SOURCE: Fashion Accessories First, Inc.

November 13, 2008 10:59 ET

Fashion Accessories First Acquires Catherine Stein Design of New York

Move Will Enable Expansion Into New Markets

GREENVILLE, RI--(Marketwire - November 13, 2008) - Fashion Accessories First, Inc. (FAF), one of the leading suppliers of fashion jewelry and accessories to retailers worldwide, today announced that it has acquired Manhattan-based Catherine Stein Design, which designs and markets fashion jewelry.

The acquisition, terms of which were not disclosed, will enable FAF to expand its product offering and increase the production capability of Catherine Stein Design to take its brands into new markets.

"This move combines the unique strengths of each company, and will create new opportunities to serve the growing fashion jewelry market," said FAF President Arthur F. Fiorenzano. "Catherine Stein's 30 plus years as a player in the heart of the New York fashion district combined with our more than 30 years as an innovator in jewelry manufacturing will mean more options for retailers."

Both companies will continue to operate under their respective names. The combined organization will number more than 130 employees in Rhode Island and New York.

"Over the last two decades we have invested heavily in technology, quality control/testing, as well as our supply chain," Fiorenzano said. "We hope to bring these state-of-the-art resources to Catherine Stein Design to help them grow with their current customers and take advantage of new opportunities."

FAF sells costume jewelry and accessories under a variety of licensed and private label brands. Catherine Stein Design produces two successful product lines. They include the Catherine Stein Design line of costume jewelry and the Stein & Blye line, upscale jewelry made with semiprecious stones and gold/silver accents.

Catherine Stein, Marsha Blye, and Sharon Goldberg, partners of Catherine Stein Design, will continue to design, manage, and market products for the company.

Established in 1971 as a boutique resource, Catherine Stein Design grew since then into a leading trend jewelry brand. It operates a 10,000-square-foot showroom at 38th Street in Manhattan.

Fashion Accessories First, Inc. (www.faf.com), founded in 1975 and based in Greenville, manufactures and distributes a wide range of costume jewelry and personal accessories to major retailers. FAF is committed to ensuring that all of its products are made in safe working environments and meet all U.S. Consumer Product Safety Commission requirements.

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