| True Religion to launch shoes |
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| Monday, 06 November 2006 | |
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Jeanswear firm True Religion apparel is about to launch a range of footwear and headwear in a bid to offer consumers a complete lifestyle range. On Monday the company announced the signing of a licensing agreement with Italian shoemaker GMI Corporation. GMI, which also produces footwear for Levi's, will produce and distribute the brand's footwear for men, women and children on a worldwide basis. True Religion shoes, sneaker and sandals will hit stores in fall 2007. In addition, the US brand has also signed an agreement with American clothing and headwear specialist Paramount Apparel International. The latter will produce headwear, scarves and gloves for True Religion, which will be available in stores from next summer. Paramount already produces headwear for sporting goods giant Nike and footwear retailer Timberland. "This brings us one step closer towards our goal of becoming a vertically integrated, premium, global lifestyle brand," said True Religion's chief executive Jeff Lubell. The two deals are expected to contribute €7.1 million of operating profit during the life span of the transactions. Last year, True Religion generated a turnover of $102.6 million (£53.9 million). |
