NEW YORK--(BUSINESS WIRE)--Elizabeth Arden, Inc. (NASDAQ:RDEN), a global prestige beauty products company, announced today the appointment of JuE Wong as President, Elizabeth Arden Brand, effective August 3, 2015. The Company also announced that it has signed a joint venture agreement with Asian prestige beauty distributor Luxasia Ventures Pte Ltd for the Southeast Asia region.
A seasoned professional within the beauty industry, Ms. Wong was previously Chief Executive Officer of StriVectin and Astral Brands and also held several leadership positions for brands including N.V. Perricone M.D. Cosmeceuticals and Murad. As such, Ms. Wong comes to Elizabeth Arden with deep commercial and marketing experience, including product development, integrated marketing communications, sales and operational expertise. In addition to implementing impactful innovation, Ms. Wong’s capabilities include developing strong digital platforms.
Along with significant industry experience, Ms. Wong has strong international expertise in developing new markets, particularly in Asia; opening new distribution channels; and leveraging strong retail relationships around the world. This knowledge and experience in key global beauty markets will be instrumental as the Elizabeth Arden brand looks to accelerate its growth internationally.
As the flagship Elizabeth Arden brand enters the next phase of its multi-year repositioning, the Company will leverage Ms. Wong’s experience to attract new consumers, grow market share and enhance brand equity. The repositioning efforts will be supported by a robust pipeline of product innovation, increased digital capabilities, and multi-channel international expansion. Ms. Wong’s well-rounded experience is directly aligned with the key initiatives of the Elizabeth Arden brand, and the Company looks forward to her being a valuable leader and developer of talent in the organization.
“With extensive commercial and marketing experience, as well as a proven track record in growing brands internationally, JuE’s dynamic leadership skills will leverage our existing capabilities and be a strong complement to our current organization,” commented E. Scott Beattie, Chairman, President and Chief Executive Officer, Elizabeth Arden, Inc. “JuE is a demonstrated leader in the beauty industry with specific expertise in developing and growing multiple prestige skincare brands that are based on highly efficacious performance. Given the Elizabeth Arden brand’s science and spa-based heritage, we believe JuE is uniquely qualified to drive the global potential of the brand.”
Ms. Wong commented, “I am extremely passionate about the Elizabeth Arden brand and what it stands for and am committed to making it a success. I believe the potential for growth is tremendous. Given the capabilities of the individuals with whom I have met, coupled with my prior commercial experience, I am confident that we will globally grow this business to its rightful place as a top 10 global beauty brand. I am thrilled to have the opportunity to join the Elizabeth Arden team.”
The Company recently signed a joint venture agreement for the Southeast Asia region with Luxasia, a premier prestige beauty distributor with specific expertise in Asia, and expects to commence operations in the first fiscal quarter of fiscal 2016. Eric Lauzat, President, International, commented, “The joint venture between Elizabeth Arden and Luxasia in Southeast Asia and Hong Kong is an important step towards the reorganization and a faster development of our brands in this strategic part of the world. The expertise of the Luxasia Group in Asia will allow us to better deploy the Elizabeth Arden brand in the prestige distribution and to provide our John Varvatos and Juicy Couture fragrance brands broader geographical prestige distribution in the fast growing Asian fragrance market. We are delighted to partner with such an important and experienced local player and look forward to fast and sizeable growth in the region.”
Patrick Chong, Chairman of Luxasia, commented, “We are extremely excited by the opportunities this joint venture platform provides to realize the potential of the Elizabeth Arden brand in Asia and Hong Kong. As Asia's leading beauty commercial organization, we are confident we can harness our market intelligence, influence and talent to successfully transform the Elizabeth Arden brand to be amongst the top beauty brands in Asia.”
Elizabeth Arden is a global prestige beauty products company with an extensive portfolio of prestige beauty brands sold in over 120 countries. The Company's brand portfolio includes Elizabeth Arden skincare, color and fragrance products; its professional skin care line, Elizabeth Arden PRO; the celebrity fragrance brands of Justin Bieber, Mariah Carey, Nicki Minaj and Taylor Swift; the designer fragrance brands of Juicy Couture, John Varvatos and Wildfox Couture; and the heritage fragrance brands of Alfred Sung, Britney Spears, Curve, BCBGMAXAZRIA, Elizabeth Taylor, Geoffrey Beene, Giorgio Beverly Hills, Halston, Ed Hardy, Jennifer Aniston, Lucky Brand, Rocawear, PS Fine Cologne and White Shoulders.
