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UNIFA to expand wholesale business of True Religion
Jul '10
True Religion Apparel, Inc. and UNIFA Premium GmbH announce their new joint venture, True Religion Brand Jeans Germany GmbH. Beginning on August 1, 2010, the joint venture will take over the wholesale distribution of True Religion Brand Jeans in Germany, Austria, Switzerland, the Netherlands, Belgium and Luxembourg and the operation of a True Religion Brand Jeans retail store in Cologne, Germany.

UNIFA Premium is currently the largest international distributor of True Religion Brand Jeans merchandise. UNIFA Premium's managing director, Mr. Reinhard Haase, will be the JV's managing director.

Jeffrey Lubell, chairman, chief executive officer and chief merchant of True Religion Apparel, Inc., stated: "We established the joint venture to expand our wholesale business in each of these countries and to roll-out branded retail stores in the territory. Presenting True Religion Brand Jeans in branded retail stores and premium wholesale customers' stores follows our successful domestic strategy. UNIFA Premium brings demonstrated wholesale, retail and operations expertise. Reinhard Haase stands out to me as one of the best European merchants of the premium denim category. We look forward to partnering with Reinhard and the UNIFA Premium wholesale, retail and operations team as they focus their efforts to expand the True Religion Brand."

"This partnership with True Religion Brand Jeans builds on the success that UNIFA Premium has achieved in growing the brand's wholesale sales in this region over the past six years," said Mr. Haase. "The joint venture's business plan calls for expanding the brand's presence with the opening of retail stores and shop-in-shops and increased wholesale sales efforts, including new showrooms."

True Religion Apparel will own a controlling 60 percent interest in the joint venture, and UNIFA Premium will own a 40 percent interest. The joint venture's financial results over the remainder of 2010 are expected to be immaterial to True Religion Apparel's 2010 net sales and earnings per share.

True Religion Apparel Inc

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