NEW YORK--(BUSINESS WIRE)--Jan. 24, 2017--
PVH
Corp. (NYSE:PVH) announced today that it has entered into an
agreement to acquire the licensed Tommy
Hilfiger men’s tailored clothing business for North America from
Marcraft Clothes, Inc. Marcraft operates the business under license from
Tommy Hilfiger Licensing LLC, a wholly owned subsidiary of PVH. As part
of the transaction, PVH will acquire certain assets related to the
licensed business and the license agreement would be terminated
effective December 31, 2017. PVH intends to consolidate the North
America men’s tailored businesses for all of its brands under one
partner, Peerless Clothing International, Inc., beginning January 2018.
Terms of the transaction were not disclosed.
Emanuel Chirico, Chairman and CEO of PVH said, “We thank the Marcraft
team for its partnership and for building a successful men’s tailored
clothing business for the Tommy Hilfiger brand in North America.
However, we believe it best serves the needs of our Company and brands
to have all of the men’s tailored businesses under the direction of one
partner.”
“We believe our longstanding relationship with Tommy Hilfiger and PVH
has allowed us to drive the growth of the Tommy Hilfiger men’s tailored
business in North America and our overall business over the last eight
years,” said Gary Brody of Marcraft. “We believe the expertise we have
developed will serve us well as we continue to operate our other
existing businesses and identify future opportunities for growth,” said
Jeffrey Brody, of Marcraft.
About PVH Corp.
With a history going back over 130 years, PVH has excelled at growing
brands and businesses with rich American heritages, becoming one of the
largest apparel companies in the world. We have over 30,000 associates
operating in over 40 countries and over $8 billion in annual
revenues. We own the iconic Calvin
Klein, Tommy
Hilfiger, Van
Heusen, IZOD,
ARROW,
Speedo*,
Warner’s and Olga brands,
and market a variety of goods under these and other nationally and
internationally known owned and licensed brands.
*The Speedo brand is licensed for North America and the Caribbean
in perpetuity from Speedo International, Limited.
About Marcraft Clothes, Inc.
Marcraft Apparel Group is a privately held men’s tailored clothing
company in the United States, with over 40 years of experience sourcing
branded and private label suits, suit separates, sport coats, pants,
overcoats and raincoats. The company provides expertise in piece goods,
product design and product development as well as product packaging and
marketing. Marcraft has licenses with Kenneth Cole, Ben Sherman, Karl
Lagerfeld, Bruno Magli, GH Bass and Jones New York.
PVH CORP. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements made in this press
release, including, without limitation, statements relating to PVH
Corp.’s future 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, including that the Company may
not conclude the intended purchase from Marcraft Clothes, Inc. or
consolidate the men’s tailored businesses under its brands in North
America; (ii) 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's 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, and other factors; (iii) 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 licensees' or
other business partners' products are sold, produced or are planned to
be sold or produced; (iv) 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
limit or cease shopping in order to avoid exposure or become ill; (v)
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 (vi) 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, 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/20170124006451/en/
Source: PVH Corp.
PVH Corp.
Dana Perlman, 212-381-3502
Treasurer and Senior Vice
President, Business Development and Investor Relations
investorrelations@pvh.com
