ROANOKE TIMES
Copyright (c) 1995, Roanoke Times
DATE: Friday, December 22, 1995 TAG: 9512220025
SECTION: BUSINESS PAGE: C-8 EDITION: METRO
SOURCE: JEFF STURGEON STAFF WRITER
Tultex Corp. of Martinsville has teamed with retired race car driver Richard Petty to make and sell clothing featuring the big names and events of auto racing.
The venture, Wide Open Performance Wear Inc., produced its first T-shirt on Dec. 4 in Charlotte, N.C., where the manufacturing facility is located.
The partners said Thursday they are building the new company with creative and technical know-how of University Sportswear, a sportswear designer and producer that operated for the past eight years in Champaign, Ill.
University Sportswear's owners and operators, Louis Foreman and John Box, are running the new company and are partners and investors in the venture. University Sportswear has transferred its printing equipment and graphic artists to Charlotte, but will continue its screenprinting operations under another owner.
Wide Open owners expect sales of $6 million in the first year, about equal to the annual revenue of University Sportswear. Tultex reported 1994 net income of $9 million on sales of $565.4 million.
Goods from the new company will be sold at trackside and at retail stores. A third market, the company said, are corporations buying sponsorships associated with race car drivers. They would buy imprinted garments to resell or give away as promotions.
Tultex is already familiar with the licensed apparel business, as it sells garments under its Logo 7 brand that bear the marketing symbols of professional sports teams and pictures of players.
At this point, Tultex sees Wide Open as an investment, but Don Shook, vice president of administration, said the company hopes to supply garments to the venture and expects to distribute the printed goods to retailers.
Shook said Tultex expects the sale of licensed goods associated with NASCAR racing to be the fastest growing segment of the licensed-apparel industry.
Petty, of Level Cross, N.C., will be chairman of Wide Open's board of directors and the company's spokesman. He remains involved in motor sports as a team owner.
LENGTH: Short : 45 linesby CNB