AMSTERDAM – January 28, 2011
The Tommy Hilfiger Group announces the appointment of Mr. Steve Chen as Chief Executive Officer of Tommy Hilfiger China, effective immediately. This follows the Group’s announcement in March 2010 that it will assume direct control of the Tommy Hilfiger wholesale and retail distribution in China from its licensee Dickson Concepts (International) Limited. The Group’s takeover of the business is currently scheduled to take place in the second half of 2011.
Mr. Chen joins Tommy Hilfiger with almost 20 years of fashion, brand management and retail experience in China. He was a member of the founding management team for Esprit in China, serving for the past eight years as Espirit’s General Manager, based in Shanghai. In his new capacity, Mr. Chen will report directly to Mr. Fred Gehring, Chief Executive Officer of the Tommy Hilfiger Group.
“We are very pleased to welcome Steve to Tommy Hilfiger,” said Fred Gehring. “In anticipation of our takeover of the Chinese business in the second half of this year, Steve’s appointment is the first and most critical step to ensure a smooth transition. China holds significant opportunities for our brand, and Steve’s very relevant experience and entrepreneurial approach
will be instrumental in establishing Tommy Hilfiger as a leading premium lifestyle brand in this important market. Under his leadership, we are confident that the classic American cool appeal of the Tommy Hilfiger lifestyle can achieve its full business potential in China.”
“I am delighted to join Tommy Hilfiger as CEO of Tommy Hilfiger China,” said Steve Chen. “The tremendous global appeal of this iconic American brand has great potential here. I have been extremely impressed by the strength of the Tommy Hilfiger organization, and believe
that the brand is very well positioned for future growth in the market. I look forward to joining such a dynamic management team and leading the expansion in China.”
About the Tommy Hilfiger Group
With a premium lifestyle brand portfolio that includes Tommy Hilfiger and Hilfiger Denim, the Tommy Hilfiger Group is one of the world’s most recognized designer apparel groups. Its focus is designing and marketing high-quality menswear, womenswear, children’s apparel and denim collections. Through select licensees, the Group offers complementary lifestyle products such as accessories, fragrances and home furnishings. Merchandise under the Tommy Hilfiger brands is available to consumers worldwide through an extensive network of Tommy Hilfiger retail stores, leading specialty and department stores and other select retailers and retail channels. For additional information about the Tommy Hilfiger Group, please visit http://www.tommy.com.
About Phillips-Van Heusen Corporation
Phillips-Van Heusen Corporation, one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’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. Visit http://www.pvh.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements made in this press release 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) Phillips-Van Heusen Corporation’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) in connection with the acquisition of Tommy Hilfiger B.V. and certain affiliated companies (collectively, “Tommy Hilfiger”), the Company borrowed significant amounts, may be considered to be highly leveraged, and will have to use a significant portion of its cash flows to service such 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 Company’s plans and results of operations will be affected by the Company’s ability to manage its growth and inventory; and (iv) 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.