Joe's Jeans (NASDAQ: JOEZ) Opens Again in Philadelphia
Joe's Jeans announced the opening of its sixteenth store in Philadelphia. The store is located at Philadelphia Premium Outlets, a deluxe location 35 miles from downtown Philadelphia, which houses 150 of the finest branded outlet stores. Marc Crossman, President and CEO, commented, "Our Philadelphia store rounds out our 2010 expansion in the mid-Atlantic region, home to a substantial group of eager Joe's loyalists." Crossman added, "We are excited about continuing to open stores within the family of centers designated as Premium Outlets(R), a division of Simon Property Group. Our locations in the Premium Outlets(R) centers have exceeded our expectations and we look forward to our Philadelphia store adding to our retail sales and store portfolio." Joe's Jeans Inc. ("Joe's") designs, sources and distributes its Joe's® and Joe's Jeans™ branded apparel products to over 1,200 retail stores in the U.S. and abroad. Joe's is one of the premium denim brands in the world. Very popular with movie and television stars, Joe's products are worn by top models featuring in major fashion magazines. Ophrah Winfrey endorses Joe's on her style website. Joe's Jeans product line comprises women's, men's, and children's denim jeans, pants, shirts, sweaters, jackets, and other apparel products under the Joe's brand. The company also sells handbags, clutches, belts, and small leather goods under a license agreement. The company acquired the Joe's brand from JD Holdings in 2007, changed its name from Innovo Group to Joe's Jeans, and revised its business plan to focus on building the Joe's and Joe's Jeans brands of denim and denim-related products. Joe's Jeans also sells its apparel online at the Joe's Jeans Web site. The company sells its products also through high-end retailers such as Saks and Macy's and in specialty stores including Atrium and Fred Segal. In November 30, 2009 the Company launched a line of unisex woven shirts in different fits and fabrications (simply called "The Shirt") and branded it with the Joe's logo. Joe's also launched a line of denim leggings for women. Shares of Joe's Jeans are currently trading flat at $ 2.06 on less than average volume.
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