Arvind to design PVH sportswear
US-based apparel and footwear company Phillips-Van Heusen Corporation (PVH) has signed a new licensing agreement with Arvind Brands Ltd., a division of Arvind Mills Ltd., to design and distribute apparel under its IZOD sport-inspired lifestyle brand. Arvind Mills can now distribute IZOD apparel at wholesale and through its own IZOD flagship stores in India.
Arvind has distributed PVH's Arrow brand for more than 15 years and CEO, Mr J Suresh, says the firm is "excited" about the new deal.
"With this relationship, we will now have a true iconic American sportswear brand with which to build a strong presence in the sportswear segment. We believe this is a segment that is at the cusp of explosive growth in India," he adds.
PVH has also posted positive fourth quarter and full year results. Fourth quarter net income was $30.3 million compared with $26.8 million in the prior year quarter, while revenues increased 5% to $584.5 million from $557 million.
For the year, net income was $183.3 million compared with $155.2 million in 2006 and revenues increased 16% to $2.4 billion from $2.1 billion.
