The Warnaco Group, Inc. (NYSE: WRC) announced a new organizational structure and key executive appointments for its Calvin Klein business designed to better support its long-range strategy and growth potential. Helen McCluskey, Warnaco’s President and Chief Executive Officer, said that to maximize its Calvin Klein business, increase market share, grow direct to consumer, and expand into new markets over the next five years, Warnaco is segmenting its Calvin Klein business into two components, creating centers of excellence in creative and commercial. To lead the creative center of excellence, Warnaco has recruited Karyn Hillman, an accomplished 20-year merchandising veteran. Ms. Hillman will serve as Chief Merchandising Officer for Calvin Klein Jeans and Calvin Klein Jeans Accessories, a newly-created position, and will oversee all design, product development, merchandising and marketing for these global businesses across all channels and geographies. Ms. Hillman will be based in New York, where all global product design and development capabilities will be centralized, and will report to Ms. McCluskey. She joins Warnaco on April 2 nd. Most recently, Ms. Hillman served as Senior Vice President at Gap, Inc. overseeing Merchandising for Gap Women’s, Men’s, Accessories and GapBody. She joined Gap in 1991 and during her tenure at that company, developed broad merchandising and product development expertise across a wide range of product categories at both Gap and Banana Republic. Her experience includes the successful development and product launch of the Gap 1969 denim strategy and the GapBody Fit activewear collection as well as the development and significant growth of key businesses at Banana Republic and GapKids. To lead the commercial center of excellence, Warnaco has promoted Mark Whyman to the new position of Chief Commercial Officer for its Calvin Klein businesses. Also based in New York, Mr. Whyman will be responsible for the commercial aspects of the Calvin Klein wholesale and direct-to-consumer businesses globally and will also report to Ms. McCluskey. In his three years at Warnaco, Mr. Whyman has done an outstanding job building and leading a high-performing organization in Asia Pacific that has consistently delivered against its objectives. An industry veteran with nearly 20 years of experience, Mr. Whyman most recently served as Managing Director of Warnaco Asia Pacific region, responsible for all commercial operations (retail and wholesale) in the region, including Hong Kong, China, Korea, Singapore, Taiwan, Australia and India. Prior to joining Warnaco, he held senior level apparel positions with Nike in the U.S. and Asia Pacific.
Ms. McCluskey commented, “The organizational changes and key appointments we are announcing are an important step in further strengthening and positioning Warnaco to accelerate growth of our Calvin Klein businesses and maximize their potential across the globe, particularly as our direct-to-consumer channels become a larger part of our business. Karyn is a well respected merchant with 20 years of experience. Under her leadership, we will be placing a heightened focus on the consumer and product development to continue to deliver a differentiated brand experience and best serve and respond to the evolving needs of our customers. At the same time, Mark is a proven executive who is deeply respected within our organization and will lead our global team in assuring that we are best positioned to grow our revenue base across all markets and channels of distribution, with a particular focus on enhancing the brand experience in our fast-growing direct-to-consumer channels.”ABOUT WARNACO The Warnaco Group, Inc., headquartered in New York, is a leading global apparel company engaged in the business of designing, sourcing, marketing and selling men’s, women’s and children’s sportswear and accessories, intimate apparel, and swimwear under such owned and licensed brands as Calvin Klein®, Speedo®, Chaps®, and Warner's® and Olga®. FORWARD-LOOKING STATEMENTS The Warnaco Group, Inc. notes that certain written, electronic and oral disclosure made by the Company from time to time, may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties and reflect, when made, the Company's estimates, objectives, projections, forecasts, plans, strategies, beliefs, intentions, opportunities and expectations. Actual results may differ materially from anticipated results, targets or expectations and investors are cautioned not to place undue reliance on any forward-looking statements. Statements other than statements of historical fact, including, without limitation, future financial targets, are forward-looking statements.
The Company encourages investors to read the section entitled "Risk Factors" and the discussion of the Company's critical accounting policies under "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Discussion of Critical Accounting Policies" included in the Company's Annual Report on Form 10-K, as such discussions may be modified or supplemented by subsequent reports that the Company files with the SEC. Forward-looking statements speak only as of the date on which they are made, and, except for the Company's ongoing obligation under the U.S. federal securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.