True Religion Apparel, Inc. (Nasdaq: TRLG) today announced the opening of a new branded retail store in the Somerset Collection in Troy, Michigan. Located at 2800 Big Beaver Road, the 1,500 square-foot branded store will offer shoppers the entire True Religion collection for men, women and kids, including its signature jean styles, its expanding denim and sportswear collection and a full range of licensed product, such as footwear, swimwear, headwear, handbags and fragrance.
Spanning over 1.4 million square feet, the Somerset Collection is largely recognized as the epicenter for luxury retail in the state of Michigan. Located in Troy, Michigan, which is part of Oakland county, the fourth wealthiest county in the U.S., the Somerset Collection is one of the few centers in the Country anchored by Neiman Marcus, Nordstrom and Saks Fifth Avenue. More than 180 additional specialty shops and restaurants are located at Somerset, including Ralph Lauren, Gucci, Louis Vuitton, Cole Haan, Barneys New York Co-Op, Tiffany & Co., and Burberry. Somerset Collection is among the most profitable malls in the United States, generating annual sales in excess of $700 per square foot.
“We are excited to announce our branded retail store opening in the Somerset Collection, which marks our entrance into the Michigan marketplace,” said Jeffrey Lubell, chairman and chief executive officer of True Religion Apparel, Inc. “As the leading destination in Michigan for luxury retail, we see tremendous opportunity to grow awareness of the True Religion brand.”
“The Somerset Collection marks our first store opening of 2009. With at least twenty total new branded stores targeted for 2009, we are well positioned to continue to expand our consumer direct business,” said Michael Buckley, president of True Religion Apparel, Inc. “As we move forward with our retail expansion plans, we will continue to seek locations that deliver the targeted levels of operating margin, customer traffic and overall fit with the True Religion brand.”
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based premium aspirational brand. The company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high-quality, distinctive styling and fit in denim, sportswear, and licensed products, may be found in premium department stores and boutiques in 50 countries around the world, including the United States, Canada, Germany, United Kingdom, Japan, Korea, France, Spain, Sweden, Greece, Italy, Mexico, Australia, South Africa and China. For more information, please visit www.truereligionbrandjeans.com.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason