Joe’s Jeans Inc. signed a new license agreement with Burano LLC to manufacture and distribute Joe’s branded footwear for women. The initial term of the agreement is for three years with minimum net sales commitments of $5.5 million over the term.
The new line of women’s shoes represents a stylish complement to an ever-expanding Joe’s wardrobe. The first shipment consists of ballet flats in a variety of embellishments and textures and began shipping this month to major department and specialty store retailers, Company owned retail stores and its Internet store with a retail price of $120 to $145. The ballet flats are intended to be offered every season with a new interpretation on the classic shoe. In April, a line of wedges, flat sandals and casual heels is expected to begin shipping and the Fall line, including boots, is expected to begin shipping in July. The shoes will have a vintage look with a feminine vibe and sexy attitude. The offerings will include soft, draping leathers in rich colors and a focus on intricate detailing on the soles.
“We believe our new line of Joe’s branded footwear will contribute to continued brand name recognition and overall growth for 2010. The shoe line will reflect and embody the Joe’s customer, as a fashion forward, casual woman with an independent streak,” said Marc Crossman, President and Chief Executive Officer. Crossman continued, “We are excited to be able to offer our customer fashion forward shoes at attractive retail price points and look forward to the line’s development in our collection.”
