Sharper Image and Mitsui Announce Japanese Licensee and Distribution Agreement
SAN FRANCISCO--May 19, 2005--Sharper Image Corporation (NASDAQ:SHRP) today announced an agreement with Mitsui & Co., Ltd. to be Sharper Image`s brand licensee and distributor for the Japanese market. Under this agreement, Mitsui will have exclusive multichannel rights to distribute Sharper Image brand products in Japan, through specialty retailers, department stores, mail order, the Internet and television shopping programs. Additionally, Sharper Image and Mitsui will form a partnership to develop Sharper Image products unique to the Japanese market.
"We are excited about this opportunity to expand our partnership with Mitsui in Japan," said Roger Bensinger, Sharper Image`s Senior Vice President of Marketing. "Mitsui has been a wholesale partner of ours for the last two years and we look forward to growing our multichannel presence in the Japanese market through this expanded agreement. Mitsui`s strengths in consumer channels, including its operation of QVC Japan, and its relationships and partnerships with key retailers, distributors and vendors, make Mitsui the ideal partner to grow the Sharper Image brand in Japan."
Mitsui & Co., Ltd. is one of the world`s most diversified and comprehensive trading, investment, and service enterprises. Headquartered in Tokyo, Mitsui & Co. maintains a global network of 180 offices in 79 countries, and has 723 subsidiaries and associated companies worldwide. Mitsui`s Consumer Service Business Unit operates QVC Japan, a 24-hour TV shopping program and its Lifestyle Business Unit has licensing and distribution agreements with a number of US and European consumer products, including Sonicare ultrasonic toothbrushes, MAGLITE flashlights and a 50/50 joint venture with Brunswick bowling equipment and systems.
The Sharper Image is a specialty retailer that is nationally and internationally renowned as a leading source of new, innovative, high-quality products that make life better and more enjoyable. A significant proportion of sales are of proprietary products created by the Company`s product development group, Sharper Image Design. The Company`s principal selling channels include 183 Sharper Image specialty stores throughout the United States; the award-winning Sharper Image monthly catalog with annual circulation in excess of 97 million; and its primary Website, http://www.sharperimage.com. The Company also sells its products through its own online auction Website and an online Outlet store to help manage refurbished and close-out inventory; both sites are accessed from the home page of sharperimage.com. The Company also has business-to-business sales teams for marketing its exclusive and proprietary products for corporate incentive and reward programs and wholesale to selected U.S. and international retailers.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current plans, expectations, estimates, and projections about the specialty retail industry and management`s beliefs about our future performance. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" or variations of such words and similar expressions are intended to identify such forwarding-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties that are difficult to predict and which may cause our actual results and performance to differ materially from those expressed or forecasted in any such forward-looking statements. These risks and uncertainties are discussed in our Annual Report on Form 10-K under "Certain Additional Business Risk Factors" and include, among other factors, our ability to continue to find or develop and to offer attractive merchandise to our customers, the market potential for products in design, changes in business and economic conditions, risks associated with the expansion of our retail store, catalog and Internet operations, and changes in the competitive environment in which we operate. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements. However, readers should carefully review the statements set forth in the reports, which we file from time to time with the Securities and Exchange Commission, particularly our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.
CONTACT:
The Sharper Image
Aimee Cooper, 415-445-6023
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