LOS ANGELES — Blue Holdings Inc. said Thursday that it agreed to start a joint venture with Headgear Inc. to market Blue Holdings brands, including premium denim lines Antik Denim and Taverniti So, and develop nondenim products.
Under terms of the agreement, City of Commerce, Calif.-based Blue Holdings will codevelop products and provide sales and marketing support, such as introducing Headgear's brands to celebrities and linking the companies' Web sites. In turn, Headgear will design and develop all nondenim apparel and footwear, sharing its worldwide factories and sourcing with Blue Holdings.
This is the latest step by Blue Holdings to streamline expenses and boost revenue. The company recently relaunched its six-year-old premium denim line Yanuk as a moderate brand for the back-to-school season. Last year, its cost-cutting efforts included shuttering the contemporary brand Life & Death and closing two retail stores.
"The partnership of these two companies has tremendous synergies," Blue Holdings chief executive officer Glenn Palmer said. "By combining our respective core competencies and creative vision, we will greatly expand the product offerings under the Antik and Taverniti brands as well as their bases of distribution."
Founded in 1992, Virginia Beach, Va.-based Headgear designs and markets clothing and shoes for young men and juniors under private label brands such as Blac Label, Blac Label Pink and Tru Ambition. Headgear said its flagship brand, Blac Label, will ring up an estimated $200 million at retail with estimated profits of $25 million in 2008.
"I feel in teaming with Blue [Holdings], we can take Antik and Taverniti and form pure and complete collections to complement their excellent denim products," Headgear ceo Jeff Watson said.
Blue Holdings said Monday that it will restate its financial results for 2007 because of accounting errors. Before the restatement, the company reported a net loss of $5.6 million on revenue of $33.8 million last year, compared with a net loss of $4.8 million on revenue of $49 million in 2006.
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