updated 4/7/2011 3:46:36 PM ET 2011-04-07T19:46:36

NEW YORK, April 7, 2011 (GLOBE NEWSWIRE) -- Accessory Network Group LLC ("ANG"), a privately held, diversified prestige handbag and accessories company, announced today that it signed a contract to acquire Yak Pak, Inc. Yak Pak, founded in 1989, is a fashion bag company which sells backpacks, messenger bags, and casual accessories for the teen and college consumer.

"Yak Pak is an iconic brand with a very clear DNA that has untapped potential," said Abe Chehebar, CEO of Accessory Network Group.  "Steve Holt and his team have a very keen understanding of the Yak Pak consumer and continue to excite him/her with newness on a regular basis."

Stephen Holt founded Yak Pak with the goal of creating bags that were not just something you carry, but something you wear. Over the years, Yak Pak has been credited with many design innovations and most recently for bringing exciting, expressive prints to a classification that was largely characterized by solid colors and monochromatic designs. Yak Pak has a strong international following as well as five domestic licensees manufacturing items ranging from luggage, coolers, and storage products, to electronics accessories, stationery, and pet products. 2011 will be the biggest year yet for the brand with sales projected to double in 2012.

Stephen Holt, president and founder of Yak Pak, commented, "We have been experiencing phenomenal brand growth and are at a point where we needed a strong partner to help get us to the next level. Accessory Network Group has the resources, experience, and knowledge base to help make Yak Pak not just a stronger name, but a truly global mega brand."

Yak Pak merchandise is sold nationwide in teen specialty retailers, college bookstores, boutiques, sporting goods stores, and department stores.  The brand also has plans to open a retail store in Soho in Spring 2011.

About Accessory Network Group:

Founded in 1984, ANG is recognized as the leading accessories designer and manufacturer in the industry.  ANG's Prestige Division includes Ghurka, the iconic luxury brand that specializes in handcrafted leather goods and accessories; Kooba, a contemporary women's handbag line that focuses on timeless, sophisticated silhouettes; and the license for Overture by Judith Lieber, a contemporary collection for the next Judith Leiber customer who aspires to the brand's new red carpet glamour and signature styles. ANG's Private Label Division is an industry leader in designing and manufacturing for the country's largest retailers.  For more information, please visit the company's website at www.accessorynetwork.com

About Yak Pak:

Founded in 1989, Yak Pak manufactures backpacks, messenger bags and casual accessories to the teen and college consumer.  The company has been credited with many design innovations and most recently for bringing exciting expressive prints to a classification that was formerly largely monochromatic.  For more information, please visit the company's website at www.yakpak.com

CONTACT:                               

McKenna McCarville

(212) 842.3144

mmccarville@angbrands.com

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http://www.cisionwire.com/accessory-network-group/accessory-network-group-llc-to-acquire-yak-pak--inc-105915

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