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Calvin Klein, Inc. to Reacquire European ck Calvin Klein Licenses

PVH Corp. to Operate Businesses By Leveraging Its European Platform

NEW YORK--(BUSINESS WIRE)--Mar. 5, 2012-- PVH Corp. [NYSE: PVH] announced that its Calvin Klein, Inc. subsidiary was exercising its rights to reacquire the existing license agreements held by Warnaco for the distribution and sale of ck Calvin Klein apparel and accessories and the operation of retail stores in Europe, effective in 2013. To support this development, PVH International, a division of PVH, which also manages the Tommy Hilfiger brand globally, will establish a dedicated team to operate the ck Calvin Klein apparel and accessories businesses in Europe.

“Bringing the ck Calvin Klein European operations in-house creates an opportunity for us to better develop the Calvin Klein brand in Europe by leveraging PVH’s European infrastructure,” said Tom Murry, President & Chief Executive Officer, Calvin Klein. “PVH’s 2010 acquisition of Tommy Hilfiger brought with it an excellent European operating platform and distribution network with dedicated market expertise. We feel that this established platform, under the leadership of Fred Gehring, CEO of Tommy Hilfiger and PVH International, combined with the strength of our brand and Calvin Klein’s innovative in-house design and marketing teams, will accelerate the growth of the business from where it is today.”

Mr. Gehring said, “The European ck Calvin Klein apparel, accessories and retail business represents an exciting opportunity for us to take a leading global designer brand and build on the existing business. By directly integrating the business into our European organization and commercial infrastructure, we believe the ck Calvin Klein European business has the potential to reach approximately $500 million in sales in the next 5 to 7 years.”

Mr. Murry concluded, “We have a longstanding partnership with Warnaco that will continue and have been pleased with the success they have had with the Calvin Klein Jeans license and their operation of the Calvin Klein Underwear brand around the world. We feel that this new structure will allow both of our organizations to maximize their core competencies to the benefit of the Calvin Klein brand.”

ck Calvin Klein is Calvin Klein’s “bridge” brand. The apparel line is designed by Kevin Carrigan, who serves as the Global Creative Director for the brand, as well as for the Calvin Klein (white label) and Calvin Klein Jeans brands. At the end of 2011, the ck Calvin Klein brand represented approximately $1 billion in global retail sales, achieved primarily in Asia and Europe, and had an established network of 89 full-price freestanding stores, of which 17 are in Europe. The brand is also operated in Asia and Japan by experienced licensing and retail partners.

Calvin Klein, Inc. is one of the leading fashion design and marketing studios in the world. It designs and markets women’s and men’s designer collection apparel and a range of other products that are manufactured and marketed through an extensive network of licensing agreements and other arrangements worldwide. Brands/lifestyles include Calvin Klein Collection, ck Calvin Klein, Calvin Klein, Calvin Klein Jeans and Calvin Klein Underwear. Product lines under the various Calvin Klein brands include women’s dresses and suits, men's dress furnishings and tailored clothing, men’s and women's sportswear and bridge and collection apparel, golf apparel, jeanswear, underwear, fragrances, eyewear, women’s performance apparel, hosiery, socks, footwear, swimwear, jewelry, watches, outerwear, handbags, small leather goods, and home furnishings (including furniture). For more information, please visit calvinklein.com.

PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos. For more information, please visit pvh.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

Forward-looking statements made in this release, including, without limitation, statements relating to the future plans, strategies, objectives, expectations and intentions of PVH Corp. and its subsidiaries (collectively, “PVH”) are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, the following: (i) PVH’s plans, strategies, objectives, expectations and intentions are subject to change at any time at its discretion; (ii) in connection with the acquisition of Tommy Hilfiger B.V. and certain affiliated companies, PVH borrowed significant amounts and will have to use a significant portion of its cash flows to service such indebtedness, as a result of which PVH might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iii) acquisitions and issues arising with acquisitions and proposed transactions, including without limitation, the ability to integrate an acquired entity, into PVH with no substantial adverse affect on the acquired entity’s or PVH’s existing operations, employee relationships, vendor relationships, customer relationships or financial performance; and (iv) other risks and uncertainties indicated from time to time in PVH’s filings with the Securities and Exchange Commission.

The Company does not undertake any obligation to update publicly any forward-looking statement, whether as a result of the receipt of new information, future events or otherwise.

Source: PVH Corp.

Calvin Klein, Inc.
Malcolm Carfrae
EVP, Global Communications
212 292 9799
malcolmcarfrae@ck.com
Jennifer Crawford
VP, Corporate Communications
212 292 9795
jennifercrawford@ck.com
or
PVH Contact/Investor Relations:
Dana Perlman
Treasurer, SVP Business Development and Investor Relations
212 381-3502

 

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