Jerash Holdings to Manufacture Apparel for Skechers
Jerash Holdings (NASDAQ:JRSH) announced a partnership with Skechers, adding them as a key customer for their custom apparel production.
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Rhea-AI Summary
Jerash Holdings (NASDAQ:JRSH) announced a partnership with Skechers, adding them as a key customer for their custom apparel production. The initial contract involves manufacturing approximately 500,000 women's polos annually, starting in Q3 2022. This expansion reflects Jerash's strategy to diversify its customer base and enhance its reputation as a premium garment manufacturer in Jordan. The company is well-positioned to take advantage of regional production shifts due to rising costs and tariffs in the Far East.
Positive
- New contract with Skechers for annual production of 500,000 pieces.
- Expansion of customer base diversifying revenue streams.
- Utilization of free-trade agreements with the U.S. and EU.
- Strengthened reputation as a top-quality garment manufacturer.
Negative
- None.
Details
News Market Reaction – JRSH
The recorded move for JRSH in the trading session of this news was -1.43%.
Data tracked by StockTitan Argus. Session date unavailable.
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FAIRFIELD, NJ / ACCESSWIRE / July 18, 2022 / Jerash Holdings (US), Inc. (NASDAQ:JRSH), a premium manufacturer and exporter of custom, ready-made, sportswear and outerwear for leading global brands, today announced the addition of a new prominent lifestyle branded customer, Skechers, known for its footwear and a growing range of apparel offerings.
"We are thrilled to add Skechers to our growing roster of high-profile, quality global apparel brands, as we continue our goal to expand and further diversify our customer base," said Sam Choi, Jerash's chairman and chief executive officer. "Our initial order from Skechers is to produce women's polos, starting in the third quarter of 2022, and represents an estimate of approximately 500,000 pieces annually, based on our current projection.
"The continued growth of Jerash's offerings to global branded customers is a testament to the Company's reputation as a trusted, top-quality garment manufacturer in Jordan, capable of producing highly complex apparel. Moreover, our customers benefit from the free-trade agreements with the U.S. and the EU.
"Jerash is well positioned to capture increasing opportunities in the region, as more companies move their production away from the Far East because of higher tariffs, rising labor costs, and the pandemic shutdowns," Choi added.
About Jerash Holdings (US), Inc.
Jerash Holdings (US), Inc. manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which owns brands such as Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle and Skechers. Jerash's existing production facilities comprise six factories and four warehouses, and Jerash currently employs approximately 5,700 people. Additional information is available at www.jerashholdings.com.
Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" and similar expressions are intended to identify forward-looking statements. Such statements, including, but not limited to, the expectation of manufacturing approximately 500,000 pieces for Skechers, reflect Jerash's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by Jerash with the Securities and Exchange Commission. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Jerash does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.
CONTACT:
PondelWilkinson Inc.
Judy Lin Sfetcu or Roger Pondel
310-279-5980
jsfetcu@pondel.com
SOURCE: Jerash Holdings
View source version on accesswire.com:
https://www.accesswire.com/708786/Jerash-Holdings-to-Manufacture-Apparel-for-Skechers
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