Contacts: Emanuel Chirico
Executive Vice President & Chief Financial Officer
Phillips-Van Heusen Corp.
(212) 381-3503
www.pvh.com
Bryan P. Marsal
Chairman and Chief Executive Officer
Cluett American Corp.
(212) 984-8915
PHILLIPS-VAN HEUSEN CORPORATION LICENSES ARROW BRAND FROM CLUETT AMERICAN
NEW YORK - (June 13, 2000) -- Phillips-Van Heusen Corporation (NYSE: PVH) and
Cluett American Corp. today jointly announced an agreement for Phillips-Van
Heusen to license the Arrow brand for men's and boys' dress shirts and
sportswear in the United States. The Arrow brand of dress shirts and
sportswear is distributed to department stores, chain stores and specialty
stores throughout the United States. In addition, PVH and Cluett have agreed
in principle for PVH to acquire the stock of Cluett Designer Group, Inc., a
Cluett American subsidiary that is the licensee for Kenneth Cole dress
shirts. The closing of these transactions is subject to certain
limited conditions and governmental approvals.
Bruce J. Klatsky, Chairman and Chief Executive Officer of Phillips-Van Heusen
stated, "We are extremely pleased to be adding Arrow, one of the most well-
known and respected brands in America, to our portfolio of nationally-
recognized apparel and footwear brands. It provides us an opportunity for
additional customer segmentation in both the dress and sportswear
categories."
Bryan P. Marsal, Chairman and Chief Executive Officer of Cluett American
added, "We believe we have chosen the best possible partner to market and
grow the Arrow brand nationwide. We are excited by this opportunity and look
forward to our affiliation with Phillips-Van Heusen."
Phillips-Van Heusen Corporation is one of the leading apparel and footwear
companies in the world. Its roster of nationally recognized brands includes
Van Heusen, Izod, G.H. Bass & Co., and Geoffrey Beene. In addition, the
company licenses DKNY, FUBU, Regis by The Van Heusen Company, John Henry and
Manhattan for dress shirts.
Cluett American Corp. is a leading designer, manufacturer and marketer of
men's, women's and children's socks under the company-owned Gold Toe brand,
as well as licensed brands Nautica, Jockey, Arrow and North Face in the
United States. The company is also a licensee and manufacturer of Kenneth
Cole dress shirts and men's socks and is the worldwide licensor/brand manager
<PAGE>
for the Arrow trademark. The company licenses the Arrow brand name in 75
countries worldwide to 32 separate licensees.
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PHILLIPS-VAN HEUSEN SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995: Forward-looking statements in this press
release and made during conference call/webcast, including without
limitation, statements relating to the Company's 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 statement involve risks and
uncertainties, 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 apparel and footwear products, both to its
wholesale customers and in its retail stores, and the extent of discounts and
promotional planning in the Company is required to engage, all of which can
be affected by weather conditions, changes in the economy, fashion trends and
other factors; (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.
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