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PVH buys assets of Mulberry Thai Silks

28
Apr '08
Phillips-Van Heusen Corporation announced that it has acquired through a subsidiary certain assets of privately-held Mulberry Thai Silks Inc, a manufacturer and distributor of neckwear in the United States. The cash purchase price was approximately $10 million, subject to adjustment.

PVH has acquired the rights to produce neckwear under the Kenneth Cole New York, Kenneth Cole Reaction, J. Garcia, Liz Claiborne, Sean John, BCBG Max Azria, BCBG Attitude, U.S. Polo Assn., Axcess, and Henry Jacobson brands in connection with the transaction.

Neckwear sales for these brands are currently approximately $20-$25 million. PVH also acquired the rights to the Henry Jacobson lifestyle brand for all menswear classifications world-wide.

Emanuel Chirico, Chief Executive Officer of Phillips-Van Heusen Corporation stated, "By acquiring the neckwear rights to these additional brands, we are building upon our core competency in this product area as well as increasing the number of brands for which we will be able to market both dress shirts and neckwear." Mr. Chirico continued,

"We believe these licensing arrangements provide opportunity for future growth and expect that, as a result of integration costs, the transaction will not have a material effect on earnings in 2008 but will be modestly accretive beginning in 2009."

Henry Jacobson, CEO and Creative Director of Mulberry Thai Silks and the eponymous lifestyle brand Henry Jacobson, commented, "I'm thrilled with the partnership and the opportunity to be part of the PVH family."

Phillips-Van Heusen Corporation


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