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Calvin Klein is an industry of apparel, perfume, fashion. it was founded in 1968 by Calvin Klein and his childhood friend, Barry K. Schwartz in New York city, USA. As at 2015, Calvin Klein recorded a number of 1001-5000 staff.
Calvin Klein Inc. is an American fashion house, they deal with the manufacturing of luxury goods. They specialize in leather, lifestyle accessories, home furnishings, perfumery, jewelry, watches and ready-to-wear.
The first Calvin Klein collection ever was a line of "youthful, understated coats and dresses" featured at the New York City store Bonwit Teller.
In September 1969, Klein made their first appearance on the cover of Vogue magazine
Calvin Klein decided to add sportswear, classic blazers, and lingerie to his women's collection in 1971
Calvin Klein won his first award from Coty American Fashion Critics' Award in 1973 for his 74 piece women's wear collection as he was the youngest recipient at that time. After this recognition from Coty American Fashion Critics' Award, Klein won the award again in 1974 and 1975.
By the time it was 1977, Calvin Klein had already gotten licence for scarves, shoes, belts, furs, sunglasses, cosmetics and sheets. Klein and Schwartz, the co-founders of the brand were making $4 million each.
After the company signed licenses for cosmetics, jeans, and menswear, Klein's annual retail volume was estimated at $100 million.
Calvin Klein acquired sales of 200,000 pairs of his famous jeans just the first week they were introduced to the market.
So, by 1981, Calvin Klein's annual income rose at $8.5 million
.
In the late 1970s, Calvin Klein also tried to set up its own fragrance and cosmetics line, but due to financial loss, they withdrew from the market.
Calvin Klein introduced a highly successful line of boxer shorts for women and a men's underwear collection which later gross $70 million in a single year in the 1980s. By the time it was 1990 and beyond, Calvin Klein's underwear business was promoted with giant billboards
Calvin Klein's clothes were sold through 12,000 stores in the United States and were available in six other countries through licensing deals, namely Canada, the United Kingdom, Ireland, Australia, New Zealand, Japan. Calvin Klein products can also be gotten in Nigeria from Deluxe.com.ng
Calvin Klein almost faced bankruptcy in 1992, Calvin Klein managed to regain and increase the profitability of his empire throughout the later 1990s, mainly through the success of its highly popular underwear and fragrance lines, as well as the Calvin Klein sportswear line.
Calvin Klein was named "America's Best Designer" for his minimalist all-American designs in 1993, and it came as a surprise in 1999 when it was announced that Calvin Klein Inc. was again up for sale. Planning to expand its business, the company had been approached by two luxury goods companies, LVMH and Pinault Printemps Redoute, to join Calvin Klein, but nothing resulted. Other potentials like Tommy Hilfiger Corp. and Italy's Holding di Partecipazioni proved to be similar disappointments because of Calvin Klein Inc.'s steep price tag of supposedly $1 billion. After seven months and no potential buyer, Klein announced that his empire was not on the market anymore. The company would never manage to go public, which had supposedly been Calvin Klein's plan once.
In mid-December 2002, Calvin Klein Inc. was sold to Phillips Van Heusen Corp who was the then CEO Bruce Klatsky was the driving force behind the deal, for about $400 million in cash, $30 million in stock as well as licensing rights and royalties linked to revenues over the following 15 years that were estimated at $200 to $300 million.The sale also included an ongoing personal financial incentive for Klein based on future sales of the Calvin Klein brand.
Calvin Klein Inc thus became a wholly owned subsidiary of PVH. In the beginning, Klein himself, who was included as a person in the 15-year contract he had signed with PVH, remained creative head of the collections but then continued as an adviser that is, consulting creative director to the new company from 2003 on and has since been more withdrawn from the business. Barry K. Schwartz the co-founder was said to concentrate on his role as chairman of the New York Racing Association, a horse-racing club. The current President and COO of the Calvin Klein Inc. division within PVH are Tom Murry, who had filled this position already before the acquisition.
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