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China Ting will expand Calvin Klein Performance at retail
23
Mar '12
G-III Apparel Group Ltd. announced that it has entered into a joint venture agreement with China Ting Group Holdings Limited to open and operate Calvin Klein Performance retail stores in China and Hong Kong, under the Calvin Klein Performance store license previously granted to G-III by Calvin Klein Inc., a wholly owned subsidiary of PVH Corp. G-III will retain 51% ownership of the joint venture which expects to begin operating retail locations in major Chinese markets starting in Fall 2012.

Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, commented, “As the pre-eminent global fashion brand, Calvin Klein is well positioned for further success in the Performance Apparel arena. With strong relationships and an excellent track record, G-III and China Ting are well able to serve the market opportunity in China. China Ting has a precise understanding of what is necessary to successfully penetrate one of the most dynamic markets in the world. We are excited to take this step and further our strategic initiatives to diversify our company through global opportunities.”

Ting Hung Yi, Chief Executive Officer of China Ting Group Holdings Limited commented, “We are very pleased to partner with a strong and well-respected organization like G-III. We believe that the women's Calvin Klein Performance apparel will resonate with a wide range of female consumers throughout China. We are confident that we can leverage our expertise to build a meaningful business for this iconic, global brand.”

Tom Murry, President and Chief Executive Officer of Calvin Klein, Inc. stated, "G-III has demonstrated that they understand our consumer and can steward the brand across a number of important categories. We are excited to see G-III build upon the work they have done in the United States to further expand Calvin Klein Performance at retail in China and Hong Kong."

The Company noted that the products offered will be the women's active performance wear apparel in the athletic and performance wear categories developed and produced under G-III's license from Calvin Klein, Inc. utilizing materials and designs that enhance the active lifestyle including yoga, running, tennis, and biking. The line features items rendered in performance fabrics and finished with detailing appropriate for each of those classifications. The products to be offered in the retail stores in China and Hong Kong will include active performance wear pants, capris, shorts, tank tops, t shirts, and hooded jackets.

As previously announced, G-III entered into a women's wholesale Calvin Klein Performance license in 2007. In December 2011, the Company announced that it had entered into a retail store agreement with Calvin Klein, Inc., to open Calvin Klein Performance stores and shop in shops for the sale of women's Calvin Klein Performance apparel in the United States, China, and Hong Kong. G-III also has rights to expand to additional countries throughout the world. The first Calvin Klein Performance store opened in the United States last month at Scottsdale Quarter in Scottsdale, Arizona.


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