Article: GFT And Joseph Abboud Worldwide Form Strategic Alliance.

NEW YORK--(BUSINESS WIRE)--July 24, 1998--In an unprecedented move intended to facilitate and enhance the growth of the Joseph Abboud business in the future, Joseph Abboud Worldwide, Inc., and GFT USA Corp., have expanded their existing licensing agreement and have formed a comprehensive strategic alliance. The joint announcement was made today by Joseph Abboud, Chairman of Joseph Abboud Worldwide, Inc., Robert J. Wichser, President and Chief Operating Officer of GFT Apparel Corp., as well as of GFT's J.A. Apparel Corp., Women's Imports and Valentino divisions, Angelo Barozzi, Chief Executive Officer of GFT S.p.A., and Ron Frasch, President of GFT USA Corp.

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