well if richard a taulli does then he is also the secretary of this company.
SASSOON GROUP designs, manufactures, imports, sells and markets branded and non-branded apparel. The Company will design, source, and market a brand of high-quality apparel under the SASSOON, MATCH II, OUTDOOR LIFE and HOME TURF labels.
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Each line will be characterized by its signature pieces and expanded upon to offer a complete line of apparel intrinsic to its market. Upon penetration into this initial marketplace, the product line can be expanded to include underwear, loungewear and outerwear, as well as accessories such as ties, hats, scarves, gloves, jewelry, backpacks and small leather goods. SASSOON GROUP distributes its clothing via leading retailers throughout the United States and abroad.
The defining characteristics of the market in which SASSOON GROUP competes are being shaped by three important national demographic trends: (1) Growth in the population of men 15-45; (2) the trend towards casual wear in everyday life; (3) the significant growth of the women’s market.
SASSOON GROUP believes it has a significant opportunity to enter into an existing marketplace and capture a good proportion of sales. A majority of the target customers are seeking to maintain a balance between brand name apparel items and private label items, while recognizing that brands such as SASSOON and MATCH II draw significant customer traffic.
Product strategy focuses on providing fashion forward, high-value garments for several customer segments, including men’s, young men’s, women’s and Big & Tall. This plan of depth of product will enable SASSOON GROUP to become an important resource for its customers and capture valuable store real estate and floor space.
Overall, SASSOON GROUP will compete with numerous apparel brands, some of which are larger, more diversified, and have greater financial and marketing resources. SASSOON GROUP will compete on the basis of quality, design, price, and customer service, along with the instantly identifiable names that have been resurrected from abandoned marks.
SASSOON GROUP owns all rights, title and interest in its trademarks, which it has filed with the United States Patent and Trademark Office, which it believes will be protected by the US Patent and Trademark Office. Due to the importance of the Trademarks use for marketing, SASSOON GROUP diligently has and will be protecting its marks against any violation or infringement.
SASSOON GROUP’s competitive advantages will include its widely popular brand names, its ability to provide customers with a stylish, high quality product at attractively low price points, and its established design, marketing and production networks. SASSOON GROUP is confident of the market due to actual performance and acceptance of similar products at retail.
The greatest threat to the Fashion Industry is the consolidation of the marketplace. Giants such as WMT, SAM's, COSTCO, etc., are either consuming or squeezing out the smaller competitors making the marketplace a much smaller pool to call on. SASSOON GROUP’s key business principle is to satisfy its customer base. This is achieved through developing brand, packaging, and point-of-sale merchandising programs. SASSOON GROUP adheres to strict quality standard. Product content and construction specifications, including the usage of the best fabrics available and attention to details, will be designed to minimize costly customer returns.
Comprehensive operating procedures have been instituted by the SASSOON GROUP. These procedures include customer planning and marketing strategies, apparel design, material cost, production planning and logistics, manufacturing, customer order execution, point-of-sale analysis, and accounting and financial reporting. These
procedures integrate each operation’s function to eliminate inconsistencies and maximize productivity. SASSOON GROUP’s detailed operating procedures and ability to monitor the performance of most operations on a daily basis will provide the means to identify and resolve deviations from forecast results.
To minimize unit production costs and mitigate inventory risks, the SASSOON GROUP will be organized to effect the shortest possible production cycle from receipt of finished goods through shipping of a customer order. Our unique chassis production strategy and focus on core product lines will enable it to concentrate material, purchases, minimize inventories and execute cost-effective production runs per style. The application of the EDI system will significantly enhance customer order execution and point-of-sale merchandise tracking. A CAD system will be used to develop new products to maximize efficiencies and minimize sampling.
Company Background
Founded by Mark Binder in 1972, SASSOON GROUP has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone.
Mr. Antjuan Wilson established the HOME TURF line of apparel in 1996. His intent was to bring a fresh and positive image to today’s youth.
OUTDOOR LIFE MAGAZINE has licensed their brand name to BIB ltd. The line, which consists of woven and knit tops and bottoms for the outdoor enthusiast, is being sold successfully in specialty stores associated with this market.
