Ms. Shachtman had previously held the position from November 1998 through February 2002.
Having joined Guess? in 1986, Ms. Shachtman has served in various sales and merchandising positions. She was named Vice President of Sales and Merchandising in 1993, President of Sales for the Wholesale division in 1998 and President of Wholesale in 2000.
Maurice Marciano, Co-Chairman and Co-Chief Executive Officer, said, "Nancy has been an integral member of the Guess? team for more than 16 years, and we are delighted that she has come back to lead our Wholesale division. Based on her strong relationships within the retail community, her deep knowledge of the Guess? customer and her long experience in the industry, Nancy's contributions will be particularly valuable now as we navigate through a challenging department store environment and accelerate the initiatives we have underway to differentiate our products on the selling floor."
Ms. Shachtman said, "Having been at the Company since its early days, I am excited to return to Guess?. While the wholesale marketplace is difficult at present, Guess? has been proactive in taking steps to best position its business and address the needs of its department store and specialty store customers and consumers. Working closely with the rest of the management team, I intend to build on what has been achieved to date in order to maximize the potential of the wholesale business now and over the long term."
Guess?, Inc. designs, markets, distributes and licenses one of the world's leading lifestyle collections of contemporary apparel, accessories and related consumer products.
Except for historical information contained herein, certain matters discussed in this press release including but not limited to the Company's expected results of operations and plans to reduce costs and estimated charges, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods and other future events to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ from current expectations include, among other things, the continued availability of sufficient working capital, the successful integration of new stores into existing operations, the continued desirability and customer acceptance of existing and future product lines, possible cancellations of wholesale orders, the success of competitive products, the success of the Company's programs to strengthen its inventory cost accounting controls and procedures, and the availability of adequate sources of capital. In addition to these factors, the economic and other factors identified in the Company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2001 including but not limited to the risk factors discussed therein, could affect the forward-looking statements contained herein and in the Company's other public documents.
CONTACT: Guess?, Inc., Los Angeles
Carlos Alberini
(213) 765-3582
OR
Frederick G. Silny
(213) 765-3289
OR
Kekst and Company, New York
Wendi Kopsick/Molly Morse
(212) 521-4800
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