Hi-Tec Sports Announces New Venture Series
Innovative range of performance apparel, where fashion meets function, to be launched this fall in collaboration with Tharanco Lifestyles
SHERMAN OAKS, CA (June 30, 2020) — Apex Global Brands (Nasdaq: APEX), a global brand management and licensing organization that markets a portfolio of high-equity lifestyle brands it owns, creates and elevates, today announced that its subsidiary Hi-Tec Sports International Holdings, in collaboration with Tharanco Lifestyles, will be launching a new patent pending Venture Series of performance apparel. The initial range of thoughtfully designed, high-quality offerings featuring built-in face masks will soon be available for purchase on hi-tec.com and will roll out nationally this fall.
Combining nearly a half-century of experience introducing innovative apparel to the retail market, the design team behind Hi-Tec’s new Venture Series has crafted this unique line with today’s changing consumer and environment in mind. As people navigate through the new-normal and ultimately return to work, school and social activities, Hi Tec’s Venture Series will provide a stylish, but functional alternative to individual face masks. Incorporating protection into fashionable clothing, the Venture Series will offer wearers the ability to seamlessly adapt their shirts, sweatshirt or jackets via a built-in face mask whenever needed.
Tharanco Lifestyles, an operating division of Tharanco Group, was founded in 2017 following an agreement with Apex Global Brands, formerly the Cherokee Group, to be the official North American apparel licensee for the HI-TEC® and 50 Peaks by HI-TEC® brands.
Bill Hackett, President of Tharanco Lifestyles commented, “We have addressed the next step of what our customers have been asking for by developing quality, comfortable clothing with a deployable mask option when necessary or desired. Our goal with the Venture Series was to cross-pollenate fashion and function. When the mask option is activated, consumers have the option to insert a filter screen into the mask itself for personalized levels of protection. Our Venture Series range of products are comfortable, convenient, and always stylish.”
Henry Stupp, chief executive officer of Apex Global Brands, added, “Through the launch of Hi-Tec’s Venture Series, we will expand and strengthen our licensee partnership with Tharanco, while also bringing consumers the best in fashion through the further development of the Hi-Tec brand. We look forward to seeing this exceptional line of apparel hit stores this fall.”
The HI-TEC® Venture Series will be carried at leading outdoor and performance clothing retailers throughout North America. Shoppers can expect a full range of Hi-Tec men’s and women’s products.
HI-TEC® is driven by a mission to get the world outdoors and experience a new view. Leading outdoor crossover culture, the brand enables those who find themselves both in the city and on the trail, to seek new experiences. From discovering the great outdoors to running through urban jungles, HI-TEC® is versatile anywhere.
HI-TEC® was founded in 1974 in the appropriately named village of Shoeburyness in Essex, England. The original success grew from the breakthrough design and development of HI-TEC®’s first ever shoe, the HI-TEC® Squash.
HI-TEC® specializes in Outdoor, Lifestyle and Sport footwear, apparel and accessories for all the active family. HI-TEC® created the first light-hiking boot, the Sierra Lite, and continued to create innovative outdoor and sport products from lightweight walking and hiking boots, to comfortable running and court shoes and waterproof winter boots and summer sandals. HI-TEC® products are developed with the needs of consumers in mind. Innovation is driven by the desire to understand how our products are used to ensure consumers are Comfortable Anywhere.
Hi-TEC® Sports is a subsidiary of Apex Global Brands, a publicly traded company (NASDAQ: APEX). For more information, visit www.Hi-Tec.com or follow HI-TEC® on Instagram at @hitec.
About Tharanco Lifestyles
Industry veterans Haresh Tharani and Michael Setola created Tharanco Lifestyles LLC in 2009 with the master license acquisition for Greg Norman Collection. The partnership offers emerging and established brands a strong and resourceful operations platform with deep experiences in apparel sourcing and brand building in the domestic and international markets. In addition to distributing the Greg Norman Collection to more than 50 countries worldwide, the company also owns Dunning Golf and Nick Graham Clothing and is the master license for Hi-Tec apparel in the United States and Canada.
About Apex Global Brands
Apex Global Brands is a global brand management and licensing organization that markets a portfolio of high-equity lifestyle brands it owns, creates and elevates. The brand portfolio spans multiple consumer product categories and retail tiers around the world and includes HI-TEC®, Magnum®, 50 Peaks®, Interceptor®, Cherokee®, Tony Hawk®, Point Cove®, Carole Little®, Everyday California® and Sideout®. The Company currently maintains license agreements with leading retailers and manufacturers that span approximately 140 countries in over 20,000 retail locations and digital commerce. For more information, please visit the Company’s website at apexglobalbrands.com.
Forward Looking Statements
This news release may contain forward-looking statements regarding future events and the future performance of Apex Global Brands. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks that: the Company will not receive the anticipated federal income tax refunds in a timely manner or at all; the Company and its partners will not achieve the results anticipated in the statements made in this release; the impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers and the Company, on its business, financial condition and results of operations is more adverse than currently predicted; that anticipated revenues will be lower than anticipated or that expenses will be higher than anticipated, which could cause the Company to fail to meet the financial covenants in its credit facility and thereby give its lender the right to terminate the forbearance and declare an event of default and to exercise its rights under the credit facility; global economic conditions and the financial condition of the apparel and retail industry and/or adverse changes in licensee or consumer acceptance of products bearing the Company’s brands may lead to reduced royalties; the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, HI-TEC®, Magnum®, 50 Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®, Everyday California® and Sideout® branded products could cause our results to differ from our anticipations; the Company’s dependence on a select group of licensees for most of the Company’s revenues makes us susceptible to changes in those organizations; our level of indebtedness and restrictions under our indebtedness; and the Company’s dependence on its key management personnel could leave us exposed to disruption on any termination of service. A more detailed discussion of such risks and uncertainties are described in the Company’s annual report on Form 10-K filed on April 30, 2020, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC the Company makes from time to time. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
For more information, please contact:
Bill Hackett, President