Calvin Klein, Inc. a subsidiary of Phillips-Van Heusen Corporation and The Warnaco Group, Inc. announced that they have solidified their ongoing relationship and commitment to develop the Calvin Klein(R) brand by amending certain existing agreements and agreeing to enter into a new swimwear licensing agreement.
The amendment and agreement provides for, among other things, a new swimwear licensing agreement pursuant to which Warnaco will manufacture, distribute and sell swimwear under certain Calvin Klein(R) trademarks throughout the world commencing in January 2004. The amendment and agreement also enables Warnaco to enter into a sublicensing agreement with Happy Kids, Inc. to manufacture, distribute and sell Calvin Klein(R) children’s jeanswear in North, Central and South America.
Bruce Klatsky, Chairman and Chief Executive Officer of Phillips-Van Heusen Corporation, stated, “The agreement we have reached with Warnaco brings certainty and clarity to our licensing arrangement and we look forward to a new and prosperous and cooperative chapter in the relationship between Warnaco and Calvin Klein.”
Joe Gromek, Warnaco’s President and Chief Executive Officer commented, “We are pleased to announce these new agreements and initiatives which reflect a genuine spirit of partnership between our two organizations to build the Calvin Klein(R) brand worldwide.”