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Phillips-Van Heusen Announces Licensing Agreement with a Division of Basic Resources for Van Heusen Hosiery

^{Published on 2011-03-10 12:50:38 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Phillips-Van Heusen Corporation (NYSE: PVH) and USA Legwear LLC, a division of Basic Resources Inc., have entered into a licensing agreement under which USA Legwear will market and distribute mena™s and boysa™ hosiery under PVHa™s Van Heusen brand. The initial term of the licensing agreement runs through 2014 and provides for a renewal at PVHa™s option.

"As we continued to seek ways to grow the Van Heusen product line, we naturally came upon hosiery as a great fit with our own underwear and dress furnishings offerings"

The new Van Heusen hosiery line will include mena™s and boysa™ dress, casual and athletic socks. The hosiery line will be distributed at major department stores and specialty stores throughout the United States. The product line will incorporate Van Heusen branding, and will include single and multi-pack options.

aAs we continued to seek ways to grow the Van Heusen product line, we naturally came upon hosiery as a great fit with our own underwear and dress furnishings offerings,a said Allen Sirkin, President and Chief Operating Officer of Phillips-Van Heusen. aBasic Resources has extensive knowledge and experience in this product category and we look forward to having them on the Van Heusen licensee team to develop and grow this business in a profitable and effective manner.a

Salomon Harari, President of Basic Resources Inc., added, aWe are excited about our partnership with PVH and to facilitate the natural extension of the Van Heusen brand into mena™s and boya™s hosiery. The Van Heusen brand complements our brand portfolio beautifully and gives us a platform to reach out to new and diverse end consumers.a

About Phillips-Van Heusen Corporation:

Phillips-Van Heusen Corporation, one of the worlda™s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the worlda™s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Trump, JOE Joseph Abboud, DKNY and Timberland. For more information, visit [ www.pvh.com ].

About Basic Resources Inc.:

Basic Resources established in 1993 a" manufactures, markets and distributes, mena™s and womena™s branded and private label underwear, loungewear and hosiery. Its licensed brands include: Reebok, Prot©g©, US Polo Assn., Sean John, Body Glove, and Van Heusen. For more information visit [ www.basicresources.com ].

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 the Company's 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, the following: (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 levels of sales of the Company's licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company's 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, and other factors; (iii) 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 licensees' or other business partners' products are sold, produced or are planned to be sold or produced; (iv) 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 limit or cease shopping in order to avoid exposure or become ill; (v) 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 (vi) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.

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.