Enesco Group, Inc. and Jim Shore Renew Relationship; Strategic Alliance Ends Litigation with Jim Shore
2006年1月31日 - 7:03AM
ビジネスワイヤ(英語)
Enesco Group, Inc.(NYSE:ENC), a leader in the giftware, and home
and garden decor industries, and Jim Shore Designs, Inc. are proud
to announce that the Company and designer Jim Shore are embarking
on a renewed relationship, following a six-month legal dispute
regarding the licensing of Jim Shore products. Enesco and Jim Shore
Designs entered into a settlement agreement to dismiss with
prejudice their claims against each other. Under the terms of a new
strategic alliance agreement entered into today, Jim Shore Designs
reaffirms and strengthens its commitment to Enesco, which, among
other things, continues the relationship between Enesco and Jim
Shore Designs three years from the Effective Date, November 23,
2005, through November 22, 2008, and through November 22, 2011
unless either party chooses not to renew. The strategic alliance
agreement focuses on key gift and seasonal categories that have
been very successful for Enesco and Jim Shore Designs. Certain key
terms are discussed later in the release. "I could not be more
pleased to renew my partnership with the Company that has helped me
bring my artwork to millions of Americans and that is
whole-heartedly devoted to my designs and the Jim Shore brand,"
said Jim Shore. "Ultimately, Enesco is the Company I want to
produce my work. Enesco not only does a good job of protecting its
products, lines and brands, but also is dedicated to the task of
becoming the industry's best at serving its customers." "Everyone
at Enesco - our employees, our sales force, the management team and
the Board of Directors - is thrilled to have a strengthened
relationship with Jim Shore," added Cynthia Passmore, president and
CEO of Enesco. "The strategic alliance is consistent with Enesco's
decision to focus on four core gift categories and core channels.
I'm happy we now can put past misunderstandings behind us and move
forward with growing the Jim Shore line during the coming years. We
are very happy to have Jim as part of the Enesco family and look
forward to many more years together." During the month of January
2006, Enesco launched approximately 60 new products designed by Jim
Shore at its showrooms across the country. Certain key terms of the
strategic alliance agreement are discussed, as follows: -- Enesco
will maintain exclusive rights to the use of Jim Shore artwork with
respect to holiday ornaments, figurines, statuary and figural
groupings with limitations defined in the agreement. -- The Company
also will have non-exclusive rights to use artwork and trademarks
of Jim Shore Designs with respect to certain theme groupings. Other
non-exclusive product categories may be added, subject to approval
from Jim Shore Designs. -- Enesco will be the exclusive licensee of
the Heartwood Creek and Life of a Nation trademarks. Jim Shore
Designs will continue to be the sole owner of its artwork and also
will own other artwork under certain circumstances. -- The licensed
products will be distributed under the strategic alliance agreement
through channels of trade approved by Jim Shore Designs, which
include the Company's current customers, but ultimately will
exclude retailers that deeply discount retail prices on the
licensed products. -- Under the agreement, all royalties payable by
Enesco through 2005 will be paid on February 3, 2006. The royalty
rate payable to Jim Shore Designs has been increased under the new
agreement retroactive to November 23, 2005. -- The Company agrees
to adhere to strict quality standards for the production of
licensed product and to use agreed-upon manufacturing facilities.
Enesco has agreed to specific termination provisions in the event
of breach of four critical material obligations in any rolling
12-month period, even if Enesco later cures those breaches. -- Jim
Shore Designs may terminate the strategic alliance agreement in the
event the Company experiences a change in control, including, but
not limited to, a change in the President/CEO of Enesco where Jim
Shore Designs is not satisfied with subsequent leadership. About
Enesco Group, Inc. Enesco Group, Inc. is a world leader in the
giftware, and home and garden decor industries. Serving more than
30,000 customers globally, Enesco distributes products to a wide
variety of specialty card and gift retailers, home decor boutiques,
as well as mass-market chains and direct mail retailers.
Internationally, Enesco serves markets operating in the United
Kingdom, Canada, Europe, Mexico, Australia and Asia. With
subsidiaries located in Europe and Canada, and a business unit in
Hong Kong, Enesco's international distribution network is a leader
in the industry. The Company's product lines include some of the
world's most recognizable brands, including Border Fine Arts,
Bratz, Circle of Love, Foundations, Halcyon Days, Jim Shore
Designs, Lilliput Lane, Nickelodeon, Pooh & Friends, Walt
Disney Classics Collection, and Walt Disney Company, among others.
Further information is available on the Company's web site at
www.enesco.com. This press release contains forward-looking
statements, which reflect management's current assumptions and
beliefs and are based on information currently available to
management. The Company has tried to identify such forward-looking
statements by use of such words as "expects," "intends,"
"anticipates," "could," "estimates," "plans," and "believes," and
similar expressions, but these words are not the exclusive means of
identifying such statements. Such statements are subject to various
risks, uncertainties and other factors, which could cause actual
results to vary materially from those anticipated, estimated,
expected or projected. Important factors that may cause actual
future events or results to differ materially and adversely from
those described in the forward-looking statements include, but are
not limited to: the Company's success in implementing its
comprehensive plan for operating improvement and achieving its
goals for cost savings and market share increases; the Company's
success in developing new products and consumer reaction to the
Company's new products; the Company's ability to secure, maintain
and renew popular licenses, particularly our Cherished Teddies,
Disney and Jim Shore Designs licenses; the Company's ability to
grow revenues in mass and niche market channels; the Company's
ability to comply with covenants contained in its credit facility;
the Company's ability to obtain a new global senior credit
facility; changes in general economic conditions, as well as
specific market conditions; fluctuations in demand for our
products; manufacturing lead times; the timing of orders and
shipments and our ability to predict customer demands; inventory
levels and purchase commitments exceeding requirements based upon
forecasts; collection of accounts receivable; changes in the
regulations and procedures affecting the importation of goods into
the United States; changes in foreign exchange rates; price and
product competition in the giftware industry; variations in sales
channels, product costs or mix of products sold; and, possible
future terrorist attacks, epidemics, or acts of war. In addition,
the Company operates in a continually changing business environment
and does not intend to update or revise the forward-looking
statements contained herein, which speak only as of the date
hereof. Additional information regarding forward-looking statement
risk factors is contained in the Company's reports and filings with
the Securities and Exchange Commission. In light of these risks and
uncertainties, the forward-looking statements contained herein may
not occur and actual results could differ materially from those set
forth herein. Accordingly, you should not rely on these
forward-looking statements as a prediction of actual future
results.
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