NEW YORK — Warnaco Group Inc. continues to strengthen its Calvin Klein foundation.
The company is expected today to name Gaetano Sallorenzo as president and chief executive officer of ck Calvin Klein sportswear and ck jeans for Europe and Asia. He is currently president of sales and marketing for the Armani Group’s U.S. subsidiary, Giorgio Armani Corp. Sallorenzo begins at Warnaco next month and will be based in Florence, WWD has learned.
In addition to Sallorenzo, Roberto Pesaro, chief operating officer of Giorgio Armani Corp., is leaving the company at the end of the month. A successor to Pesaro is expected to be named today. (See story, this page).
Sallorenzo was traveling outside the country at press time and unavailable for comment.
In a major strategic move last month, Warnaco agreed to purchase the licenses and corresponding wholesale and retail businesses for several Calvin Klein-related entities from Florence-based Fingen SpA for 240 million euros, or $291 million at current exchange. Fingen had licensed the brands from Calvin Klein’s parent Phillips-Van Heusen.
The deal, which is expected to be completed in the first quarter, involves the Calvin Klein Jeans and accessories license for Europe and Asia and the ck Calvin Klein bridge sportswear and accessories license in Europe for a 40-year term. In addition, Warnaco will take over the worldwide Calvin Klein Collection apparel and accessories license from Fingen from 2008 to 2013.
With the new licenses, Warnaco’s Calvin Klein-related revenues are projected to grow to more than $900 million in 2006.
The deal will have no impact on the existing U.S. licenses Kellwood Corp. has with PVH for the Calvin Klein women’s better sportswear line and that PVH has with G.A.V. for the ck Calvin Klein bridge sportswear business.
Warnaco already owned the rights to produce Calvin Klein underwear and also has the U.S. license for the Calvin Klein Jeans label.
Sallorenzo joined Armani in 2001. Earlier, he was the president of international development at Liz Claiborne and before that, he was managing director of Polo Ralph Lauren Europe.