Cherokee Global Brands (NASDAQ:CHKE), a global brand
marketing platform that manages a growing portfolio of fashion and
lifestyle brands, is pleased to announce the appointment of
Carol Baiocchi and Susan Engel as independent directors on its
board of directors, effective February 21, 2017. Ms. Baiocchi will
serve as a member of the Compensation Committee, and Ms. Engel will
join the Audit Committee. The Company also announced that long-term
board member Timothy Ewing has stepped down as a director effective
February 20, 2017.
“As we accelerate the global expansion of our high-equity
lifestyle brand portfolio, Ms. Baiocchi’s track record of
successfully growing consumer products and retail businesses and
Ms. Engel’s private label and brand development experience will
prove invaluable,” said Cherokee Global Brands’ Chairman, Jess
Ravich. “We look forward to adding their extensive and diverse
expertise to our board in order to accelerate our strategic and
organic growth initiatives. As always, our mission is to increase
long-term value for our shareholders.”
Mr. Ravich added, “We would like to thank Tim Ewing for his
years of service on our board of directors. I am grateful for the
many contributions he has made to Cherokee Global Brands' success
and wish him the very best."
Ms. Baiocchi currently serves as a director of Two Ten Footwear
Foundation, a charitable foundation that offers assistance to the
footwear industry community. She formerly served as chairman and
vice-chair for the foundation. Ms. Baiocchi is also co-founder of
the Women in Footwear Industry (WIFI) Community Initiative and
currently serves as co-director. From 2009 to 2016, Ms. Baiocchi
served as senior vice president, footwear for Kohl’s Corporation.
During her tenure, she led merchandising and creation for licensed
brands, increasing the retailer’s penetration in fashion footwear
and expanding the athletic footprint. From 1994 to 2009, Ms.
Baiocchi served as vice president/divisional merchandise manager,
women’s footwear at Macy’s West, a division of Macy’s Inc., where
she planned and executed merchandising and product development
throughout the company’s multiple store group consolidations. Ms.
Baiocchi holds a Bachelor of Arts degree from Loyola
University.
“I am honored to join the Cherokee Global Brands’ Board of
Directors, and ready to put my expertise to work, particularly
given the recent acquisition of the Hi-Tec® and Magnum® brands,”
said Ms. Baiocchi. “I’m excited to have the opportunity to work
alongside my fellow directors and Cherokee Global Brands’
management team to guide the company into this new growth
chapter.
Ms. Engel currently serves as an independent director at Wells
Fargo & Company (NYSE:WFC). She possesses extensive corporate
board experience, having previously served as a director for nine
public and private companies. Ms. Engel formerly served as chief
executive officer of Portero Luxury, a New York based e-commerce
company, from 2009 to 2013, where she led a restructuring
initiative and oversaw the successful sale of the company. From
1994 to 2007, Ms. Engel served as president, and later as chair and
chief executive officer, of Lenox Corporation (formerly Department
56), a manufacturer, designer and distributor of collectables. At
Lenox, Ms. Engel led a supply chain and line extension strategy,
leading the company into new channels of distribution and strategic
acquisitions. Prior to Lenox, Ms. Engel served as chief executive
officer and president of Champion Athletic, a division of Sara Lee
Corporation. Ms. Engel holds a Masters of Business Administration
from Harvard Business School, and a Bachelor of Science from
Cornell University.
“I am delighted to have the privilege of serving on Cherokee
Global Brands’ Board,” said Ms. Engel. “The company has already
expanded to more than 100 countries and 9,000 locations, in
addition to its many e-commerce partnerships. I very much look
forward to bringing my years of omni-channel experience to bear as
Cherokee Global Brands enters its next phase of global category and
brand expansion.”
About Cherokee Inc.Cherokee is a global brand
marketing platform that manages a growing portfolio of fashion and
lifestyle brands including Cherokee®, Carole Little®, Tony Hawk®
Signature Apparel and Hawk Brands®, Liz Lange®, Hi-Tech and
Magnum®, Sideout®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor® and
Flip Flop Shops®, a leading franchise retail chain, across multiple
consumer product categories and retail tiers around the world. The
Company currently maintains license and franchise agreements with
leading retailers and manufacturers that span over 110 countries in
12,000 retail locations and digital commerce. Its retail, franchise
and e-commerce platform partnerships include: Target Stores (U.S.),
Kohl's (U.S.), Sears Canada (Canada), Walmart (Canada), Argos &
Sports Direct (UK and Ireland), Flip Flop Shops® (US, Canada,
Caribbean, Middle East and South Africa), RT-Mart (Peoples Republic
of China), Pick 'n Pay (South Africa), Falabella (Chile, Peru and
Colombia), Arvind Mills (India), Shufersal LTD. (Israel), Comercial
Mexicana (Mexico), Nishimatsuya (Japan), Landmark Group's Max
Stores (certain Middle East and North Africa countries), Reliance
Trends Stores (India), Ahold (Czech Republic) and the TJX Companies
(U.S., Canada and Europe).
Safe Harbor StatementThis news release contains
forward-looking statements regarding future events and the future
performance of Cherokee. A forward-looking statement is neither a
prediction nor a guarantee of future events or circumstances and is
based on currently available market, operating, financial and
competitive information and assumptions. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expected or projected, including,
among others, risks associated with the expected benefits of the
Hi-Tec Acquisition, the sale of certain assets and liabilities of
Hi-Tec and its subsidiaries to new operating partners, financing
undertaken in connection with the Hi-Tec Acquisition, the ability
of Cherokee to convert the Hi-Tec business to a branded licensing
model, the effect of global economic conditions, the financial
condition of the apparel and retail industry, adverse changes in
licensee or consumer acceptance of products bearing the Company’s
brands, the ability and/or commitment of the Company’s licensees to
design, manufacture and market Cherokee®, Carole Little®, Tony
Hawk® and Hawk Brands®, Liz Lange®, Hi-Tech and Magnum® and
Sideout® branded products, the Company’s dependence on a select
group of licensees for most of the Company’s revenues and the
Company’s dependence on its key management personnel. The
risks included here are not exhaustive. Other risks and
uncertainties are described in our annual report on Form 10-K filed
on April 14, 2016, its periodic reports on Forms 10-Q and 8-K, and
subsequent filings with the SEC we make from time to time,
including the preliminary prospectus supplement that we filed in
connection with the offering described herein. Except as required
by law, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contacts:
Cherokee Global Brands
Jason Boling, CFO
818-908-9868
Addo Investor Relations
Patricia Nir
310-829-5400
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