Warnaco Acquires Calvin Klein In Europe, Asia
Apparel company The Warnaco Group
Inc., New York City, has acquired the licenses and related wholesale and retail businesses of
Calvin Klein® jeans and accessories in Europe and Asia, and the CK Calvin Klein “bridge” sportswear
and accessories line in Europe from Fingen S.p.A., Italy, for approximately $286 million.
The licenses between Warnaco and New York City-based Calvin Klein Inc., the licensor of the acquired businesses, will last 40 years. Additionally, Warnaco has acquired from Fingen the worldwide license from 2008 through December 2013 for Calvin Klein Collection apparel and accessories for men and women.
The acquisition increases access to new markets and maximizes opportunities in existing ones, according to Joe Gromek, president and CEO, Warnaco. “With Warnaco’s existing Calvin Klein businesses, and the addition of the jeans and accessories in Europe and Asia, and men’s and women’s sportswear licenses in Europe, Warnaco’s Calvin Klein businesses are expected to generate over $900 million in revenue beginning in 2006, and Warnaco’s international concentration will grow to approximately 38 percent from the current 28 percent,” Gromek said.