NEW YORK, Nov. 28 /PRNewswire-FirstCall/ -- Detny Footwear, Inc. (Frankfurt Stock Exchange, Symbol: 4DT1.F), a surging growth player in the highly specialized "hybrid" shoe market, announces a four-fold revenue increase over 2006 -- positioning the company to shore up its operational infrastructure by hiring an in-house sales force and opening seven new stores by the end of 2010.
"We're very proud of the progress we made in 2007, but it's just the beginning," said Shawn Ward, who founded Detny Footwear in 2003 along with his identical twin brother Shane. "As we assemble an experienced sales team and open 'Detny by SHANE&SHAWN' stores across the country, we look forward to taking our operation to the next level." Based on existing pre-orders from major retailers -- like Macy's and Nordstrom -- and the new revenue generated from the incoming sales force, Detny projects 2008 sales will top 2007 sales by a factor of eight. Total revenues for 2008 are pegged at $3.3 million.
In 2007, Detny achieved exponential revenue increases over 2006 due to the rapidly growing number of boutique outlets and department stores carrying the Detny brands, "Detny by SHANE&SHAWN" and the higher-end "SHANE&SHAWN" collection. Currently Detny shoes are sold in 14 Nordstrom stores nationwide, and it is anticipated that 25 Nordstrom locations will carry the brands by the close of 2008. Detny products are sold at Macy's flagship store at Herald Square, and the company expects to sell product in 10 Macy's locations by the end of 2008.
"Detny's quality leadership team, their growing sales and palpable market impact made our decision to invest in the growth of the company simple," said Neil Kiperman of The Able Group, a corporate finance firm based in New York City. "Shane and Shawn have what it takes to carve out significant market share from the major players in this space."
To that end, Detny has built a strong online presence. Leading online retailers like zappos.com and shoes.com carry Detny shoe models. According to Shawn, online sales are projected to triple from 2007 to 2008. Remarkably, Detny has achieved this magnitude and diversity of distribution without a sales force.
The appeal of the Ward brothers and their unique and innovative designs has generated significant buzz within the footwear industry. Most recently appearing on CNBC's "The Big Idea with Donny Deutsch," the Wards have showed enormous charisma, and, as young, telegenic twin brothers, they've already become media magnets and highly skilled brand-builders. Within the past 12 months, the compelling Detny story has graced the pages of People Magazine, Ebony, O' (Oprah's magazine), DBusiness, Footwear Plus and Gotham. In addition, the in-store appearances by the dynamic twins have been mega-successes, driving scores of shoppers to meet Shane and Shawn and to purchase shoes.
Detny Footwear, Inc. was founded with the goal of creating designer comfort shoes for people on the move. Shane and Shawn Ward, twin designers from New York City by way of Detroit, launched Detny in the Fall of 2003 with the objective of making the most comfortable -- hip -- fashion shoes ever. Detny delivers a modern, edgy sport/casual shoe and accessories line for men and women that combines hip/stylish silhouettes with athletic comfort. Detny offers everything from women's mary-jane styles to men's casual boots. This rare combination of fashion and comfort is achieved by incorporating a specially designed patent-pending Luxury Liner Insole into every "Detny by SHANE&SHAWN" shoe. To bring this innovative concept to the dress market, the twins launched the SHANE&SHAWN collection Spring 2007. This higher-end collection offers a range of dynamic designs and styles from 4-inch women's heels to dressy-yet-funky men's loafers. Detny's trademark blend of high fashion and athletic comfort is made possible by a patent-pending Luxury Liner Insole and injected rubber "comfort pods" on the leather outsole. Detny is currently traded on the Frankfurt Stock Exchange (Symbol: 4DT1.F) with a market cap of $13.5 million. For more information, visit http://www.detny.com.
