PVH Corp. Announces It Will Join the Accord on Fire and Building Safety in Bangladesh
PVH Joins with Same Coalition of NGOs and Labor Unions to Update its
Landmark Agreement Entered into in March 2012
NEW YORK--(BUSINESS WIRE)--May. 13, 2013--
PVH Corp. (NYSE: PVH) announced today that it has agreed in principle to
an Accord on Fire and Building Safety with the same group of
non-governmental organizations consisting of Clean Clothes Campaign,
Worker Rights Consortium, The International Labor Rights Forum, and
Maquila Solidarity Network, as well as a group of eight international
and Bangladeshi trade unions, that established the landmark 2012 Joint
Memorandum of Understanding on Fire and Building Safety.
The agreement expands to five years (from two) a fire and building
safety program to be led by a multi-stakeholder task force for the
purposes of establishing an in-factory training program; facilitating
the creation of factory health and safety committees; reviewing existing
building regulations and enforcement; developing a worker complaint
process and mechanism for workers to report health and safety risks; and
advising a lead Safety Inspector.
The Safety Inspector will design and implement a fire safety inspection
program based on internationally recognized workplace safety standards.
The Safety Inspector will also direct and oversee the various other
elements of the program.
The program will be financed by the participating companies. PVH will
commit up to $2.5 million to underwrite the program. PVH has invited
industry partners to join it, German retailer Tchibo (who joined the
original MOU in the fall) and H&M, which announced today that it will
join the Accord, to join it in this effort.
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, Warner’s, Olga, Bass and G.H.
Bass & Co., and its licensed brands, including Speedo,
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.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
Forward-looking statements made in this press release, including,
without limitation, statements relating to the Company’s plans,
objectives, expectations and intentions, 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) the Company’s plans,
strategies, objectives, expectations and intentions are subject to
change at any time at the discretion of the Company; (ii) the Memorandum
of Understanding discussed in this release may not be implemented if
other companies do not agree to be bound by its terms or the terms may
be materially changed prior to their being implemented or afterwards;
and (iii) other risks and uncertainties indicated from time to time in
the Company’s filings with the Securities and Exchange Commission.
The Company does not undertake any obligation to update publicly any
forward-looking statement, including, without limitation, any estimate
regarding earnings, whether as a result of the receipt of new
information, future events or otherwise.
Source: PVH Corp.
Dana Perlman, 212-381-3502 (Investors)
SVP – Business Development and Investor Relations
Giglio, 646-460-8901 (Media)