Oakley To Open Seven Iacon Stores

FOOTHILL RANCH, Calif.–Oakley, Inc. (NYSE:OO) announced retail expansion plans for its wholly owned sunglass specialty retailer Iacon, Inc. with leading mall developer Taubman Centers, Inc. (NYSE:TCO). “Iacon has always chosen the best locations in the best malls throughout the country for its retail concepts. The Taubman Centers’ premier locations make them the perfect retail partner with which to expand the Iacon chain of sunglass specialty stores,” commented Iacon President Jeff Obstfeld. “I am eager to commence what I know will be a long and prosperous retail relationship with one of the outstanding mall developers in the country,” added Oakley Chief Operating Officer Link Newcomb. The locations for the seven store expansion include: Beverly Center, Los Angeles, California; The Mall at Short Hills, Short Hills, New Jersey; Cherry Creek Mall, Denver, Colorado; Mall at Millenia, Orlando, Florida; Woodfield Mall, Chicago, Illinois; Meadowood Mall, Reno, Nevada; and Sunvalley Mall, Concord, California. The locations will be a combination of kiosks and in-line retail stores operating under the Sporting Eyes, Sunglass Designs and Occhiali da Sole concepts and will represent the first Taubman malls in which Iacon will have a store presence. Current plans call for these locations to roll out over the next year. About Taubman Centers, Inc.
Taubman Centers (NYSE:TCO), a real estate investment trust, currently owns and/or manages 30 urban and suburban regional and super regional shopping centers in 13 states. The Mall at Millenia (Orlando, Florida) will open in October, 2002 and Stony Point Fashion Park (Richmond, Virginia) will open in September, 2003. Taubman Centers is headquartered in Bloomfield Hills, Michigan. About Iacon, Inc.
Iacon’s growing chain of mall-based sunglass specialty stores operate under three separate retail concepts known as Sunglass Designs, Sporting Eyes and Occhiali da Sole. The Company’s stores are located throughout the United States, primarily in the sunbelt regions. The Company generated revenues of more than $15.9 million over the twelve months ended December 31, 2001, and as of March 31, 2002, operated 45 retail locations. In addition to its mall-based retail locations, Iacon has entered into a master licensing agreement with HMSHost, the world’s leading concessions operator under which HMSHost has licensed Iacon’s sunglass retailing branded concepts for airport locations operated by HMSHost. To date two such locations have been opened in Salt Lake City, Utah and Charlotte, North Carolina. On October 31, 2001, Iacon became a wholly owned subsidiary of Oakley, Inc. About Oakley, Inc.
Oakley: a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading, premium sunglasses, the company also offers an expanding line of premium performance footwear, apparel, accessories, watches and prescription eyewear to consumers in more than 70 countries. Trailing-12-month net sales through March 31, 2002 totaled $445.0 million and generated net income of $46.8 million — a 10.5 percent net margin.