NEW YORK — Kellwood Co. and Phillips-Van Heusen are teaming up to make Izod a billion-dollar baby.

PVH, a leader in men’s wear, has entered into a long-term licensing agreement with women’s apparel giant Kellwood to produce a moderate-priced women’s lifestyle collection, hitting stores in spring 2004 and targeting a modern consumer who has been largely underserved, company executives said.

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