Movado Group, Inc. Announces Global Watch and Jewelry License Agreement with Calvin Klein, Inc.
August 27 2020 - 6:46AM
Business Wire
Movado Group, Inc. (NYSE: MOV) announced today that it has
entered into a license agreement with Calvin Klein, Inc., a wholly
owned subsidiary of PVH Corp. [NYSE:PVH], for the design, product
development, distribution and marketing of Swiss made and fashion
timepieces, as well as fashion jewelry. The agreement commences in
January 2022 and has an initial term of five years.
The arrangement will support Calvin Klein’s strategy to reignite
the watch and jewelry businesses with new and expanded offerings.
The men’s and women’s watch collections will feature modern designs
with a clean aesthetic, consistent with CALVIN KLEIN’s strong brand
DNA. The jewelry will be refined and minimal, showcasing a
selection of metals including stainless steel, rose and yellow gold
plating. The debut collections under Movado Group are expected to
be introduced in Spring 2022.
“We are thrilled to partner with CALVIN KLEIN, one of the most
successful and iconic global lifestyle brands in the world,” stated
Efraim Grinberg, Chairman and CEO Movado Group. “The CALVIN KLEIN
brand has tremendous global awareness, with a significant online
presence and a footprint that spans the world. We look forward to
collaborating with the Calvin Klein team to elevate and expand the
watch and jewelry categories for the brand.”
“The watch and jewelry categories are important businesses for
Calvin Klein and we are optimistic about the potential growth the
category holds,” added Cheryl Abel-Hodges, CEO of Calvin Klein,
Inc. “Movado Group does an outstanding job brand building in the
timepiece and jewelry space and we are confident that they are the
best partner to translate and uphold the CALVIN KLEIN aesthetic. We
look forward to leveraging their expertise to drive innovation and
expansion in the category.”
About Movado Group, Inc.
Movado Group, Inc. designs, sources and distributes MOVADO®,
MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®,
HUGO BOSS®, LACOSTE® and SCUDERIA FERRARI® watches worldwide and
operates Movado company stores in the United States and Canada.
About Calvin Klein, Inc.
CALVIN KLEIN is a global lifestyle brand that exemplifies bold,
progressive ideals and a seductive aesthetic. We seek to thrill and
inspire our audience while using provocative imagery and striking
designs to ignite the senses.
Founded in 1968 by Calvin Klein and his business partner Barry
Schwartz, we have built our reputation as a leader in American
fashion through our clean aesthetic and innovative designs. Global
retail sales of CALVIN KLEIN brand products exceeded $9 billion in
2019 and were distributed in over 110 countries. Calvin Klein
employs over 11,500 associates globally. We were acquired by PVH
Corp. in 2003.
About PVH Corp.
PVH is one of the most admired fashion and lifestyle companies
in the world. We power brands that drive fashion forward – for
good. Our brand portfolio includes the iconic CALVIN KLEIN, TOMMY
HILFIGER, Van Heusen, IZOD, ARROW, Warner’s, Olga and Geoffrey
Beene brands, as well as the digital-centric True&Co. intimates
brand. We market a variety of goods under these and other
nationally and internationally known owned and licensed brands. PVH
has almost 40,000 associates operating in over 40 countries and
$9.9 billion in 2019 annual revenues. That's the Power of Us.
That’s the Power of PVH.
SAFE HARBOR STATEMENT OF PVH CORP. 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 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: (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)
quota restrictions, the imposition of safeguard controls and the
imposition of duties or tariffs on goods from the countries where
the Company’s licensees produce goods under its trademarks, such as
the recently imposed tariffs and threatened increased tariffs on
goods imported into the U.S. from China, any of which, among other
things, could limit the ability to produce products in
cost-effective countries or in countries that have the labor and
technical expertise needed; (iv) 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'
products are sold, produced or are planned to be sold or produced;
(v) disease epidemics and health related concerns, such as the
current outbreak of COVID-19, which could result in (and, in the
case of the COVID-19 outbreak, has resulted in some of the
following) supply chain disruptions due to closed factories,
reduced workforces, scarcity of raw materials and scrutiny or
embargoing of goods produced in affected areas, closed stores,
reduced consumer traffic and purchasing, as consumers become ill or
limit or cease shopping in order to avoid exposure, or governments
impose mandatory business closures, travel restrictions or the like
to prevent the spread of disease; (vi) 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 (vii) 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/20200827005229/en/
Contact for Calvin Klein, Inc.: Caroline Curtis
carolinecurtis@ck.com Senior Vice President, Corporate
Communications and Corporate Responsibility
Contact for Movado Group, Inc.: Heather Cohen
hcohen@movadogroup.com Vice President, Public Relations
Movado (NYSE:MOV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Movado (NYSE:MOV)
Historical Stock Chart
From Apr 2023 to Apr 2024