Calvin Klein, Inc. CEO Outlines Strategic Changes to the Brand and Organization
January 10 2019 - 4:29PM
Business Wire
Steve Shiffman, chief executive officer of Calvin Klein, Inc., a
wholly owned subsidiary of PVH Corp. (NYSE: PVH), today unveiled a
series of strategic changes to the company in response to the
rapidly evolving fashion and retail landscape.
“CALVIN KLEIN has long been driven by its ability to balance art
and commerce in a culturally relevant way – one that has often
defied the status quo. Our industry is witnessing a historic
transformation in consumer behavior which presents a significant
growth opportunity as we look to grow the brand to $12 billion in
global retail sales over the next few years. Now more than ever, we
must double down on meeting consumer demands by creating culturally
relevant products and experiences that engage communities by
pushing fashion and culture forward,” said Shiffman.
The brand’s strategy includes three key initiatives:
- The brand is relaunching the CALVIN
KLEIN 205W39NYC business under a new name, design approach and
creative direction. The new business will focus on connecting
directly to all of the other CALVIN KLEIN brands and amplifying
each category with unique products and aspirational experiences.
The relaunched business will be designed to evolve the traditional
luxury fashion model by connecting with a diverse range of
communities, offering an unexpected mix of influences and moving at
an accelerated pace. As a result of Calvin Klein, Inc.’s ongoing
assessment of its omnichannel strategy, the 654 Madison Avenue
store will be closing in spring 2019. The company is evaluating
options for future retail locations, and will also be unveiling new
consumer experiences both online and offline.
- The Calvin Klein, Inc. leadership team
has adopted a digital-first approach and introduced a newly formed
“Consumer Marketing Organization (CMO).” The CMO is evolving to
accommodate the rapidly changing demands of today’s consumers, with
highly specialized teams focused on new areas including Consumer
Engagement and Shopper Experience.
- The business will be streamlining its
North America division to become a more effective organization,
including consolidation of operations for the men’s Calvin Klein
Sportswear and Calvin Klein Jeans business as a means of further
strengthening the brand’s positioning. The Calvin Klein retail and
ecommerce teams will be integrated to create an omnichannel
approach mirroring how consumers browse, shop and purchase
today.
“These strategic initiatives will enable us to run a more
modern, dynamic and effective business, as well as allow us to
reinvest in the brand,” said Shiffman.
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 the
future plans, strategies, objectives, expectations and intentions
of PVH Corp. and its subsidiaries (collectively, “PVH”) 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 (i) PVH’s plans,
strategies, objectives, expectations and intentions are subject to
change at any time at its discretion; and (ii) other risks and
uncertainties indicated from time to time in PVH’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.
About Calvin Klein,
Inc.:
CALVIN KLEIN is a global lifestyle brand that exemplifies bold,
progressive ideals and a seductive, and often minimal, 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
2017 and were distributed in over 110 countries. Calvin Klein
employs over 10,000 associates globally. We were acquired by PVH
Corp. in 2003.
About PVH Corp.:
With a history going back over 135 years, PVH has excelled at
growing brands and business with rich American heritages, becoming
one of the largest apparel companies in the world. We have over
36,000 associates operating in over 40 countries and almost $9
billion in annual revenues. We own the iconic CALVIN KLEIN, TOMMY
HILFIGER, Van Heusen, IZOD, ARROW, Speedo*, Warner’s, and Olga
brands, as well as the digital-centric True&Co. intimates
brand, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190110005675/en/
Calvin Klein, Inc.Caroline Curtis, VP, Brand Marketing
& Corporate Communications /
calvinkleinpublicrelations@ck.com
PVH (NYSE:PVH)
Historical Stock Chart
From Aug 2024 to Sep 2024
PVH (NYSE:PVH)
Historical Stock Chart
From Sep 2023 to Sep 2024