NEW YORK--(BUSINESS WIRE)--Mar. 16, 2017--
PVH
Corp. [NYSE: PVH] announced today that it has entered into an
agreement to acquire True&Co.,
a direct-to-consumer intimate apparel e-commerce retailer. True&Co. is
changing the way women shop online by redesigning the art of bra
shopping. It uses a proprietary fit quiz to recommend bras and other
intimates that will best fit the responding consumer. Leveraging its
consumer-centric data for the over five million women who have taken its
quiz, True&Co. enables women to embrace an entirely different and
personalized lingerie shop that offers a fun, fashionable and truly
intimate experience. This acquisition will enable PVH to further
participate in the fast growing online channel and provides a platform
to increase innovation, data driven-decisions and speed in the way it
serves its consumers across its channels. The terms of the transaction
were not disclosed.
Emanuel Chirico, Chairman and Chief Executive Officer, PVH Corp.,
commented: “Today’s announcement illustrates our commitment to driving
innovation across our business and demonstrates our commitment to making
strategic investments in our digital platforms to support our long-term
growth initiatives. We believe that we can leverage the analytics tools
of this data-driven company, while leveraging PVH’s intimates category
expertise, including global brand management, product know-how and
supply chain.”
“Five years ago, I founded True&Co. to change the way women shop for
intimate apparel. In PVH, we have a strategic partner who can help us
bring this change to as many customers as possible. We look forward to
joining PVH’s portfolio of brands and to help drive growth initiatives
for PVH’s other brands,” said Michelle Lam, Co-founder of True&Co.
About PVH Corp.
With a history going back over 135 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, Ltd.
About True&Co.
True&Co. provides a unique lingerie e-commerce experience. Founded in
2012 by Michelle Lam, based in San Francisco and designed in New York
City, True&Co. originated the online Fit Quiz that transformed the way
women shop online by matching recommendations far beyond typical
measurements. Leveraging more than 130 million data points for over five
million women to date, the company provides a uniquely personalized
customer experience with great product.
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 (the “Company”) future 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, (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 Company may be
considered to be highly leveraged, and uses a significant portion of its
cash flows to service its 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; (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)
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 (viii) other risks and uncertainties
indicated from time to time in the Company’s filings with the Securities
and Exchange Commission.
Risks and uncertainties related to the acquisition include, among
others: the risk that the conditions to the closing are not satisfied
and the transaction is not completed; uncertainties as to the timing of
the acquisition; competitive responses to the acquisition; the inability
to obtain, or delays in obtaining, synergies from the acquisition;
unexpected costs, charges or expenses resulting from the acquisition;
litigation relating to the acquisition; the inability to recognize the
expected benefits of the acquisition; the inability to integrate the
acquired business without disruption to the acquired business or
existing operations; and any changes in general economic and/or industry
specific conditions.
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/20170316006140/en/
Source: PVH Corp.
PVH Corp.:
Dana Perlman,
212-381-3502
Treasurer and Senior Vice President, Business
Development & Investor Relations
communications@pvh.com
