SANTA FE SPRINGS, Calif.–(BUSINESS WIRE)–May 2, 2003–Vans, Inc. today announced that it will open a new,full-priced, VANS retail store in London, England in the fall of 2003.
The Company is in the process of executing lease documents.
Located on Carnaby Street in London, the 3,500 square foot store will featureVANS men’s and women’s footwear, apparel and related accessories. The storedesign is an evolution from the look of the stores Vans currently operatesand will feature the newest VANS product. The design cues will communicatethe key messages of creativity, self expression and Core Sports(TM) thatconstitute the VANS lifestyle. This will be Vans’ first full-priced store inEurope. The Company currently operates seven VANS outlet stores collectivelyin the United Kingdom, Austria, and Spain.
Gary H. Schoenfeld, President and Chief Executive Officer stated, “CarnabyStreet has great heritage and fashion influence and represents an idealplatform for us to showcase our products and heighten our exposureinternationally. In addition, as our wholesale business has continued to growin Europe, our retail outlet store performance abroad has similarly beenstrong. We are very excited about the opportunity and believe that this canprovide the impetus for further wholesale and retail expansion in Europe.”(a)
Steve Murray, Chief Marketing Officer and Senior Vice President of Vans’European Operations said, “The VANS brand has strong equity in Europe andwill benefit from having a premier retail location capable of displaying thefull breadth of our product. Those familiar with the history and diversity ofour brand in Southern California will know immediately that due to its ownunique character, Carnaby Street is the perfect location to connect thelifestyle we represent with London’s vibrant athletic footwear scene.”
Mr. Schoenfeld continued, “We are also encouraged about our domestic retailbusiness, as we have experienced a very positive turnaround in our comp trendduring the first two months of our current fiscal fourth quarter. Assumingthese trends continue, we believe this bodes well for back-to-school and aswe look ahead to next year.”(a)
Vans, Inc. is a leading branded lifestyle company for the youth market. Vansreaches its 10 to 24 year-old target consumers through the sponsorship ofCore Sports,(TM) such as skateboarding, snowboarding, surfing andwakeboarding, and through major entertainment events and venues, such as theVANS Triple Crown(TM) Series, the VANS Warped Tour,(R) the VANS World AmateurSkateboarding Championships, 11 large-scale VANS skateparks, and the VANSHigh Cascade Snowboard Camp,(R) located on Mt. Hood. The Company operates 165retail stores in the U.S. and Europe, and designs, markets and distributesactive-casual footwear, clothing and accessories, performance footwear forCore Sports, (TM) snowboard boots, strap snowboard boot bindings under itsAGENCY(TM) brand, step-in snowboard boot bindings under its SWITCH(R) brand,and outerwear worldwide. The Company also offers the PRO-TEC line ofprotective helmets and pads through its subsidiary, Pro-Tec, Inc. Vans’Internet address is www.vans.com.
(a) These are forward-looking statements about our retail business in Europeand the United States. Our actual results in the future could varysignificantly and could be impacted by a number of important factors,including but not limited to: (i) the continuance of downward trends in theU.S. economy (including, particularly, California), foreign economies and thefootwear industry, or the occurrence of events that adversely affect theworld economy and the political stability of the world, such as the recentwar with Iraq, the ongoing dispute with North Korea, and the terroristattacks against the United States which occurred on September 11, 2001; (ii)changes in the fashion preferences of the Company’s target customers and theCompany’s ability to anticipate and respond to such changes; and (iii) thefluctuation of foreign currencies in relation to the U.S. dollar, includingparticularly, the impact of the euro and the British pound on the Company’sEuropean business. Many of these factors, and others, are discussed moreextensively in the Risk Factors section of the Company’s Annual Report onForm 10-K for the fiscal year ended May 31, 2002, which was filed with theSecurities and Exchange Commission.