FORT WAYNE, Ind., April 18, 2017 (GLOBE NEWSWIRE) — Vera Bradley, Inc. (Nasdaq:VRA) (“Vera Bradley” or the “Company”), the iconic accessories and lifestyle brand, today announced it has entered into a licensing agreement with CID Resources Inc. for apparel and coordinating accessories designed specifically for the expanding population of female health care professionals.
Rob Wallstrom, Chief Executive Officer of Vera Bradley, noted, “Vera Bradley enters new product categories when it can deliver its signature style paired with new functionality missing from existing products in the market. The medical uniforms market alone is estimated at $1.8 billion in the U.S., and our research indicates that nearly 20% of our customers identify themselves as working in the health care industry. We are delighted that we will be able to offer beautiful apparel and accessories solutions not only to these existing customers but to introduce Vera Bradley to thousands of other medical professionals as well. We are thrilled to inject our version of functionality, color, and especially fun into this important product category.”
“Vera Bradley’s objective is to provide women with beautiful solutions in a growing number of areas in their lives. Interpretations of our beautiful and unique patterns will be ideal for this emerging category of apparel and accessories, and health care professionals will love our great designs,” commented Stephanie Lawrence, Vice President of Licensing. “The products will be highly functional, contain technical materials and innovative construction techniques, and feature design lines and patterns that flatter a broad spectrum of silhouettes. Products will range from uniforms to coordinating totes and bags to ID badge holders.”
Vera Bradley Co-Founder Barbara Bradley Baekgaard added, “We are particularly excited about entering the health care category as the Vera Bradley Foundation for Breast Cancer Research has played an integral role in changing the face of breast cancer research, contributing more than $28 million to the cause.”
The health care professionals’ collection is expected to launch in spring 2018.
Since September 2016, the Company has announced new licensing agreements with Peking Handicraft Inc. for decorative bedding, area rugs, and kitchen textiles (product launch date: July 2017); Renfro Corporation for hosiery, tights, boot liners, and slipper socks (product launch date: July 2017); Mainstream Swimsuits, Inc. for swimwear and cover-ups (product launch date: May 2017); Incipio for various technology products including smartphone and tablet cases, power solutions, and portable audio (product launch date: March 2017); Lifeguard Press for signature stationery and home and office organizational products (product launch date: July 2017); and Fox Chapel Publishing for coloring activity and design books and gift sets (product launch date: November 2016). The Company has an existing license agreement with the McGee Group for readers and sunglasses.
All licensed products will be sold in appropriate distribution channels which could include Vera Bradley stores, verabradley.com, and specialty and chain stores throughout the country. Vera Bradley is working with the licensing partners in the development and final approval of all product designs. Management does not expect licensing partnerships to have a material impact on the company’s financial performance for the fiscal year ending February 3, 2018.
About Vera Bradley, Inc.
Vera Bradley is a leading designer of women’s handbags, luggage and travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s innovative designs, iconic patterns, and brilliant colors continue to inspire and connect women unlike any other brand in the global marketplace. The Company’s commitment to bringing more beauty into women’s lives includes its dedication to breast cancer research through the Vera Bradley Foundation for Breast Cancer. For more information about Vera Bradley (Nasdaq:VRA), visit www.verabradley.com.
About CID Resources Inc.
Headquartered in Dallas, Texas, CID Resources Inc. has been offering high quality apparel to medical professionals since 2010, focusing on style, comfort, and technology. CID prides itself on providing extra value in every garment in the sewing quality (like double bar tacks at all pressure points) as well as in the extra attention to detail. Innovative designs not only provide medical professionals with unparalleled comfort and value, but also celebrate their individuality. Styles, colors, and collections are updated regularly to allow customers to express their personalities in the workplace in a professional manner.
Vera Bradley Safe Harbor Statement
Certain statements in this release are “forward-looking statements” made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and are subject to various risks and uncertainties that may cause actual results to differ materially from those that we expected, including: possible adverse changes in general economic conditions and their impact on consumer confidence and spending; possible inability to predict and respond in a timely manner to changes in consumer demand; possible loss of key management or design associates or inability to attract and retain the talent required for our business; possible inability to maintain and enhance our brand; possible inability to successfully implement our long-term strategic plan; possible inability to successfully open new stores and/or operate current stores as planned; adverse changes in the cost of raw materials and labor used to manufacture our products; possible adverse effects resulting from a significant disruption in our single distribution facility; and possible ramifications from the payment card incident disclosed in October 2016. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC, including the Company’s Form 10-K for the fiscal year ended January 28, 2017. We undertake no obligation to publicly update or revise any forward-looking statement.
CONTACTS: Investors: Julia Bentley, VP of Investor Relations and Communications firstname.lastname@example.org (260) 207-5116 Media: 877-708-VERA (8372)