PVH Corp. [NYSE:PVH] and Grupo Axo announced today the closing
of its previously announced agreement to form a joint venture that
now licenses from wholly owned subsidiaries of PVH the rights to
operate and manage the distribution of Calvin Klein, Tommy
Hilfiger, Warner’s, Olga and Speedo brand products in Mexico. The
joint venture was formed by merging PVH México, S.A. de C.V., a
wholly owned subsidiary of PVH and the operator of its Calvin Klein
and Heritage Brands businesses in Mexico, with Baseco, S.A. de
C.V., a wholly owned subsidiary of Grupo Axo and a distributor in
Mexico of PVH’s Tommy Hilfiger brand products. Additionally, the
newly formed joint venture also has the license to operate Tommy
Hilfiger footwear, as the license agreement with a third party was
recently assigned to Baseco. Terms of the joint venture were not
disclosed. As previously disclosed, PVH expects this transaction to
be neutral to PVH’s 2016 earnings.
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“We believe that leveraging Grupo Axo’s in region expertise
across our brand portfolio should ensure the long-term potential of
our brands in Mexico while maintaining a direct ownership interest
in our Calvin Klein and Heritage Brands businesses in Mexico and
giving us more control over our Tommy Hilfiger business in the
region,” said Emanuel Chirico, Chairman and CEO of PVH.”
“We are excited about the opportunity to expand our relationship
beyond Tommy Hilfiger to include the global megabrand, Calvin
Klein, as well as the Warner’s, Olga and Speedo heritage brands. We
believe all these brands present a significant opportunity for
growth in Mexico and we look forward to partnering with PVH to make
that potential a reality,” said Andres Gomez, Co-Chief Executive
Officer of Grupo Axo.
About PVH Corp.
With a history going back over 130 years, PVH Corp. 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 with 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 Grupo Axo
Grupo Axo is a leading multi-brand company in Mexico for
apparel, accessories and home brands. Today, Group Axo is an
indispensable reference and the most reliable resource for the
firms and partners that want to build a successful platform in the
Latin-American Market. With a solid retail and wholesale experience
for over 22 years, its expertise comes from representing, elevating
equity, distributing and operating brands through a multi-channel
approach. As of 2016, Grupo Axo operates more than 2,200 points of
sale within major department stores and over 400 free-standing
stores in both Mexico and Chile. Within its portfolio, Grupo Axo
proudly represents Abercrombie & Fitch, Bath & Body Works,
Brooks Brothers, Brunello Cucinelli, Coach, Crate & Barrel,
Emporio Armani, Guess, Kate Spade, Theory, Express, Hollister,
Chaps, Loft, Rapsodia, Thomas Pink, Tommy Hilfiger, Victoria´s
Secret and Promoda, the leading off-price retailer in Mexico.
www.grupoaxo.com
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; (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.
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PVH CORP.Media / InvestorsDana Perlman, +1
212-381-3502Treasurer, Senior Vice President – BusinessDevelopment
and Investor Relationsinvestorrelations@pvh.comorCalvin KleinAlexandra Wagner, +1
212-292-9794VP, Corporate
Communicationsalexandrawagner@ck.comorTommy HilfigerAbdel El Hamri, +1
212-548-1728SVP, Global
CommunicationsAbdel.ElHamri@tommy.comorGRUPO AXOInvestors
RelationsRaúl del Villar, +52 (55)30005169Chief Finance
Officerrdelvillar@grupoaxo.comorMedia and
CommunicationsLorenzo Ruiz, +52 (55)30005168VP, Marketing and
Communicationslruiz@grupoaxo.com
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