AMSTERDAM, Nov. 12, 2010 /PRNewswire-Asia/ --
The Tommy Hilfiger Group, which is wholly owned by Phillips-Van Heusen Corporation [NYSE: PVH] announced today that it is establishing a new division that will take control of the ARROW brand in Europe effective immediately and will manage the future introduction of additional Phillips-Van Heusen brands to the European market. The new division, PVH Europe, will be based in Amsterdam, the Netherlands. Michael Arts, who has been serving as Executive Vice President of Global Brand Management for Tommy Hilfiger, will assume the additional role of President of PVH Europe and will be supported by a dedicated team, as well as the existing Tommy Hilfiger European infrastructure.
"Since joining forces with PVH in May of this year, we have studied the opportunities for international expansion of PVH's most iconic brands, using Europe as a starting point. We strongly believe in the global potential for the ARROW brand due to its extremely credible - almost unparalleled- American heritage. ARROW's heritage goes back over 150 years and the brand has a wealth of history in its archives ready to be rediscovered and interpreted for today's world," said Fred Gehring, CEO of the Tommy Hilfiger Group and PVH International. Mr. Gehring continued, "No one is better suited to launch this endeavor than Michael Arts, one of the key Tommy Hilfiger team members since our launch in Europe in 1997. His involvement illustrates the seriousness with which we are embarking on this endeavor. Long before our acquisition by PVH, we viewed ARROW as one of the most interesting authentic American brands with great potential in Europe. With the launch of PVH Europe, we are extremely excited to realize its full potential under Michael's passion and leadership."
ARROW will premiere as a featured brand at Pitti Uomo Imagine in Florence in January 2011. The first ARROW collection under PVH Europe will launch at retail in Fall 2011, exclusively offering men's shirts in keeping with the American brand's significant heritage in this category. The launch will be comprised of three different labels targeting the dress, casual and contemporary segments respectively. Following the presentation at Pitti Uomo in January 2011, ARROW will be shown in showrooms around Europe by appointment only.
Michael Arts, President of PVH Europe, commented, "For some time now, I had been eager to immerse myself in the ARROW archives, imagining that it would hold many treasures. When I finally had the opportunity to do so, I found an enormous collection of imagery, design, merchandising and marketing ideas, all of which were extremely innovative for their time. At that moment I clearly envisioned ARROW as it could be re-
crafted for the future; respectful of its heritage, yet fully relevant for today. This rich history provides a strong platform for ARROW to eventually be developed into a lifestyle brand with strong category specialization. I strongly believe in this opportunity and can't wait to get started."
About the Tommy Hilfiger Group
With a premium lifestyle brand portfolio that includes Tommy Hilfiger and Hilfiger Denim, the Tommy Hilfiger Group is one of the world's most recognized designer apparel groups. Its focus is designing and marketing high-quality menswear, womenswear, children's apparel and denim collections. Through select licensees, the Group offers complementary lifestyle products such as accessories, fragrances and home furnishings. Merchandise under the Tommy Hilfiger brands is available to consumers worldwide through an extensive network of Tommy Hilfiger retail stores, leading specialty and department stores and other select retailers and retail channels. For additional information about the Tommy Hilfiger Group, please visit http://www.tommy.com.
About Phillips-Van Heusen Corporation
Phillips-Van Heusen Corporation, one of the world's largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world's largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Trump, JOE Joseph Abboud, DKNY and Timberland. Visit http://www.pvh.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements made in this press release 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) Phillips-Van Heusen Corporation's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) in connection with the acquisition of Tommy Hilfiger B.V. and certain affiliated companies (collectively, "Tommy Hilfiger"), the Company borrowed significant amounts, may be considered to be highly leveraged, and will have to use a significant portion of its cash flows to service such indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iii) the Company's plans and results of operations will be affected by the Company's ability to manage its growth and inventory; and (iv) 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.
