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PVH : Announces Licensing Agreement with USA Legwear for Warner’s Socks and Hosiery

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04/13/2017 | 03:05pm CEST

PVH Corp. [NYSE:PVH] announced today that two of its subsidiaries have entered into a license agreement with USA Legwear LLC under which USA Legwear will manufacture, sell, distribute and promote women’s hosiery and socks under the Warner’s brand. Products will launch for Spring 2018 and be sold primarily in leading department stores, specialty stores, national chains and mass retailers throughout the United States and Canada.

The Warner’s product offering will include women’s sheer hosiery, tights, leggings, thigh highs, knee highs, trouser socks, dress socks, athletic socks, casual socks and boot socks.

“As we seek ways to grow the Warner’s product line, we naturally came upon hosiery as a great fit with our intimate apparel offerings. The Warner’s brand has a leading market share position in bras and panties, and we believe that USA Legwear can leverage this positioning to develop and grow a hosiery business,” said Ken Wyse, President Licensing, PVH Corp. “USA Legwear has extensive knowledge and experience in this product category, and we look forward to working with them to build this business."

Aaron Harari, President & CEO, USA Legwear LLC added “We are thrilled to add the Warner’s brand to our current portfolio and expand upon our existing partnership with PVH for its Van Heusen brand. Socks and hosiery are a natural extension for the Warner’s brand. We look forward to bringing the highly successful solutions oriented model to the category through innovation, while continuing to fuel the market share momentum Warner’s has enjoyed over the last several years.”

About PVH Corp.

With a history going back over 135 years, PVH has excelled at growing brands and businesses with rich American heritages, becoming one of the largest apparel companies in the world. We have over 30,000 associates operating in over 40 countries and over $8 billion in annual revenues. We own the iconic CALVIN KLEIN, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo*, Warner’s and Olga brands, and market a variety of goods under these and other nationally and internationally known owned and licensed brands.

*The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International, Ltd.

About USA Legwear, LLC.

Since its founding in 2009, USA Legwear has become a leading global resource for socks and hosiery, while holding true to a singular mission: to elevate the quality of everyday legwear products without sacrificing value. USA Legwear manufactures, markets and distributes for many of today’s leading brands, such as Van Heusen, Reebok, Nautica, AND1, Avia, Buffalo, and Body Glove, with product ranges from infants through adults. The company’s wide range of offerings can be found on the shelves of specialty shops, department stores, mid-tier, and mass retail channels.

PVH CORP. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements made in this press release, including, without limitation, statements relating to PVH Corp’s (the “Company”) future plans, strategies, objectives, expectations and intentions, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company may be considered to be highly leveraged, and uses a significant portion of its cash flows to service its indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iii) the levels of sales of the Company’s apparel, footwear and related products, both to its wholesale customers and in its retail stores, the levels of sales of the Company’s licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company and its licensees and other business partners are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, repositionings of brands by the Company’s licensors and other factors; (iv) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth and inventory; (v) the Company’s operations and results could be affected by quota restrictions and the imposition of safeguard controls (which, among other things, could limit the Company’s ability to produce products in cost-effective countries that have the labor and technical expertise needed), the availability and cost of raw materials, the Company’s ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where the Company’s products can best be produced), changes in available factory and shipping capacity, wage and shipping cost escalation, and civil conflict, war or terrorist acts, the threat of any of the foregoing, or political and labor instability in any of the countries where the Company’s or its licensees’ or other business partners’ products are sold, produced or are planned to be sold or produced; (vi) disease epidemics and health related concerns, which could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas, as well as reduced consumer traffic and purchasing, as consumers become ill or limit or cease shopping in order to avoid exposure; (vii) the failure of the Company’s licensees to market successfully licensed products or to preserve the value of the Company’s brands, or their misuse of the Company’s brands and (viii) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

Risks and uncertainties related to the acquisition include, among others: the risk that the conditions to the closing are not satisfied and the transaction is not completed; uncertainties as to the timing of the acquisition; competitive responses to the acquisition; the inability to obtain, or delays in obtaining, synergies from the acquisition; unexpected costs, charges or expenses resulting from the acquisition; litigation relating to the acquisition; the inability to recognize the expected benefits of the acquisition; the inability to integrate the acquired business without disruption to the acquired business or existing operations; and any changes in general economic and/or industry specific conditions.

The Company does not undertake any obligation to update publicly any forward-looking statement, whether as a result of the receipt of new information, future events or otherwise.

© Business Wire 2017
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Financials ($)
Sales 2018 8 391 M
EBIT 2018 819 M
Net income 2018 539 M
Debt 2018 2 101 M
Yield 2018 0,19%
P/E ratio 2018 13,99
P/E ratio 2019 12,02
EV / Sales 2018 1,17x
EV / Sales 2019 1,07x
Capitalization 7 684 M
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PVH Corp Technical Analysis Chart | PVH | US6936561009 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 113 $
Spread / Average Target 15%
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Emanuel Chirico Chairman & Chief Executive Officer
Michael A. Shaffer Executive VP, Chief Operating & Financial Officer
Eileen Mahoney Chief Information Officer & Executive VP
Joseph B. Fuller Independent Director
Henry J. Nasella Independent Director
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