G-III Apparel Group, Ltd. has expanded its relationship with Wal-Mart Stores, Inc. with a new young men's branded sportswear line, Exsto, which Wal-Mart recently acquired from G-III Apparel. The Exsto brand is aimed at price-conscious, male consumers between 18 and 35 who seek strong fashion that reflects a hip, urban sensibility. G-III noted that it is currently the sole supplier of Exsto branded products to Wal-Mart. Initially, the line will consist of sportswear, outerwear and hats and is expected to be available in 300 select Wal-Mart stores for the upcoming Fall season.
Morris Goldfarb, G-III's Chief Executive Officer, said, “We are pleased to have this opportunity to deepen our relationship with Wal-Mart through this very significant program. We are looking forward to demonstrating our effectiveness to this important customer as a supplier of a full-range of four-season apparel. This is an excellent example of the broadened range of growth opportunities we now have in front of us. We are excited to continue to diversify and develop our business, while creating value for our customers, the consumer, and our shareholders.”
The company noted that Jeffrey Tweedy, who joined G-III in December 2005 as President of the Company's sportswear division, is spearheading the development of the Exsto line. Prior to holding this position, Mr. Tweedy was Executive Vice President of Sean John Apparel, having helped build Sean John into a $450 million global lifestyle brand from its inception in 1998. Mr. Tweedy has also held the positions of Vice President of Karl Kani Jeans, Sales Manager for Ralph Lauren Womenswear, and National Sales Manager of Knitwear for Hugo Boss.
