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Calvin Klein 16 X 9 Template WE ARE PVH, One of the World’s Largest Branded Lifestyle and Apparel Companies Kenneth L. Wyse President, PVH Heritage Licensing 1 PVH Is A Global Leader In The Apparel Industry With ~$8.2 BN in revenues, PVH is one of the largest global apparel companies in the world $11.4 2013 Revenue ($ in billions) $8.2 $7.5 $5.1 $3.7 $3.4 $3.3 $3.3 $2.6 VFC PVH RL COH BRBY BOSS KORS FOSL GES Source: Factset. 2 A World Class Portfolio Of Brands GLOBAL GROWTH BRANDS Owned* (1) Licensed* CHAPS John Varvatos DKNY Kenneth Cole Reaction Donald J. Trump Signature Kenneth Cole New York Elie Tahari MICHAEL Michael Kors Geoffrey Beene Nautica Ike Behar Sean John * Partial list (1) The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International, Ltd. 3 Our 2013 Warnaco Acquisition Expands Our Focus on Calvin Klein and Tommy Hilfiger… Calvin Klein & Tommy Hilfiger currently account for ~75% of PVH’s revenues and ~85% of PVH’s EBIT (1) Total Revenue by Business EBIT by Business Segment (2013) Segment (2013) 14% 42% 24% 45% 34% 41% TOMMY HILFIGER CALVIN KLEIN (1) Figures exclude non-recurring and one-time items and corporate expenses. Refer to Appendix for GAAP reconciliation. HERITAGE BRANDS 4 … and Provides PVH With A Significant Presence in Asia and Latin America Asia and Latin America now account for ~12% of PVH’s revenues and over 20% of PVH’s EBIT (1) Total Revenue by Region EBIT by Region (2013) (2013) 2% 9% 5% 61% 15% 28% 56% 24% NORTH AMERICA EUROPE ASIA Note: North America includes Mexico. LATIN AMERICA Europe includes the Middle East and Africa. Asia includes Australia and New Zealand. Latin America includes South America, the Caribbean and Central America. (1) Figures exclude non-recurring and one-time items. 5 Role of Licensing Within a Corporation • Enhance and extend the trademarks in the domestic and international markets with consistent brand image and recognition through strategic partnerships • Protect and defend the trademarks in domestic and international markets • Generate royalty income 6 The Licensing Process 7 8 Tommy Hilfiger — Brand Overview 2013 Global Retail Sales: $6.4 BN 7%6% 12%10% North America Latin America (1) 39%41% Asia (2) 42%43% Europe (3) Classic American Cool/Preppy With A Twist Strong Global Brand Awareness Proven Accessible Designer Lifestyle Brand (1) Latin America includes South America, the Caribbean and Central America. (2) Asia includes Australia and New Zealand. (3) Europe includes the Middle East and Africa. 9 Tommy Hilfiger Licensing Model OVERVIEW • Originally a license with Dickson Poon for China & Southeast Asia • Transitioned to joint venture with Apax and PVH Corp. for China only • Dickson Poon is still the licensee for the rest of Southeast Asia & Hong Kong • Over 100 stores currently in operation in China LOCAL PARTNERS • Operate the retail stores and handle the wholesale business • Do not source locally • Product comes from Europe • No specialized Asian sizing – using mostly European size scale (sized 1 size scale down) • E-commerce business GLOBAL LICENSED CATEGORY PARTNERS • Fragrance – Estee Lauder • Watches – Movado Group, Inc. • Eyewear – Safilo 10 11 Calvin Klein — Brand Overview - Calvin Klein Collection offers halo and inspiration to Calvin Klein platinum label (bridge apparel), Calvin Klein white label (better apparel), Calvin Klein Jeans and Calvin Klein Underwear - Brand leveraged across multiple products, channels & price points - Significant underperformance of Calvin Klein Jeans in Europe and U.S. impacted global retail sales 2013 Global Retail Sales: $7.8 BN 4% 6% North America 19% 19% (1) Latin America 52% 54%57% (2) 23%20% Asia 23% Europe (3) (1) Latin America includes South America, the Caribbean and Central America. (2) Asia includes Australia and New Zealand. (3) Europe includes the Middle East and Africa. 