NEW YORK--(BUSINESS WIRE)--Nov. 4, 2013--
PVH Corp. [NYSE:PVH] and G-III Apparel Group, Ltd. [NasdaqGS:GIII]
announced today that they have completed the previously announced sale
of substantially all of the assets of PVH’s G.H. Bass & Co. division to
a subsidiary of G-III. Gross proceeds from the transaction were
approximately $50 million, paid in cash.
About PVH Corp:
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 and Olga, 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.
About G-III Apparel Group, Ltd.:
G-III is a leading manufacturer and distributor of outerwear, dresses,
sportswear, swimwear, women's suits and women's performance wear, as
well as footwear, luggage and women's handbags, small leather goods and
cold weather accessories, under licensed brands, its own brands and
private label brands. G-III sells swimwear, resort wear and related
accessories under its own Vilebrequin brand. G-III also sells
outerwear, dresses, performance wear and handbags under its own Andrew
Marc and Marc New York brands and has licensed these brands
to select third parties in certain product categories. G-III has fashion
licenses under the Calvin Klein, Kenneth Cole, Cole Haan,
Guess?, Tommy Hilfiger, Jones New York, Jessica
Simpson, Sean John, Vince Camuto, Ivanka Trump, Nine
West, Ellen Tracy, Kensie, Mac & Jac, Levi's
and Dockers brands. Through its team sports business, G-III has
licenses with the National Football League, National Basketball
Association, Major League Baseball, National Hockey League, Touch by
Alyssa Milano and more than 100 U.S. colleges and universities. G-III’s
other owned brands include G-III Sports by Carl Banks, Eliza J,
Black Rivet, Jessica Howard and Winlit. G-III also
operates retail stores under the Wilsons Leather, Bass, G.H.
Bass & Co., Vilebrequin, Calvin Klein Performance
and Andrew Marc names.
PVH CORP. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995: Forward-looking statements in this
press release, including, without limitation, statements relating to the
Company’s future revenue and earnings, plans, strategies, 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) in connection
with the acquisition of The Warnaco Group, Inc. (“Warnaco”), the Company
borrowed significant amounts, may be considered to be highly leveraged,
and will have to use a significant portion of its cash flows to service
such indebtedness, as a result of which the Company might not have
sufficient funds to operate its businesses in the manner it intends or
has operated in the past; (iii) the levels of sales of the Company’s
apparel, footwear and related products, both to its wholesale customers
and in its retail stores, the levels of sales of the Company’s licensees
at wholesale and retail, and the extent of discounts and promotional
pricing in which the Company and its licensees and other business
partners are required to engage, all of which can be affected by weather
conditions, changes in the economy, fuel prices, reductions in travel,
fashion trends, consolidations, repositionings and bankruptcies in the
retail industries, repositionings of brands by the Company’s licensors
and other factors; (iv) the Company’s plans and results of operations
will be affected by the Company’s ability to manage its growth and
inventory, including the Company’s ability to realize benefits from
Warnaco; (v) the Company’s operations and results could be affected by
quota restrictions and the imposition of safeguard controls (which,
among other things, could limit the Company’s ability to produce
products in cost-effective countries that have the labor and technical
expertise needed), the availability and cost of raw materials, the
Company’s ability to adjust timely to changes in trade regulations and
the migration and development of manufacturers (which can affect where
the Company’s products can best be produced), changes in available
factory and shipping capacity, wage and shipping cost escalation, and
civil conflict, war or terrorist acts, the threat of any of the
foregoing, or political and labor instability in any of the countries
where the Company’s or its licensees’ or other business partners’
products are sold, produced or are planned to be sold or produced; (vi)
disease epidemics and health related concerns, which could result in
closed factories, reduced workforces, scarcity of raw materials and
scrutiny or embargoing of goods produced in infected areas, as well as
reduced consumer traffic and purchasing, as consumers become ill or
limit or cease shopping in order to avoid exposure; (vii) acquisitions
and issues arising with acquisitions and proposed transactions,
including, without limitation, the ability to integrate an acquired
entity, such as Warnaco, into the Company with no substantial adverse
effect on the acquired entity’s or the Company’s existing operations,
employee relationships, vendor relationships, customer relationships or
financial performance; (viii) the failure of the Company’s licensees to
market successfully licensed products or to preserve the value of the
Company’s brands, or their misuse of the Company’s brands; and (ix)
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.
G-III SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Statements concerning G-III’s business outlook
or future economic performance, anticipated revenues, expenses or other
financial items; product introductions and plans and objectives related
thereto; and statements concerning assumptions made or expectations as
to any future events, conditions, performance or other matters are
“forward-looking statements” as that term is defined under the Federal
Securities laws. Forward-looking statements are subject to risks,
uncertainties and factors which include, but are not limited to,
reliance on licensed product, reliance on foreign manufacturers, risks
of doing business abroad, the current economic and credit environment,
the nature of the apparel industry, including changing customer demand
and tastes, customer concentration, seasonality, risks of operating a
retail business, customer acceptance of new products, the impact of
competitive products and pricing, dependence on existing management,
possible disruption from acquisitions and general economic conditions,
as well as other risks detailed in G-III’s filings with the Securities
and Exchange Commission. G-III assumes no obligation to update the
information in this release.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131104006040/en/
Source: PVH Corp.
PVH Corp.:
Dana Perlman, 212-381-3502
Treasurer
and Senior Vice President,
Business Development & Investor Relations
investorrelations@pvh.com
or
G-III
Apparel Group, Ltd.:
Neal Nackman, 212-403-0500
Chief
Financial Officer
or
G-III Investor Relations – ICR Inc.
James
R. Palczynski, 203-682-8200
