G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced that it has entered into a joint venture agreement with China Ting Group Holdings Limited to open and operate Calvin Klein Performance retail stores in China and Hong Kong, under the Calvin Klein Performance store license previously granted to G-III by Calvin Klein, Inc., a wholly owned subsidiary of PVH Corp. (NYSE: PVH). G-III will retain 51% ownership of the joint venture which expects to begin operating retail locations in major Chinese markets starting in Fall 2012.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, commented, “As the pre-eminent global fashion brand, Calvin Klein is well positioned for further success in the Performance Apparel arena. With strong relationships and an excellent track record, G-III and China Ting are well able to serve the market opportunity in China. China Ting has a precise understanding of what is necessary to successfully penetrate one of the most dynamic markets in the world. We are excited to take this step and further our strategic initiatives to diversify our company through global opportunities.”
Ting Hung Yi, Chief Executive Officer of China Ting Group Holdings Limited commented, “We are very pleased to partner with a strong and well-respected organization like G-III. We believe that the women’s Calvin Klein Performance apparel will resonate with a wide range of female consumers throughout China. We are confident that we can leverage our expertise to build a meaningful business for this iconic, global brand.”
Tom Murry, President and Chief Executive Officer of Calvin Klein, Inc. stated, "G-III has demonstrated that they understand our consumer and can steward the brand across a number of important categories. We are excited to see G-III build upon the work they have done in the United States to further expand Calvin Klein Performance at retail in China and Hong Kong."