— Acquires 50% Interest in Japanese Master License
— Acquires 18% Equity Stake in Men's, Women's and Jeans Japanese Sublicense Group
NEW YORK, Mar 3, 2003 (BUSINESS WIRE) — Polo Ralph Lauren Corporation (NYSE: RL) today announced that it has completed a previously announced series of transactions to increase the direct management of its growing business in Japan.
Since 1978, Polo's Japanese business had been licensed to Seibu Department Stores. On February 28, 2003, Polo completed its acquisition of a 50% interest in its Japanese Master License and an 18% equity interest in a company that will hold the sublicenses for Polo's men's, women's and Polo Jeans businesses in Japan. Polo's total investment in the transactions was approximately $70 million and was funded through Polo's available cash. The transactions are expected to be accretive to earnings in fiscal year 2004.
UBS Warburg acted as the exclusive financial advisor to Polo Ralph Lauren with respect to these transactions.
Polo Ralph Lauren Corporation is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For 35 years, Polo's reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company's brand names, which include “Polo”, “Polo by Ralph Lauren”, “Ralph Lauren Purple Label”, “Polo Sport”, “Ralph Lauren”, “RALPH”, “Lauren”, “Polo Jeans Co.”, “RL”, “Chaps”, and “Club Monaco” among others, constitute one of the world's most widely recognized families of consumer brands. For more investor information, go to http://investor.polo.com.
Polo Ralph Lauren Corporation
Nancy S. Murray, 212/813-7862
Ellen Maguire, 212/318-7115