Glendale-based Weyco Group Inc. will partner with actor and R&B artist Tyrese Gibson for an ad campaign promoting the company’s Stacy Adams brand in GQ magazine.
Tom Florsheim, Jr., Weyco chairman and chief executive officer, said Gibson is a lifelong fan of the brand and he brings a wide social media following as well.
“We are excited about our partnership with Tyrese as we believe he reflects both the modern dress and casual aesthetic of Stacy Adams,” Florsheim said.
The announcement came during the company’s conference call to discuss earnings for the fourth quarter and fiscal year 2015. In addition to Stacy Adams, the company sells footwear under the brand names Florsheim, Nunn Bush, BOGS, Rafters and Umi. The company has a distribution center in Glendale and purchases products from independent foreign manufacturers primarily in China and India.
The company’s profit was down 8.4 percent for the year to $18.2 million. That included a 16.8 percent drop in the fourth quarter to $7.1 million. The company’s earnings for the year were $1.68 per diluted share, down from $1.75. Earnings for the fourth quarter dropped from 75 cents to 65 cents per diluted share.
Revenue for the year was up 0.04 percent to $320.6 million, although the fourth quarter was down 8.3 percent to $87.4 million.
Florsheim said the year was full of mixed results. While the company was showing increased revenue for the first three quarters, unseasonably warm weather negatively impacted sales in the late fall and early winter.
He said that was particularly true for the BOGS brand, which finished up 3 percent for the year, but was down 22 percent in the fourth quarter. The Stacy Adams brand was up 5 percent for the quarter and 11 percent for the year, while the Florsheim brand was down 2 percent in the quarter and 1 percent for the year. The Nunn Bush business was down 10 percent in the quarter but even for the year.