PVH Corp. Extends Licenses With G-III Apparel Group, Ltd. as Part of a Multi-Year Transition to Bring Core Product Categories In-House
01 December 2022 - 8:16AM
Business Wire
PVH Corp. [NYSE: PVH] announced it has extended most of its
license agreements with G-III Apparel Group, Ltd. (NASDAQ: GIII)
for Calvin Klein and TOMMY HILFIGER in U.S. and Canada, largely
pertaining to the women’s North America wholesale business. Both
the Calvin Klein and TOMMY HILFIGER agreements will now have
staggered expirations from 2025 through 2027.
The arrangement will allow for a smooth transition of core
product categories back to PVH at the end of the extended terms.
PVH intends to work in close partnership with G-III over the next
several years to ensure an uninterrupted and responsible transition
for consumers and wholesale partners for both brands.
Stefan Larsson, Chief Executive Officer, PVH Corp., commented:
“This action is an important next step as part of the PVH+ Plan,
PVH’s multi-year strategic growth plan, to unlock the full
potential of our two iconic brands in the North America market. By
bringing these core product categories in-house over time, we will
be able to draw on the power and expertise of our global brand
teams and have them fully connected to the demand driven supply
chain we are developing. We are grateful to G-III for their
partnership and long-term commitment to Calvin Klein and TOMMY
HILFIGER in North America.”
Zac Coughlin, Chief Financial Officer, PVH Corp., added: “The
multi-year transition period will enable us to bring these core
product categories, which represented approximately one-third of
our global licensing revenue, and less than 10% of our consolidated
EBIT in 2021, back in-house in a disciplined and methodical way.
G-III will continue to be a key partner as we work together over
the next few years to internalize the direct operations of these
businesses.”
About PVH Corp.
PVH is one of the world's largest and most admired fashion
companies, connecting with consumers in over 40 countries. Our
global iconic brands include Calvin Klein and TOMMY HILFIGER. Our
140-year history is built on the strength of our brands, our team
and our commitment to drive fashion forward for good. That's the
Power of Us. That's the Power of PVH.
Follow us on Facebook, Instagram, Twitter and LinkedIn.
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 the future plans, strategies, objectives, expectations and
intentions of PVH Corp. and its subsidiaries (collectively, the
"Company"), 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’s ability to achieve its desired benefits from
bringing the licensed businesses in-house; (iii) potential adverse
reactions or changes to business relationships resulting from the
announcement or the reversion of the licensed businesses to the
Company; (iv) unexpected or underestimated costs, charges or
expenses incurred in connection with the in-housing of the licensed
businesses; and (v) 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: https://www.businesswire.com/news/home/20221130005958/en/
Investor Relations Sheryl Freeman
InvestorRelations@pvh.com
Media Lauren McClain PVHCommunications@pvh.com
PVH (NYSE:PVH)
Historical Stock Chart
From Jun 2024 to Jul 2024
PVH (NYSE:PVH)
Historical Stock Chart
From Jul 2023 to Jul 2024