Incan Update:
I just spoke with Stacey Josloff's partner (did not give name) about an hour ago. I emailed the company and their PR firm yesterday to get more information about Inca's financials, future plans, 2009 collections, etc., etc.. The conversation lasted about 15 minutes and her partner was very pleasant and open. He answered many questions, and left some to interpretation.
Here is what we discussed:
1. Stacey's previous partner almost ran the company into the ground in 2008, and was bought out- Stacey Josloff owns over 51% of the company. In 2008, the company owed huge amounts of back-taxes which have been fully paid.
2. The New York store has been closed. It was expensive to operate and was not the best place to market there products. Most of the money saved or recouped from the NY store was used to open the Inca store in South Beach.
3. Stacey is moving her family (she just had a baby) to Miami next week. HQ will also be moved to South Florida as well. Inca employs (6) people, not including the owners. Two employees will relocate to Miami to join those already here. Partner expects to hire more as needed.
4. There has not been a PR issued by company in months becuase Stacey's reputation and brand was tarnished last year. It has taken Inca this long to develop a new business plan, pay all financial obligations and back taxes, design new marketing campaign, form new distribution and manufacturing alliances, and create a new collection. Stacey does not want to issue meaningless press releases- partner expects a press release in the very near future!
5. There has been no dumping of shares by Stacey or her partners. Stacey expects Inca's share price to be significantly more than half a penny in 2009- why would she dump them? If she was selling tens of millions of shares- investors would know. Stacey remains committed to creating a world-class brand and providing shareholder value.
6. New investor capital is available, but partner did not elaborate.
7. Since 2008, Inca has completely revamped there collection, production process, and has established new manufacturing alliances in India, Brazil, and the Dominican Republic to reduce costs, and provide better quality and value to the consumer.
8. Inca has a 10-year lease for the South Beach store which is making a great profit, according to the partner. Being in South Beach is paying dividends, and exposing the Inca brand in a way that was not possible in NY. Partner did confirm they are looking to expand and to other locations including LA! I asked about the Turk and Caicos- he said they will pursue any oppurtunity to expand in the interest of the company and it's shareholder; he did not rule out another Gansevoort store!
9. Audit is complete! Currently preparing documentation to file with SEC in the next two weeks. Goal is to uplist to OTCBB and becoming a fully reporting company.
10. The 2009 collection is finished and will be introduced sometime between April and May 2009! Partner was very excited about new line, and said they will be working with Willamina model agency in SOBE to photograph their new collection. He also mentioned they are the only non-optical dealer of Chrome Hearts glasses in the USA, and mentioned they are selling like crazy!
11. Inca continues to pursue new partnerships with other luxury brands. Epect more on this in the near future.
12. E-Commerce site is finished! They are waiting to introduce the 2009 collection before going live.
13. Partner confirmed company will be at every major fashion show in the coming months, and expects to continue to get free press from magazines and newspapers for the 2009 collection.
Overall, I feel very encouraged by what I heard, but we ultimately must come to our own conclusions. I think we are in for a long, hot Summer boys!
