages native English-speaking students and visitors from abroad to work together on the design, marketing, merchandising and visual arts elements of the profession.

“Fashion Design Management is a highly-desirable area of study for ambitious learners interested in exploring a wide range of skills within the field,” said Jeanne Kimura, program coordinator, Professional Custom Designed Programs. “Giving students an in-depth view of both the business and creative aspects of the fashion industry, the program culminates with a fashion show and certificate ceremony.”

Registration is currently open for the program running July 29-August 11. Applicants must be at least 15 years old, and in high school or university. Students will take a guided tour of the UCI campus, enjoy engaging group activities, and take site excursions for a deeper exploration of select areas of study.

Posted June 18, 2018

Source: The University of California, Irvine Division of Continuing Education (DCE)