NEW YORK — It might have taken an eternity, but Calvin Klein and Barry Schwartz finally found their match on Tuesday with Phillips-Van Heusen Corp., in a deal worth as much as $700 million.

What’s most impressive about the transaction from Klein’s perspective is the ability to continue to grow the Calvin Klein labels into big volume businesses in underdeveloped apparel categories, while also leaving him the personal room to focus on the big picture as a significant shareholder in PVH. The deal includes ongoing financial incentives tied to future sales of the Calvin Klein brand.

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