NEW YORK--(BUSINESS WIRE)--Jul. 31, 2015--
PVH Corp. [NYSE:PVH] today announced that it has entered into a new
employment agreement with Fred Gehring, currently Executive Chairman,
Tommy Hilfiger, and Vice Chairman, PVH Corp. The agreement provides for
Mr. Gehring to relinquish his role as Executive Chairman, Tommy
Hilfiger, and reflects the continued strong performance of the Tommy
Hilfiger business under the leadership of Tommy Hilfiger CEO Daniel
Grieder, which role Daniel assumed in July 2014. Mr. Gehring will
continue in his role of Vice Chairman, PVH, serving as an advisor to
Manny Chirico, PVH’s Chairman and Chief Executive Officer, and the PVH
Board on matters related to PVH’s business and growth strategies. In
connection with this change, Mr. Gehring will also step down as a member
of PVH Corp.’s Board of Directors. The new agreement and arrangements
are effective August 1, 2015.
“Fred Gehring has been an exceptional partner since our 2010 acquisition
of Tommy Hilfiger. Under his guidance, Tommy Hilfiger has
consistently been a top performer designer brand and he has seen to the
seamless transition of the Tommy Hilfiger leadership to Daniel Grieder,”
said Mr. Chirico. “Daniel, who has been with Tommy for over 17 years,
has worked with Fred, helping grow the European business and position
the Tommy Hilfiger organization for long term growth. Daniel has done an
outstanding job transitioning into the CEO role for the Tommy Hilfiger
business over the last year, as well as integrating the Calvin Klein
Europe business into PVH Europe, which he also leads. I am confident
that he will continue to take Tommy Hilfiger to the next level.
Concluding his comments, Mr. Chirico said, “Fred’s involvement with the
Company will continue in his role as a strategic advisor, where he will
play an important role in helping guide and shape the growth and future
of PVH.”
About The Tommy Hilfiger Group
With a premium lifestyle brand portfolio that includes Tommy Hilfiger,
Hilfiger Denim and Tommy Girl, the Tommy Hilfiger Group is
one of the world’s most recognized designer apparel groups. Its focus is
designing and marketing high-quality menswear, womenswear, children’s
apparel and denim collections. Through select licensees, the Group
offers complementary lifestyle products such as sportswear for men,
women, juniors and children; footwear; athletic apparel (golf, swim and
sailing); bodywear (underwear, robes and sleepwear); eyewear; sunwear;
watches; handbags; men’s tailored clothing; men’s dress furnishings;
socks; small leather goods; fragrances; home and bedding products;
bathroom accessories; and luggage. The Hilfiger Denim product
line consists of jeanswear and footwear for men, women and children;
bags; accessories; eyewear and fragrance. Merchandise under the Tommy
Hilfiger brands is available to consumers worldwide through an
extensive network of Tommy Hilfiger retail stores, leading
specialty and department stores and other select retailers and retail
channels.
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, and Ike Behar.
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 our 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) our plans, strategies,
objectives, expectations and intentions are subject to change at any
time at our discretion; (ii) we may be considered to be highly
leveraged, and will have to use a significant portion of our cash flows
to service such indebtedness, as a result of which we might not have
sufficient funds to operate our businesses in the manner we intend or
have operated in the past; (iii) the levels of sales of our apparel,
footwear and related products, both to our wholesale customers and in
our retail stores, the levels of sales of our licensees at wholesale and
retail, and the extent of discounts and promotional pricing in which we
and our 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 our licensors and other factors;
(iv) our plans and results of operations will be affected by our ability
to manage our growth and inventory, including our ability to realize
benefits from our acquisition of The Warnaco Group, Inc. (“Warnaco”);
(v) our operations and results could be affected by quota restrictions
and the imposition of safeguard controls (which, among other things,
could limit our ability to produce products in cost-effective countries
that have the labor and technical expertise needed), the availability
and cost of raw materials, our ability to adjust timely to changes in
trade regulations and the migration and development of manufacturers
(which can affect where our 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 our or our 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 us with no substantial adverse effect on
the acquired entity’s or our existing operations, employee
relationships, vendor relationships, customer relationships or financial
performance; (viii) the failure of our licensees to market successfully
licensed products or to preserve the value of our brands, or their
misuse of our brands; and (ix) other risks and uncertainties indicated
from time to time in our 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150731005132/en/
Source: PVH Corp.
PVH Corp.
Dana Perlman, 212-381-3502
Treasurer
and Senior Vice President
Business Development & Investor
Relations
investorrelations@pvh.com
