Joe's Jeans Inc. designs, sources and distributes its Joe's® and Joe's Jeans™ branded apparel products to over 1,200 retail doors in the U.S. and abroad. Today, it has announced the opening of its 5th store since March 27, 2010. This store is located at Leesburg Corner Premium Outlets®, representing the first store in the mid-Atlantic region. This is the 5th of their 11 stores that have been opened with Premium Outlets®, the outlet division of Simon Property Group. After the opening of its Las Vegas location on May 3rd, Marc Crossman, President and CEO, announced that they will continue to open a store a week for the month of May, getting ready for the Memorial Day shopping weekend.
Celebrities such as Beyonce, Angelina Jolie, and others are out on Hollywood’s Walk of Fame wearing these lower-cost premium jeans, which helps Joe’s bring in customers. Joe’s Jeans is also branching out beyond denim, generating 19% of its sales in its most recent quarter from non-denim offerings such as leggings, T-shirts, and knit tops. The company is increasing its costs by changing from a brand licensor to a retail-store operator. It plans to address this by shipping production out of the country, as it did when denim production was moved to Mexico. On April 3, 2010, Joe’s Jeans was featured as one of Wall Street’s Best Unknown stocks. The company maintains current assets of more than 2.4 times its current liabilities. Its brand has maintained a strong customer base, and has witnessed a consistent increase in brand recognition.
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