American Rag Leases Flagship Space at Fashion Island
By BusinessWire Last Update: 11/21/2005 8:49:01 AM Data provided by
LOS ANGELES, Nov 21, 2005 (BUSINESS WIRE) -- American Rag Cie LLC, a joint venture between American Rag II and Tarrant Apparel Group (TAGS), announced today that it has executed a lease to occupy a 12,500 square foot flagship store at Southern California's leading shopping destination, Fashion Island. American Rag already operates trendy vintage and fashion forward stores on La Brea Avenue in Los Angeles and on Van Ness Boulevard in San Francisco.
"We hope to open additional stores in key fashion destinations in the future," said American Rag CEO Mark Werts. "Opening a flagship store in a high-profile area in Orange County is just the beginning of American Rag's expansion plans. We believe we bring an entirely new retail concept to Fashion Island with our vintage collection, World Denim Bar, Cafe and Maison Midi unique house ware items."
"We are pleased that American Rag continues to expand its business," said Gerard Guez, chairman of Tarrant Apparel. "Given the brand's rapid growth, we believe its results will continue to be an important contributor to the growth of Tarrant Apparel in the future."
About American Rag Cie, LLC.
American Rag Cie, LLC is a joint venture between American Rag II and Tarrant Apparel Group. Tarrant holds the license to manufacture apparel under the American Rag label through one of its subsidiaries. Currently, American Rag apparel is being sold at Macy's and other Federated Department stores. As well, there are eight American Rag retail stores in Japan.
About Tarrant Apparel Group
Tarrant Apparel Group serves specialty retailers, mass merchants, national department stores, and branded wholesalers by designing, merchandising, contracting for the manufacture of, and selling casual and well-priced apparel for women, men, and children. Through its subsidiary, Private Brands, Inc., Tarrant designs, markets, and manufactures privately owned brands, including American Rag CIE, and has exclusive license agreements with several celebrity brands such as Jessica Simpson and Beyonce Knowles' House of Dereon.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward looking statements in this news release include sales and net income guidance for fiscal 2005 and the anticipated launch of the Jessica Simpson and Beyonce Knowles brands. Factors which could cause actual results to differ materially from these forward-looking statements include a softening of retailer or consumer acceptance of the Company's products, pricing pressures and other competitive factors, continued delays at West Coast ports, the unanticipated loss of a major customer, delays in the launch of new private brands, and the inability to raise additional capital necessary to support anticipated growth. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.