SASSOON and MATCH II are brands that have been out of the public’s eye for quite a while, however they are instantly recognizable by today’s consumer.
Strategic Plan
SASSOON GROUP’s product line will consist of nationally distributed brands. Projected gross sales for the 2004 fiscal year are projected at $30 million, with net income charted at $1,450,000. At such time, the company will commence an aggressive licensing program that will take full advantage of its brand equity by licensing out the production and distribution of all merchandise. Aided by additional items and the licensee projects, sales for the fiscal year ending 2005 are projected to be more than double that of the first year.
The company’s designs will be counter-seasonal, although extended collections will be offered for the Spring and Fall selling seasons. For the Spring and Fall seasons, primary collections will consist of approximately 40 different styles organized into three thematic groupings. During the Father’s Day and Holiday selling seasons, the primary collections will consist of an additional 20 different designs. These will be marketed via SASSOON GROUP’s senior management and independent sales representatives.
SASSOON GROUP will initially develop merchandise lines for production and distribution principally through developing its own line of product designs. Each product will be developed via a design strategy headed by Harmon Seymour, with the support of the SASSOON GROUP. These product lines will be displayed at national trade shows, in Company showrooms and by independent sales representatives.
As SASSOON GROUP continuously expands in sales volume and product line and introduces new categories, it will either hire additional designers with the expertise in the range of products that the company intends to develop, or will license out each category on an individual basis. Designers and/or licensees will be selected based on their experience, their ability to create interesting and original designs and their expertise in merchandizing techniques and technology.
SASSOON GROUP’s design team will constantly monitor emerging trends in fashion and popular culture and travel extensively during the year in order to stay abreast of new designs and trends. The Company will also subscribe to industry services that summarize fashion trends worldwide. In addition, the Company will receive regular feedback from their sales representatives and customers.
Products will be sold through an established sales network consisting of both an in-house sales staff and independent sales representatives. SASSOON GROUP views its online opportunities as both vast and lucrative. Tcgrouponline.com presently serves as a retailer and testing ground for product with plans to increase its presence with a integrated retail website initiative. The sales effort is to be aided and abetted by Harmon Seymour.
All products shall be shipped by suppliers in bulk form to SASSOON GROUP’s warehouses, where they will then be sorted, inspected, and packed for distribution to the customers.
By using an aggressive marketing plan that incorporates advertising in both trade publications (DNR, WWD) and nationally distributed magazines (People, Women’s Day, Sports Illustrated) SASSOON GROUP will generate a great deal of brand awareness. With a significant presence at the major trade show (MAGIC) SASSOON GROUP should be able to capture all the peripheral retailers that encircle the major players (WMT, KMT, Target).
SASSOON GROUP will also enter into co-op ad campaigns with key retailers.
Using our extensive network of vendors, SASSOON GROUP will seek to attain the best price, thus leaving room for the longest margins. Systems such as computerized control of accounting, receiving, shipping, inventory, and production planning are all in place at SASSOON GROUP and can accommodate all additional requirements with modest additions and/or adjustments. EDI capabilities are in place with most major retailers, as are vendor numbers. SASSOON GROUP maintains a warehouse in a Foreign Trade Zone (FTZ) in Las Vegas, Nevada, in order to defray duty and manipulation charges on imported programs.
Summary PRO FORMA Financial Data
Year Ended December 31,
2003
2004
2005
2006
2007
Revenues
9,091,375
30,010,000
51,603,000
92,626,885
138,477,941
Cost of Goods Sold
6,822,150
21,907,300
34,068,000
58,453,850
87,388,992
Gross Profit
2,269,225
8,102,700
17,535,000
34,173,035
51,088,949
SG&A
932,429
1,131,000
1,470,570
1,714,028
2,467,948
Operating Income
1,336,796
6,971,700
16,064,430
32,459,007
48,621,001
Other Income (Expenses)
(2,361,198)
(4,157,637)
(6,692,577)
(9,550,432)
(13,835,701)
Income Before Taxes
(1,024,402)
2,814,063
9,371,853
22,908,575
34,785,300
Taxes
-
729,572
2,429,740
5,939,260
9,018,411
Net Income
(1,024,402)
2,084,491
6,942,113
16,969,315
25,766,889
EBITDA
(1,024,402)
2,084,491
6,942,113
16,969,315
25,766,889
MANAGEMENT
Ø Chairman of the Board of SASSOON GROUP: Mark Binder
Mark Binder founded and developed a successful apparel manufacturing organization with an initial investment of $3,000 in a basement in Brooklyn, New York in 1972. His business initially began as an accessory house, which quickly grew to a lateral operation, which is capable of supplying all types of apparel to all segments of the industry. Mark has been the driving force behind the success of SASSOON GROUP. Among his accomplishments are:
¨ Conceptualization and development of all phases of the business, including accounting, production, sales and shipping.
