PVH Corp. to License Tommy Hilfiger Men’s Tailored Clothing Business for North America to Peerless
NEW YORK–(BUSINESS WIRE)–Jan. 24, 2017– PVH Corp. [NYSE:PVH] announced today that its Tommy Hilfiger Licensing LLC subsidiary has entered into a license agreement with Peerless Clothing International, Inc. for the Tommy Hilfiger men’s tailored clothing business for North America beginning January 1, 2018. The business is currently operated by Marcraft Clothes, Inc. PVH is moving the license to Peerless in order to consolidate the North America men’s tailored businesses for all of its brands under one partner. In connection therewith, the terms of all the licenses were amended to run through at least December 31, 2022. No other terms were disclosed.
Emanuel Chirico, Chairman and CEO of PVH said, “We have had a long-standing and successful relationship with Peerless, which has been the licensee for our Calvin Klein, Van Heusen, and IZOD brands for several years. 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 and that Peerless is well-positioned to build upon the success to date of the Tommy Hilfiger men’s tailored clothing business.”
Alvin Segal, Chairman and CEO of Peerless Clothing International said, “We are pleased and honored that PVH has chosen to have Peerless as its licensee in North America for all its brands for men’s tailored clothing.”
“We are excited to expand our relationship with PVH to include the Tommy Hilfiger brand,” added Ronny Wurtzburger, President, Peerless Clothing International. “We believe that the brand’s rich American heritage and preppy with a twist designs will be a great addition to our offerings under PVH’s brands and will allow us to better serve all of PVH’s businesses and consumer tastes.”
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 Peerless Clothing International, Inc.
Peerless Clothing, founded in 1919, is the largest manufacturer and distributor of tailored clothing in North America. Peerless’ range of products includes suits, suit separates, sport coats, dress pants, tuxedos, overcoats, and raincoats for both men and boys.
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.
Source: PVH Corp.