FORT WAYNE, Ind. (August 2, 2013)Vera Bradley (Nasdaq: VRA), designer of handbags, gifts, travel items and accessories, is expanding its Roanoke, Ind., campus, creating about 128 new jobs over the next four years.
The company will invest approximately $26.6 million to expand both its current 40,000 square-foot Design Center by 149,000 square feet and its 420,000 square foot Distribution Center by 10,000 square feet. Both locations are located just outside Fort Wayne, Indiana near Interstate 69.
“We are proud to invest in our hometown,” said Barbara Bradley Baekgaard, Chief Creative Officer and Co-founder. “Our design center expansion will bring the majority of our Northeast Indiana employees together on one campus and will strengthen collaboration across the company.”
The Indiana Economic Development Corporation is offering Vera Bradley tax credits, and the company is working with the Fort Wayne-Allen County Economic Development Alliance on additional incentives.
As I travel across this great Hoosier state, I witness daily the endless possibilities that can result from a terrific idea, said Governor Mike Pence. A great idea by two entrepreneurs led to the global success story of Vera Bradley. Im proud that because of Indianas low tax, pro-growth business climate, the company has been able to grow at an incredible rate right here at home, further proving that Indiana is a state that works for business.
Of the $26.6 million project cost, about $10 million of the investment is projected in fiscal 2014 and raises the companys previously disclosed fiscal 2014 capital expenditure guidance from approximately $20 million to approximately $30 million for the full fiscal year. It is estimated that the project will be completed in late 2014.
The County takes great pride in being home to such a great leader in the gift and fashion industry, said Allen County Commissioner Nelson Peters. We are pleased to watch Vera Bradleys continued success unfold.
Vera Bradley currently has 1,000 full-time employees in Indiana and about 2,800 employees in total. The company has 79 Vera Bradley Stores and 14 Outlet Stores.
About Vera Bradley
Vera Bradley is a leading designer of women’s handbags and accessories, luggage and travel items, eyewear, stationery and gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s iconic designs and versatile styles offer women of all ages a colorful way to accessorize every look. Vera Bradley offers a unique, multi-channel sales model as well as a focus on service and a high level of fan engagement. Fiscal 2013 net revenues were $541 million. The company’s commitment to breast cancer research continues to increase its reach through the Vera Bradley Foundation for Breast Cancer. For more information about Vera Bradley (Nasdaq:VRA), visitwww.verabradley.com/mediaroom.