¨ Growth and expansion of business into a factory located in NY (601 W. 26 St) where he employed a staff of 30, independently, until forced to enter belt union. Through tedious research Mark found a loophole in the union contract enabling the company to break free of the union and allowing the company to explore other items.
¨ Led expansion of company to $15M.
¨ Provided the impetus, vision and leadership to change course with the times and move on to additional product lines.
¨ Opened a showroom on 5th Ave., NY, to house growing lines and sales force.
¨ Built 15,000 square ft. warehouse in Pennsylvania to escape the escalating costs of NY real estate. Built a strip mall in front of warehouse and rented stores (12) to defray the costs of the building.
¨ Personally negotiated 10-year lease for a larger showroom in NY that was 15% below the average rent rate at that time.
¨ Negotiated and facilitated all contracts with various lending establishments through the years, cementing firm relationships with key personnel.
¨ Through foresight, built a 15,000-sq. ft. warehouse in Pennsylvania to enable growth of business.
¨ Retained primary staff through quality management training.
¨ Instituted policies and programs designed to expand the customer base and grow the product mix.
¨ Developed the concept of ‘item’ selling that propelled the company to $7M with SAM’s Club and $6M annually in EDI programs with WMT.
¨ Groomed and taught management to adhere to the same business ethics and practices, thereby extending the corporate “family”.
¨ As a visionary, saw the opportunity in utilizing the FTZ (Foreign Trade Zone) as a working tool in the import business on both the east and west coasts.
¨ Personally called on key accounts such as SAM’s Club, WMT, and Burlington Mills.
¨ Was instrumental in moving the company away from domestic production and going off shore to increase profitability.
Ø Chief Executive Officer and Director of SASSOON GROUP: Gail Binder
Gail Binder is a seasoned executive motivated by challenge and rewarded through the seamless implementation of key corporate initiatives that aid profitability, productivity and quality. Gail began working for TC in 1979 as a belt / accessory designer with products featured in such varied venues as Ohrbach’s, Barney’s, Macy’s, Merry-Go-Round, Chess King, etc. Her duties included color and designing product, sourcing and pricing product and creation of labeling and packaging. Gail has moved up and today handles the day-to-day operations of the business making her invaluable to the company. Gail continued her career progression by:
¨ Working with sales on key account presentations. Training sales staff in all aspects of product, empowering them to sell on their own.
¨ Heading the purchasing department, sourcing and buying any and all components for belts, suspenders, and ties.
¨ Key negotiator for pricing of components, bringing items into line for up to 35% profit margins.
¨ Helping develop and implement proprietary computer system, which runs the company’s accounting, production and inventory control.
¨ Pioneering the use of the CAD (Computer Aided Design) System to assist in merchandising, design and production.
¨ Instrumental in the set-up and servicing of EDI programs for SAM’S Club, WMT, Burlington, etc.
¨ Overseeing all technological purchases such as: Computers, Phone Systems, CAD Systems,
Software, etc.
¨ Planning and producing all trade shows including MAGIC, NAMSB, and B.A.T.M.A.N.
¨ Overseeing Personnel Department and is instrumental in choosing Healthcare carriers for the company.
¨ Assisting the CEO in daily activities including strategic business planning and documentation review and rewrites.
Ø President and Director of SASSOON GROUP: Robert Sautter
In 1988 Robert Sautter was personally selected and groomed by the CEO to assume the role of leadership. Robert advanced from the bottom up, thoroughly learning every aspect of the business from the inside out. Robert is a resourceful team player characterized by exemplary people skills. Robert’s rise through the company is outlined below.
