Vera Bradley, Inc. (Nasdaq:VRA) (“Vera Bradley” or the “Company”) announced it has entered into three additional licensing agreements in the areas of home, hosiery, and swim. The Company previously announced licensing arrangements for stationery and publishing.
Rob Wallstrom, Chief Executive Officer of Vera Bradley, noted, “We are excited about the expansion of our products through licensing which should increase our brand exposure, allow us to acquire new customers, provide additional distribution, drive traffic to our digital flagship, and position us for eventual international growth.”
“We have targeted the areas of home, fashion, and beauty for licensing, and we continue to be pleased with the amount of interest we are receiving from high-quality potential partners,” commented Sue Fuller, Chief Merchandising Officer for Vera Bradley. “Our beautiful and unique patterns are perfect for these key categories.”
The Company has entered into partnerships with:
- Peking Handicraft Inc. for decorative bedding, area rugs, and kitchen textiles with distribution beginning in Fall 2017;
- Renfro Corporation for hosiery, tights, boot liners, and slipper socks with distribution beginning in Fall 2017; and
- Mainstream Swimsuits, Inc. for swimwear and cover-ups with distribution beginning in Spring 2017.
These products will be sold in appropriate distribution channels including Vera Bradley stores, verabradley.com, and specialty and chain stores throughout the country.
Vera Bradley will work 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 years ending January 28, 2017 and February 3, 2018.