12 Calvin Klein Licensing Model OVERVIEW • Originally Warnaco licensed the business for Jeans & Underwear • After Warnaco acquisition in 2012, PVH Corp. took control of all Jeans and Underwear business • Club 21 (Singapore-based) still licenses Platinum Label for bridge sportswear in China • PVH operates many stores in China • Both PVH and Club 21 have created special Asian sizing GLOBAL LICENSED CATEGORY PARTNERS • Watches & Jewelry –Swatch Group • Eyewear – Marchon • Fragrance – Coty 13 14 Heritage Brands — Overview & Financials Heritage Brands Wholesale Retail 3Q14 LTM Revenues(1) as % of Total ~80% ~20% Wholesale sportswear has generally been strong, reflecting initiatives to better position the Van Heusen, IZOD and ARROW brands within department and chain store accounts Warner’s, Olga and Speedo performing well Retail performance has been challenging (1) Refer to Appendix for reconciliations of LTM figures. LTM EBIT margin excludes non-recurring and one-time items. 15 Our Heritage Brands Categories Have Strong Market Share Positions (1) Based on percentage of 2013 unit volume in US Department and Chain Stores combined. 16 PVH Heritage Brands – Business By Region 2014 Global Retail Sales: $3.8 billion 1% 3% North America Europe 11% Latin America Asia 85% North America includes U.S. PVH-Owned Businesses: Sportswear, Dress Shirts, Neckwear, Retail Outlet Stores 17 PVH Heritage Brands – Licensed Business By Region 2014 Licensed Global Retail Sales: $900 million 32% North America Europe Latin America Asia 6% 50% North America includes 12% licensed business only 18 LICENSING 19 Case Study: IZOD in China LICENSEE: DISHANG FASHION BRANDS COMPANY LTD. • Subsidiary of Weihai-based Dishang Group • Dishang Group CEO: Mr. Lihua Zhu • Headquartered in Beijing • Licensee for IZOD apparel and accessories since 2010 • Presently operating 55 stores/shops specializing in men’s apparel • Goal is to grow to over 100 stores and $100M+ business • Licensee designs and manufactures a product line Mr. Lihua Zhu that syncs with U.S. brand DNA • PVH and licensee collaborate across many disciplines: including Product Design, Marketing, Store Design and Special Events 20 Communicating an American Brand in China 21 Communicating an American Brand in China Examples of Winter 2014 United States Magazine Advertising 22 Case Study: IZOD in China CHALLENGES WITH A LICENSING ARRANGEMENT: • Lack of brand understanding • Lack of advertising nuance • “Their way” vs. “our way” • Sizing and color differences • Youth market vs. mature U.S. customer • Complications in communication • 1st generation vs. 2nd generation 23 IZOD China Brand Summit Event, April 2014 Date: April 2nd, 2014 Setting: Conrad Hotel, Beijing Participants: Mall Owners, Fashion and News Media, VIP’s and Potential Franchisees Components: • Immersion Summit (Brand Story & Heritage, Business Strategy) • Product showcase • 2014 Autumn & Winter Fashion show • Welcome Cocktail & Gala Dinner 24 IZOD China Brand Summit Event, April 2014 PRODUCT SHOWCASE 25 IZOD China Brand Summit Event, April 2014 FASHION SHOW 26 IZOD China Brand Summit Event, April 2014 SEAN LI PERFORMANCE 27 IZOD China Brand Summit Event, April 2014 28 IZOD China Stores Beijing, Xizhimen Kaide Chongqing, Nanping Wanda 29 Licensing in China KEY FACTORS FOR LONG-TERM LICENSING SUCCESS Quality relationships with outstanding partners • Shared ethics, principles & integrity Understanding that licensing is a slow-build business: • It takes 3 full seasons to effectively launch a fashion apparel brand in a new market • Requires: • Patience • Forebearance • Fortitude • Evolution of Licensing: Licensing Distribution Joint Venture Ownership 30 Kenneth L. Wyse President, PVH Heritage Licensing 31 .
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