YES SETS PACTS FOR LICENSING, CONSULTING WITH MARCIANO
LOS ANGELES — Georges Marciano, who recently acquired control of Yes Clothing Co., has completed several agreements with the firm.
Marciano, as reported, acquired an 80 percent stake in Yes on Feb. 2, paying $2 a share for 3 million shares, and is due to become its chairman shortly. Until August 1993, Marciano was chairman of Guess Inc. and more recently established his own design company.
The agreements with Yes, the firm said, cover Marciano’s design and management consulting assistance through his company Go USA Streetwear for five years. They also set up royalty arrangements on lines that Marciano recently established — Misfits and GMSurf — and transfer the rights to retail leases on Rodeo Drive in Beverly Hills and in Park City, Utah, to Yes, giving the firm its first foothold in retailing.
Marciano’s Go USA also received options to purchase up to 1.5 million Yes shares at $4 each, with the options vesting at 300,000 shares annually over the next five years.
Shares of Yes, which have been climbing since the Marciano deal was first announced in December, closed Wednesday at 8 1/8, down 1 3/8, in over-the-counter trading. The stock rose 1 1/2 points Tuesday when news broke of the additional agreements and stock options.
In other developments, Irving B. Kroll and Daniel Goodstein have been elected to Yes’s board of directors. Kroll is the retired managing partner of the Los Angeles office of Kenneth Leventhal accounting firm, and has been elected board chairman pro tem at Yes. Goodstein is the chief financial officer and corporate secretary of Yes and has been with the company since 1990. — Fairchild News Service