The world's largest shirt and neckwear company,
) renewed its ties with top designer shirts brand, Geoffrey Beene,
by agreeing to sell Geoffrey shirts for another nine years through
2021. PVH Corp. has been engaged in designing, marketing and
distributing Geoffrey Beene shirts since 1982.
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Additionally, the new agreement has an inbuilt renewal term, which
allows further extension of the contract between the two companies
through 2028, upon the fulfillment of certain conditions.
Geoffrey Beene happens to be one of the first licenses gained by
PVH to sell third party brands at its stores. The brand offers
international wrinkle-free trendy assortments made of sateen
fabrics in attractive color combinations. The shirts are designed
to suit a variety of customer groups including the fastest growing
business segment. They consist of a variety of fits that range from
big & tall, regular fit, fitted, and slim fit. Geoffrey Beene
shirts are available at all major department and specialty stores
across the United States and Canada. The renewed relationship will
definitely augment growth prospects of PVH.
PVH Corp. has been also counting upon its iconic brands, Calvin
Klein and Tommy Hilfiger, and has been taking initiatives to revamp
its Heritage Brands wholesale business. These endeavors are well
reflected through its improved guidance for fiscal 2012.
For fiscal 2012, the company now anticipates earnings in the range
of $6.32-$6.37 per share instead of $6.25-$6.32 projected earlier.
Guidance range for the third-quarter was raised to $2.28-$2.30 per
share from the previous guidance range of $2.20-$2.25.
PVH Corp., which competes with
Ralph Lauren Corporation
), currently has a Zacks #2 Rank, which translates to a short-term
Buy rating. However, we remain slightly cautious on the stock and
uphold our long-term 'Neutral' recommendation, waiting to observe
further catalysts before taking a positive stance on the stock.
PVH Corp., formerly known as Phillips-Van Heusen Corporation, is
headquartered in New York. PVH Corp. designs and markets branded
dress shirts, neckwear, sportswear, footwear and other related
products. The company markets its products at a wholesale level
through department store chains and directly to consumers through
retail stores. The company's portfolio of brands includes its owned
brands and licensed brands.