UK : Speciality Fashion Group to open Austin Reed stores

March 4, 2008

Austin Reed is pleased to announce the signing of a Master Franchise Agreement with Kuwait based Speciality Fashion Group (SFG) a division of The Sultan Center, which currently operates 13 international retail concepts in the Gulf Region.

A minimum of 10 stores is planned across the Middle East over the next 5 years. Territories include the UAE, Kuwait, Bahrain, Qatar, Lebanon and The Kingdom of Saudi Arabia.

Nick Hollingworth, Chief Executive of Austin Reed Group said,” We are delighted to be working alongside SFG, this new signing will expose us to key markets and opportunities in the Middle East and we look forward to a long and successful relationship.’

Established in 1900 by Mr Austin Reed in the City of London, the Austin Reed brand has long been recognised as the quality name in tailoring.

Austin Reed's international expansion began back in 1929 when Cunard selected Austin Reed to open a shop on the transatlantic liner the Aquitania, reflecting the extent to which the company had established itself as the UK's premier menswear retailer.

Austin Reed operates via strategic international partnerships in USA, Japan, South Korea, Russia, Thailand, Singapore, Indonesia, Malaysia, Columbia and India and has over 1,000 stockists. The brand continues to explore additional new opportunities across the globe.

Austin Reed Group PLC

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USA : Management changes at Nike & Umbro

March 4, 2008

NIKE Inc and Umbro announced that Steve Makin, Chief Executive Officer and Board member of Umbro Plc, has decided to leave the company. Effective immediately, Makin will be succeeded as President and CEO by Matthew Cook, who most recently was General Manager of Nike Italy.

Makin joined Umbro in July 2006 as Chief Financial Officer, a position he held until June 2007 when he became Chief Executive. Prior to Umbro, Makin served at Asda and Wal-Mart from 1991 holding a number of financial and non-financial roles, including a two-year posting to Germany as Wal-Mart's Commercial Finance Director. With the completion of Nike's acquisition of Umbro effective today, Makin decided the time was right to make a transition.

"I have thoroughly enjoyed my time with Umbro but now is the right time for me to move onto another challenge," Makin said. "Umbro is a hugely exciting global brand and the business is in great shape for continued growth and development. I would like to thank everyone that I have worked with during my time at Umbro for their support, hard work and commitment. I wish Nike, the management team and everyone involved with Umbro continued success in the future."

Nigel Doughty, Chairman of Umbro, said: "The Board would like to thank Steve for the significant contribution he has made to Umbro. Steve has been instrumental in devising the successful strategy for the business since he joined and securing an excellent deal for Umbro shareholders in the sale of the business to Nike. I, and the rest of my Board, know that he will add significant value to any company he is a part of and would like to wish him all the very best for the future."

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USA : Affordable Footwear Act gains momentum

March 4, 2008

The cost of everyday purchases are inching up, and Americans are anxiously watching their mailboxes for their tax rebate to arrive.

Now, Congress is moving forward with more relief legislation. Today, the 100th U.S. Representative agreed to co-sponsor the Affordable Footwear Act (S 2372/ HR 3934).

Introduced less than six months ago, the bi-partisan legislation eliminates the import tariffs, collectively known as the shoe tax, on all lower- to moderately-priced footwear as well as all children’s shoes, or about 60 percent of all shoes sold in the United States.

“In such a contentious political climate, 100 Representatives of all political opinions uniting to eliminate the shoe tax is significant,” said Kevin M. Burke, president and CEO of the American Apparel & Footwear Association (AAFA).

“Everyday consumers are pushing for more co-sponsors for the Affordable Footwear Act by emailing their members of Congress at www.EndTheShoeTax.org,” continued Burke.

“Several thousand constituents have already told Congress to stomp out the shoe tax”. The Affordable Footwear Act is bringing together more than just constituents and members of Congress.

In January, the Progressive Policy Institute (PPI) and The Heritage Foundation, a liberal and conservative think tank respectively, presented a joint policy paper (PPI / Heritage) to Congressional staffers regarding the potential direct, positive impact that the abolishment of the import tariffs on lower- to moderately-priced footwear and all children’s shoes would have on families.

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