True Religion Apparel (TRLG) and UNIFA Premium GmbH Announce Joint Venture; Immaterial to FY10 EPS
True Religion Apparel, Inc. (Nasdaq: TRLG) and UNIFA Premium GmbH announce their new joint venture, True Religion Brand Jeans Germany GmbH. Beginning on August 1, 2010, the joint venture will take over the wholesale distribution of True Religion Brand Jeans in Germany, Austria, Switzerland, the Netherlands, Belgium and Luxembourg and the operation of a True Religion Brand Jeans retail store in Cologne, Germany.
UNIFA Premium is currently the largest international distributor of True Religion Brand Jeans merchandise. UNIFA Premium’s managing director, Mr. Reinhard Haase, will be the JV’s managing director.
True Religion Apparel will own a controlling 60 percent interest in the joint venture, and UNIFA Premium will own a 40 percent interest. The joint venture’s financial results over the remainder of 2010 are expected to be immaterial to True Religion Apparel’s 2010 net sales and earnings per share.
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