Tuesday, Jones Apparel Group Inc. (JNY) said it has expanded its l.e.i. franchise by signing an exclusive license agreement with Steven Madden Ltd. (SHOO), which will design, manufacture and distribute a collection of junior and girls footwear under the l.e.i. brand, to be distributed exclusively to Wal-Mart stores nationwide beginning Spring 2009.
The company noted that l.e.i. was an acronym for life, energy, intelligence, and said the footwear was the first of many planned category extensions intended to leverage the strength of l.e.i. as a branded resource across relevant categories together with Wal-Mart.
Commenting on the agreement, Wesley Card, Jones Apparel Group president and chief executive officer, stated, "We are pleased to enter into this agreement with Steven Madden to deliver footwear positioned consistent with our brand strategy and which will exceed the l.e.i. customer's expectations shopping at Wal-Mart."
JNY ended Tuesday's regular trading down 3.79% at $18.03 on the New York Stock Exchange. SHOO last traded up 1.92% at $25.48 but went on to trade down 0.44% in the after-market trade to end at $25.37 on the Nasdaq.
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