NEW YORK, Oct. 15, 2002 — Nautica Enterprises, Inc. (Nasdaq: NAUT)
today announced that Bonnie Takhar, has been appointed to the post of
President of Earl Jean, Inc., effective immediately. Ms. Takhar will be
responsible for managing the entire Earl Jean business, both Women's
and Men's, on a global basis, including the United States, Europe and
Japan. Ms. Takhar will be based at the Earl Jean, Inc. headquarters in
Los Angeles and will report to Harvey Sanders, Chairman, President and
Chief Executive Officer of Nautica Enterprises, Inc.
Ms. Takhar most recently held the position of Managing Director of Earl
Jean Europe, based in London, where she served in this role from
October 2001 to the present time. Prior to that, she was Vice President
of Sales for Earl Jean Europe from 1999 to 2001. Before joining Earl
Jean, Inc., Ms. Takhar held the title of Sales Director at the Nicole
Farhi Group from 1998 to 1999, and was a sales manager at Donna Karan
from 1996 to 1998.
The Company noted that Ms. Takhar helped start the Earl Jean European
business when she joined in 1999 and during her tenure, established a
strong track record in developing new department store and specialty
retail accounts in key European markets. The Earl Jean European
business accounts for approximately one third of Earl Jean, Inc.'s
total business and has experienced sales growth that has approximately
doubled in the last year.
Harvey Sanders commented, 'We are delighted to have Bonnie assume the
leadership role of President of Earl Jean, Inc. This is a natural
progression for her as she has a strong and diverse background in areas
such as operations, product development, merchandising and sales.
Bonnie has been a driving force behind the success that the Earl Jean
brand has enjoyed in Europe as her strength has been positioning the
product as a luxury collection in key doors.'
Mr. Sanders added, 'We look forward to the positive impact that Bonnie
will have on the overall business, not only in growing the business in
the United States, but in taking the Earl Jean brand name to the next
level on a global scale.'
Ms. Takhar noted, 'I am thrilled to be expanding my role at Earl Jean,
Inc. Having been at the Company since its early stages, I have seen the
brand grow at a very quick pace. This is an exciting time for the Earl
Jean brand as there are a number of opportunities in the marketplace
that will enable us to realize the brand's full potential.'
Ms. Takhar replaces Joe Krafka, who has left the Company to pursue
other interests.
Mr. Sanders concluded, 'We would like to thank Joe for his efforts this
past year at the Company and wish him the best in his future
endeavors.' Earl Jean products, both Women's and Men's, are available
in leading specialty and department stores across the United States,
Europe and Japan, including Fred Segal, Scoop, Barney's New York, Saks
Fifth Avenue, Nordstrom and Harvey Nichols, among others. Earl Jean,
Inc. operates three full-priced retail stores in the United States, one
on Larchmont Street in Los Angeles, one on Mercer Street in Soho, New
York and one on Lincoln Road in the South Beach section of Miami. The
Company's Japanese distributor operates stores in Tokyo and Osaka,
Japan.
Nautica Enterprises, Inc. (Nasdaq: NAUT), through its subsidiaries,
designs, sources, markets and distributes apparel under the following
brands: Nautica; Nautica Competition; Nautica Jeans Company; Earl Jean;
John Varvatos; E. Magrath; and Byron Nelson.
This press release contains 'forward-looking statements' as defined in
the Private Securities Litigation Reform Act of 1995. These statements
are based on the Company's current expectations of future events and
are subject to a number of risks and uncertainties that may cause the
Company's actual results to differ materially from those described in
the forward-looking statements. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated or projected. These factors and uncertainties include, among
others: the risk that new businesses of the Company will not be
integrated successfully; the risk that the Company will experience
difficulties with respect to the transitioning and ramp-up of its new
distribution facility; the overall level of consumer spending on
apparel; dependence on sales to a limited number of large department
store customers; risks related to extending credit to customers;
actions of existing or new competitors and changes in economic or
political conditions in the markets where the Company sells or sources
its products; risks associated with consolidations, restructurings and
other ownership changes in the retail industry; changes in trends in
the market segments in which the Company competes; risks associated
with uncertainty relating to the Company's ability to launch, support
and implement new product lines in the United States and Europe;
effects of competition; changes in the costs of raw materials, labor
and advertising; the ability to secure and protect trademarks and other
intellectual property rights; and, the impact that any labor disruption
at the Company's ports of entry could have on timely product
deliveries. These and other risks and uncertainties are disclosed from
time to time in the Company's filings with the Securities and Exchange
Commission, including the “Forward-Looking and Cautionary Statements”
section of the Company's Annual Report on Form 10-K for the fiscal year
ended March 2, 2002, in the Company's press releases and in oral
statements made by or with the approval of authorized personnel. The
Company assumes no obligation to update any forward-looking statements
as a result of new information or future events or developments.
Contacts:
Nautica Enterprises, Inc.,
Wayne A. Marino, Senior Vice President, Chief Financial Officer
+1-212-541-5757
FD Morgen-Walke
Investor Relations:
Cara O'Brien
+1-212-850-5600
Media Relations:
Laura Novak
+1-212-850-5600