Calvin Klein, Inc., a wholly owned subsidiary of Phillips-Van
Heusen Corporation (NYSE: PVH), today announced that it has entered
into a license agreement pursuant to which G-III Apparel Group,
Ltd. (NasdaqGSM: GIII) will license Calvin Klein better women�s
sportswear, succeeding current licensee Kellwood Company. Under the
terms of the license agreement, G-III will succeed to Kellwood�s
rights for the manufacture and distribution to department stores
and specialty stores in the United States, Canada, and Mexico, as
well as additional Central and South American territories, of
Calvin Klein better women�s sportswear. G-III will commence
offering product for the Spring/Summer 2009 shipping season. G-III
currently holds licenses under the Calvin Klein brand name for
men�s and women�s better outerwear, women�s better dresses and
suits, and most recently, a line of women�s performance apparel.
�We are very pleased to be expanding our partnership with G-III to
include our Calvin Klein women�s better sportswear,� said Tom
Murry, President & Chief Operating Officer, Calvin Klein, Inc.
�G-III�s approach to each of the licensed Calvin Klein business
categories that they currently operate has proven to be successful,
and we anticipate that they will have similar results with the
women�s sportswear business.� Morris Goldfarb, Chairman and Chief
Executive Officer of G-III, commented, �We are excited to further
strengthen our relationship with the Calvin Klein brand and
Phillips-Van Heusen Corporation. We have developed a thorough
understanding of the brand and we eagerly anticipate this new
extension of our partnership with Calvin Klein. We believe that
this license agreement is an important and strategically
significant development that will benefit our two companies and the
many customers of the Calvin Klein brand.� Calvin Klein, Inc. is
one of the leading fashion design and marketing studios in the
world. It designs and markets women�s and men�s designer collection
apparel and a range of other products that are manufactured and
marketed through an extensive network of licensing agreements and
other arrangements worldwide. Brands/lifestyles include Calvin
Klein Collection, ck Calvin Klein, Calvin Klein, Calvin Klein
Jeans, and Calvin Klein Underwear. Product lines under the various
Calvin Klein brands include apparel, accessories, shoes, sleepwear,
hosiery, socks, swimwear, belts, eyewear, watches, jewelry, coats,
suits, fragrances, and cosmetics, as well as products for the home.
Phillips-Van Heusen Corporation is one of the world's largest
apparel companies. It owns and markets the Calvin Klein brand
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, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed
brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth
Cole Reaction, unlisted, A Kenneth Cole Production, BCBG Max Azria,
BCBG Attitude, MICHAEL Michael Kors, Sean John, Chaps, Donald J.
Trump Signature Collection, JOE Joseph Abboud, Tommy Hilfiger, DKNY
and Timberland. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995: Forward-looking statements made in
this release, including, without limitation, statements relating to
Phillips-Van Heusen Corporation's (the "Company") future revenues
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) 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; (iii) 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 continue to realize
revenue growth from developing and growing Calvin Klein; (iv) 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
(particularly petroleum-based synthetic fabrics, which are
currently in high demand), 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), and civil conflict, war or terrorist acts, the
threat of any of the foregoing or political and labor instability
in the United States or any of the countries where the Company's
products are or are planned to be produced; (v) 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; (vi)
acquisitions and issues arising with acquisitions and proposed
transactions, including without limitation, the ability to
integrate an acquired entity into the Company with no substantial
adverse affect on the acquired entity's, or the Company's existing,
operations, employee relationships, vendor relationships, customer
relationships or financial performance; (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. The Company does not undertake any obligation
to update publicly any such forward-looking statement, including,
without limitation, any estimate regarding revenues or earnings,
whether as a result of the receipt of new information, future
events or otherwise. G-III Apparel Group, Ltd. is a leading
manufacturer and distributor of outerwear and sportswear under
licensed brands, private labels and its own brands. G-III also
operates 116 outlet stores under the Wilsons Leather name. G-III
has fashion licenses, among others, under the Calvin Klein, Sean
John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica
Simpson, Nine West, Ellen Tracy, House of Dereon, IZOD, Tommy
Hilfiger, Levi�s and Dockers brands and sports 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 works with
leading retailers in developing product lines to be sold under
their own proprietary private labels. G-III-owned brands include,
among others, Andrew Marc, Marc New York, Marvin Richards, G-III,
Jessica Howard, Eliza J., Industrial Cotton, Black Rivet, Siena
Studio, Colebrook, G-III by Carl Banks, Winlit, NY 10018 and La
Nouvelle Renaissance. 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,
the nature of the apparel industry, including changing customer
demand and tastes, seasonality, customer acceptance of new
products, weakness of the retail sector, the impact of competitive
products and pricing, dependence on existing management, possible
disruption from acquisitions, general economic conditions, as well
as other risks detailed in the Company�s filings with the
Securities and Exchange Commission. G-III assumes no obligation to
update the information in this release.
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