Swank Inks Tumi License
NEW YORK – Tumi Inc. has licensed Swank Inc. to manufacture and market men’s jewelry, belts, small leather goods and giftables in the U.S. and Canada, MRketplace.com has learned.
The license, which has an initial term of three years plus a renewal option, strengthens Swank’s entry in the luxury market, which began with its license for Ted Baker accessories about a year ago.
John Tulin, president of Swank, told MRketplace.com that the company has formed a luxury division and appointed Rebecca Heigley as director of merchandising for the unit and Anthony Cozzolino as its director of sales. Heigley was previously with Trafalgar and Cozzolino with Coach. The two report to Rick Luft, president of Swank’s men’s division.
“We wanted to do this the right way,” Tulin said, “and now we’ve got real brands and a real luxury division with real potential for real sales. Ted Baker has been excellent since we got it nearly a year ago, and the Tumi product just looks fabulous.”
Swank will deliver its first Tumi products for fall selling. The line will debut at The Collective, to be held Jan. 21 to 23 at the Show Piers.
Tulin reported that, even though reports aren’t in from all its customers, holiday business was strong at Swank, with jewelry business particularly strong.
“We certainly could have used more cold weather,” he said. “But the week after Christmas was quiet – no emergencies – and that’s a good sign.”
Swank’s fiscal year conforms to the calendar year, meaning that it closed its books on the fourth quarter at year-end. It expects to report fourth-quarter and year-end results next month.