Cautionary Note Regarding Forward-Looking Information and Factors That May Affect Future Results
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This press release and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management's plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products, future operating or financial performance or results of current and anticipated products, sales efforts, expenses and/or cost savings, interest rates, foreign exchange rates, the outcome of contingencies such as legal proceedings, and financial results. A list of factors that could cause our actual results of operations and financial condition to differ materially is set forth below, and these factors are discussed in greater detail under Item 1A -- "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended June 30, 2014:
*our ability to implement our 2014 Performance Improvement Plan, our ability to realize the anticipated benefits of our 2014 Performance Improvement Plan and/or changes in the timing of such benefits;
*whether we will incur higher than anticipated costs, expenses or charges related to the implementation of our 2014 Performance Improvement Plan or any additional restructuring or cost savings activities, and/or changes in the expected timing of such costs, expenses or charges;
*decisions or actions resulting from our continued reexamination of our business, including implementing any additional restructuring activities, and the timing and amount of any costs, expenses or charges that may be incurred as a result, or the benefits anticipated to result from such decisions or actions;
*our ability to realize benefits from the strategic investment made by affiliates of Rhône Capital L.L.C. in the Company;
*factors affecting our relationships with our customers or our customers' businesses, including the absence of contracts with customers, our customers' financial condition, reduction in consumer traffic or demand, and changes in the retail, fragrance and cosmetic industries, such as the consolidation of retailers and the associated closing of retail doors as well as retailer inventory control practices, including, but not limited to, levels of inventory carried at point of sale and practices used to control inventory shrinkage;
*risks of international operations, including foreign currency fluctuations, hedging activities, economic and political consequences of terrorist attacks, disruptions in travel, unfavorable changes in U.S. or international laws or regulations, diseases and pandemics, and political instability in certain regions of the world;
*our reliance on license agreements with third parties for the rights to sell most of our prestige fragrance brands;
*our reliance on third-party manufacturers for substantially all of our owned and licensed products and our absence of contracts with suppliers of distributed brands or raw materials and components for manufacturing of owned and licensed brands;
*delays in shipments, inventory shortages and higher supply chain costs due to the loss of or disruption in our distribution facilities or at key third-party manufacturing or fulfillment facilities that manufacture or provide logistic services for our products;
*our ability to respond in a timely manner to changing consumer preferences and purchasing patterns and other international and domestic conditions and events that impact retailer and/or consumer confidence and demand, such as domestic or international recessions or economic uncertainty;
*our ability to protect our intellectual property rights;
*the success, or changes in the timing or scope, of our new product launches, advertising and merchandising programs;
*our ability to successfully manage our inventories;
*the quality, safety and efficacy of our products;
*the impact of competitive products and pricing;
*our ability to (i) implement our growth strategy and acquire or license additional brands or secure additional distribution arrangements, (ii) successfully and cost-effectively integrate acquired businesses or new brands, (iii) successfully expand our geographic presence and distribution channels, and (iv) finance our growth strategy and our working capital requirements;
*our level of indebtedness, our ability to realize sufficient cash flows from operations to meet our debt service obligations, preferred stock dividend requirements, and working capital requirements, and restrictive covenants in our revolving credit facility, second lien facility and the indenture for our 7 3/8% senior notes;
*changes in product mix to less profitable products;
*the retention and availability of key personnel;
*changes in the legal, regulatory and political environment that impact, or will impact, our business, including changes to customs or trade regulations, laws or regulations relating to ingredients or other chemicals or raw materials contained in products or packaging, or accounting standards or critical accounting estimates;
*the success of our global Elizabeth Arden brand repositioning efforts and global business strategy;
*the impact of tax audits, including the ultimate outcome of the pending Internal Revenue Service examination of our U.S. federal tax returns for the fiscal years ended June 30, 2010, 2011 and 2012, changes in tax laws or tax rates, and our ability to utilize our deferred tax assets and/or the establishment of valuation allowances related thereto;
*our ability to effectively implement, manage and maintain our global information systems and maintain the security of our confidential data and our employees' and customers' personal information, including our ability to successfully and cost-effectively implement the last phase of our Oracle global enterprise system;
*our reliance on third parties for certain outsourced business services, including information technology operations, logistics management and employee benefit plan administration;
*the potential for significant impairment charges relating to our trademarks, goodwill, investments in other entities or other intangible assets, including licenses, that could result from a number of factors, including such entities' or brands' business performance or downward pressure on our stock price; and
*other unanticipated risks and uncertainties.
We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.