NEW YORK — Warnaco Group said Thursday it has formed a new organizational structure to oversee the international Calvin Klein businesses it is buying from Fingen SpA.
Frank Tworecke, group president of sportswear, will oversee all the businesses after the acquisition closes, giving him worldwide oversight of the Calvin Klein Jeans brand. Gaetano Sallorenzo, Warnaco’s new president and chief executive officer of ck Calvin Klein sportswear and Calvin Klein Jeans for Europe and Asia, will report to Tworecke.
Helen McCluskey, group president of intimate apparel, will also be in charge of the Calvin Klein underwear brand worldwide.
Stanley Silverstein, executive v ice president of corporate development, has been named to the new post of executive vice president of international strategy and business development. He will focus on the company’s international business and identify global opportunities for growth, Warnaco said.
The new lineup is an “important step” in building the company’s global infrastructure, Joseph Gromek, Warnaco’s president and ceo, said in a statement.
“We will centralize the management of product design and development, and adopt a more country-specific approach outside the United States, either by developing our own organization or working with the best partners in each geography,” he said.
Warnaco executives said in September that the company could grow revenue to $2 billion by expanding its brands in new markets while growing its existing business, and also by looking at possible acquisitions. In fiscal 2005, Calvin Klein Jeans is projected to generate sales of about $240 million in Europe and Asia.
Warnaco last month agreed to purchase the licenses and corresponding wholesale and retail businesses for several Calvin Klein-related entities from Florence-based Fingen for 240 million euros, or about $291 million. The deal is to close in the next few months. The purchase includes Calvin Klein Jeans and accessories in Europe and Asia, and the ck Calvin Klein bridge sportswear and accessories license in Europe.
Warnaco said this week it was replacing Choice Calvin Klein with a new brand, Calvin Klein 365, to move away from the junior business and focus on the contemporary market.