Saturday, September 30, 2006 1:43:15 PM
LOS ANGELES, Sep 29, 2006 (BUSINESS WIRE) --
Sub-Urban Brands, Inc. (OTCBB:SUUB), a multi-brand apparel company pursuing high-margin revenue growth in the global fashion industry, has announced the execution of a non-binding letter of intent to acquire premium fashion denim company Reo Starr, ranked by leading fashion industry sources as one of the top trendsetting brands in the global youth-oriented apparel industry.
With more than 45 retail accounts in Los Angeles, Reo Starr products have already been sold out several times in the city's most prestigious boutique fashion retailers, including Fred Segal in Santa Monica and Lisa Kline in Beverly Hills. Additionally, Reo Starr is exclusively selling in Tokyo's Isetan Department Store, considered the premier department store in Japan. Reo Starr will strengthen Sub-Urban's multi-brand strategy targeting national and influential boutique retailers, while preserving brand equity and developing new revenue streams.
"We're immensely excited to have reached this letter of intent and to launch the next phase of our brand diversification into the premium denim market, the fashion industry's hottest segment," said Joseph Shortal, Chief Executive Officer of Sub-Urban Brands. "The market for premium-denim has more than doubled in the past few years, as has been demonstrated by the success of such fashion companies as True Religion Brand Jeans and 7 for All Mankind."
"The success of Reo Starr worldwide is a result of the high quality of their fit, fabric, trims and washes," said Mr. Shortal. "We believe Sub-Urban can generate significantly increased media and consumer awareness through our own industry-leading marketing and public relations operations, which have already turned our other signature brands, such as WHITEBOY(R) and Mash Culture Lab(TM), into fashion industry and pop culture icons."
Consummation of the Reo Starr acquisition is subject to negotiation and execution of a definitive agreement and satisfactory completion of due diligence investigations.
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