NEW YORK — Barry Schwartz will have to focus his future apparel endeavors on the racetrack.
Phillips-Van Heusen Corp. spelled out some specific non-compete clauses related to its purchase agreement of Calvin Klein Inc. in a filing with the Securities and Exchange Commission on Friday, including a clause that would allow Schwartz, who is chairman of CKI but also a well-known racing enthusiast, to hypothetically sell New York Racing Association T-shirts.
While he is expected to continue as a consultant to Calvin Klein following the completion of the $430 million cash-and-stock purchase, Schwartz will likely turn his attentions toward his external role as chairman and chief executive officer of NYRA. That move is backed up by PVH’s Form 8-K filing, which said that as part of the deal, Schwartz would be bound by a non-compete clause to not work or consult for apparel, home furnishings or accessories businesses for the next five years.
But the filing went on to specify that "the business of all activities related to the equine business... including horse breeding and horse racing" is excluded from that clause, giving the example of selling NYRA T-shirts.
Calvin Klein will also be bound by a non-compete clause, although the filing did not indicate its duration.
The 130-page filing outlined the terms of the sale of CKI and also indicated that in addition to the previously reported terms, the transaction includes a nine-year warrant in favor of Klein to purchase 320,000 shares of PVH common stock at $28 per share. Payments based on future sales of the Calvin Klein brand, which will be made to Klein at the end of each PVH quarter, were also detailed to be based on the worldwide wholesale volume of all products bearing the CK and Calvin Klein logos. One caveat: should PVH decide upon its closing to change its corporate name to CKI, that would not mean that Klein’s payments will be based upon sales of all its other products, like Izod sportswear or Geoffrey Beene shirts.
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“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia