FOOTHILL RANCH, Calif., June 23, 2005 (PRIMEZONE) -- Oakley, Inc. (NYSE:OO) today announced the opening of an O Store(r) in Mexico City, Mexico. This O Store(r) is Oakley's eighth international licensed location and will be owned and operated by Grupo Sanborns, S.A. de C.V., a unit of Grupo Carso well-known for its retail strength throughout Central and South America.
"The Mexico City O Store represents a very important international doorway into the Mexican and Latin American market, which we believe will support our overall retail sales objectives throughout the region," said Oakley founder and Chief Executive Officer Jim Jannard. "Grupo Sanborns' reputation for retail excellence makes it extremely complementary to our business ideology. We look forward to their involvement with the Oakley brand."
"The Oakley brand is synonymous with quality including the world's most respected eyewear, apparel and accessories," commented Carlos Slim Domit, chairman and president of Grupo Sanborns, S.A. de C.V. "We pride ourselves in partnering with the world's most sought after brands and the opportunity to be instrumental in bringing Oakley's retail presence into Mexico strengthens that resolve. We look forward to this relationship and the opportunities that lie ahead."
Tommy Rios, Oakley's current Executive Vice President and previous owner of Oakley Mexico until its acquisition by the company in 1995, will become Oakley's exclusive distributor in Mexico and Latin America and have direct involvement with managing the Mexico City O Store(r). This move will coincide with his expected resignation as an employee and officer of Oakley on July 1, 2005.
The Mexico City O Store(r) is located at the prestigious Perisur Mall in the southern part of the city and will feature Oakley's signature retail glass, stainless steel and brushed aluminum interior. In addition to the Mexico City location, there are seven other international, licensed stores operating in Austria, Australia, Chile, France, Spain and the United Kingdom.
O Store(r) and Oakley Vault(r) Concepts
Armed with the widest, most comprehensive inventory of Oakley innovations, the O Store(r) offers a full selection of the company's premium sunglasses, prescription eyewear frames, footwear, apparel, electronics, watches and accessories. Additionally, the O Store(r) offers customers a unique venue to preview new generations of Oakley performance products. The Oakley Vault(r) concept offers customers a unique opportunity to purchase off-season and discontinued merchandise from all categories.
Worldwide, Oakley now operates 43 company-owned O Stores(r) and Vaults(r) including locations in Australia, Japan, South Africa, United Kingdom and the United States. Additionally, the company operates 90 sunglass specialty stores through its wholly-owned Iacon subsidiary under seven separate retail concepts including: Sunglass Designs, Sporting Eyes, Occhiali da Sole, Oakley Icon, Optica, Sunglass Club and Sunglass Icon.
The Oakley Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1533
About Oakley, Inc.
Oakley: a world brand, driven to ignite the imagination through the fusion of art and science. Building on its legacy of innovative, market-leading, premium sunglasses, the company also offers performance apparel and accessories, prescription eyewear, footwear, watches and electronics to consumers in more than 100 countries. Trailing-12-month net sales through March 31, 2005 totaled $598.6 million and generated net income of $44.7 million. Oakley, Inc. press releases, SEC filings and the company's annual report are available at www.oakley.com.
Safe Harbor Disclaimer
This press release contains certain statements of a forward-looking nature. Such statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to growth and strategies, future operating and financial results, financial expectations and current business indicators are based upon current information and expectations and are subject to change based on factors beyond the control of the company. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "might," "believe," "plan," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. The accuracy of such statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including but not limited to: risks related to the sale of the company's new product introductions; the company's ability to maintain approved vendor status and continue to receive product orders from the U.S. military; the company's ability to integrate and operate acquisitions, the company's ability to manage rapid growth; risks related to the limited visibility of future sunglass orders associated with the company's "at once" production and fulfillment business model; the ability to identify qualified manufacturing partners; the ability to coordinate product development and production processes with those partners; the ability of those manufacturing partners and the company's internal production operations to increase production volumes on raw materials and finished goods in a timely fashion in response to increasing demand and enable the company to achieve timely delivery of finished goods to its retail customers; the ability to provide adequate fixturing to existing and future retail customers to meet anticipated needs and schedules; the dependence on eyewear sales to Luxottica Group S.p.A, which, as a major competitor, could materially alter or terminate its relationship with the company; the company's ability to expand and grow its distribution channels and its own retail operations; unanticipated changes in general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by retailers; a weakening of economic conditions could continue to reduce demand for products sold by the company and could adversely affect profitability, especially of the company's retail operations; terrorist acts, or the threat thereof, could adversely affect consumer confidence and spending, could interrupt production and distribution of product and raw materials and could, as a result, adversely affect the company's operations and financial performance; the ability of the company to integrate licensing arrangements without adversely affecting operations and the success of such initiatives; the ability to continue to develop and produce innovative new products and introduce them in a timely manner; the acceptance in the marketplace of the company's new products and changes in consumer preferences; reductions in sales of products, either as the result of economic or other conditions or reduced consumer acceptance of a product, could result in a buildup of inventory; the ability to source raw materials and finished products at favorable prices to the company; the potential impact of periodic power crises on the company's operations including temporary blackouts at the company's facilities; foreign currency exchange rate fluctuations; earthquakes or other natural disasters concentrated in Southern California where a significant portion of the company's operations are based; the company's ability to identify and execute successfully cost control initiatives; and other risks outlined in the company's SEC filings, including but not limited to the Annual Report on Form 10-K for the year ended December 31, 2004 and other filings made periodically by the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to update this forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.