¨ Began at the Pennsylvania facility while still in High School doing general warehouse work.
¨ Quickly rose to Floor Supervisor. Responsibilities included all phases of picking and packing until product was shipped out the door.
¨ Left Penn State for a full time career with the company. Advanced to Product Manager taking full control of all domestic production including all WMT replenishment programs (suspenders, ties, boxer shorts).
¨ Created logistics system to track incoming deliveries.
¨ Traveled to India to reinforce quality controls and shipping practices from factories.
¨ As Executive VP of Production assumed full responsibilities of all production, both Domestic and Import.
¨ Devised and implemented fresh management strategies, team building sessions and facilitated round table discussions with team leaders. Realized significantly improved morale over both the short and long term as a direct result of these strategic interventions.
¨ Archived all UPC numbers and created tickets and labels for all accounts.
¨ Instrumental in the installation of the Paramount System, which electronically verifies the contents of all packages shipped, thereby greatly reducing (if not stopping altogether) charge backs for concealed shortages.
¨ As liaison for the licensees OUTDOOR LIFE and HOME TURF plays an active role in sales and marketing. In this capacity has made major presentations to Cabela’s, Meijers, Casual Male, etc.
¨ Took over complete operations of Pennsylvania facility including a strip mall in front of the facility. Maintains standards according to County rules and regulations.
Ø Chief Financial Officer, Treasurer and Director of SASSOON GROUP: Olga Savelov
Olga Savelov began her long career with SASSOON GROUP in 1979 as an assistant bookkeeper, her first job in the USA. Olga is a highly focused financial executive promoted from within. Expertise with both finance and production has brought visible achievements in strategic partnerships. Olga is able to take monumental challenges with near-impossible deadlines. Committed to excellence, Olga has a long list of accomplishments within the company, some of which are:
¨ Key member of team that investigated and implemented proprietary apparel software system to integrate and run accounting as well as production and inventory control.
¨ As a result of direct training under CEO, Mark Binder became well versed in finances of the company and was able to deal with bank and other financial institutions independently.
¨ Responsible for setting pricing guidelines to achieve maximum margins for the company. Maintains close relationships with vendors in order to negotiate best possible price for products resulting in average margins of 24%.
¨ Procured best rates on all insurance with various suppliers to receive maximum coverage. Meticulous record keeping aided in collecting on claims.
¨ Promoted to CFO. Runs entire Accounting Department. Prepares all financial documentation for presentations to banks and investors.
¨ Pioneered the RLDS (Retail Link) System instituted by WMT and used throughout the industry to this day. Worked along with WMT to fine-tune their program by creating extensive spreadsheets for forecasting.
¨ Instituted logistics system to insure on time delivery of goods. Incorporated delivery information into the production schedule. The Software Company later justified this system as it included it as one of the modules offered by the system.
¨ Presented on-site customer presentations to multinational corporations. Traveled with local sales teams to DMMs. Collaborated with sales, merchandising and support teams to develop and maintain major programs.
Ø Chief Operating Officer and Director of SASSOON GROUP: Harmon Seymour
¨ Directs Product Development, Sourcing, Marketing, Sales, and Advertising.
¨ Responsible for the development of Branded Labels.
¨ Key resource for all major retailer programs and clients inclusive of Wal-Mart, Kmart, Sears, J.C. Penney, etc.
¨ Works directly with client CEO’s and upper management to ensure success of Product Development, Quality and Advertising.
¨ In 1971, Mr. Seymour was the first Garment Importer invited to China for trade by the Chinese government.
Ø Corporate Secretary of SASSOON Group: Richard A. Taulli
¨ Has consulted and assisted in the corporate development and infrastructure of numerous public and private companies worldwide.
¨ Responsible for the operation, development and implementation of corporate strategies and on-going consultation.
¨ Member of the Board of Directors of numerous public and private companies.
¨ Former Corporate Secretary and Treasurer responsible for all Corporate Filings, SEC documentation, reporting and financial duties.
CONTACT SASSOON GROUP
7409 Oak Grove Ave., Las Vegas, Nevada 89117
Tel: 702-873-6597; Fax: 702-873-4834; RickTexc@aol.com
Contact: Richard A. Taulli, Secretary
