K Lee Klein Popular Books

K Lee Klein Biography & Facts

Calvin Klein Inc. () is an American fashion house which markets its eponymously branded products worldwide. The company, which became famous for its designer underwear and denim lines in the 1980s, specializes in mass-market ready-to-wear clothing for all genders and age groups as well as leather products, lifestyle accessories and shoes, home furnishings, perfume/cosmetics, eyewear, jewelry and watches in the mid-price segment. Its high-end runway fashion division, which represented the top level of the various Calvin Klein sub-brands, was discontinued in 2019. The company was founded by designer Calvin Klein and his childhood friend, Barry K. Schwartz, in 1968 and was acquired by PVH Corp. for a total of $700 million in 2003. It is headquartered in Midtown Manhattan, New York City, and has substantial market share in retail and commercial lines around the globe. In 2013, PVH bought Warnaco Group, one of the largest Calvin Klein licensees, for US$2.8 billion. Global retail sales under the Calvin Klein brand, including sales by the label's licensees, amounted to US$9.3 billion in 2022. History The early years Calvin Klein was one of several design leaders raised in the Jewish community in the Bronx, along with Robert Denning and Ralph Lauren. He became a protégé of Baron de Gunzburg. In 1968, Klein founded Calvin Klein Limited, a coat shop in the York Hotel in New York City, with $10,000. The first Calvin Klein collection was a line of "youthful, understated coats and dresses" featured at the New York City store Bonwit Teller. In September 1969, Klein appeared on the cover of Vogue magazine. 1970s In 1973, he received his first Coty American Fashion Critics' Award for his 74-piece womenswear collection – the youngest recipient at that time. Klein won the award again in 1974 and 1975. By 1977, annual revenues had increased to $30 million (equivalent to $151 million in 2024), and Klein had licenses for scarves, shoes, belts, furs, sunglasses, and bedsheets. Klein and Schwartz were making $4 million each. After the company signed licenses for cosmetics, jeans, and menswear, Klein's annual retail volume was estimated at $100 million (equivalent to $503 million in 2024). In 1978, Klein claimed sales of 200,000 pairs of his famous jeans the first week they were on the market. By 1981, Fortune figured Klein's annual income at $8.5 million. In the mid-1970s, he had created a designer-jeans craze by putting his name on the back pocket. Klein's design assistant at the time, Jeffrey Banks, has claimed credit for the logo garments, stating that he had the logo from a press folder silkscreened onto the sleeve of a brown T-shirt as a present for Klein. The gift was assumed by Schwartz to be part of the upcoming line, and similar logo shirts formed the uniform for the front-of-house staff at Klein's next catwalk show, leading to buyer demand. 1980s The American market of men's underwear was changed – from one where most men's underwear was white, purchased in packs of three by a "wife, mother or girlfriend when they needed to be" to one where "the American male [cares] about the brand of something few ever see". 1990s Although the company almost faced bankruptcy in 1992, Calvin Klein managed to regain and increase the profitability of his empire throughout the later 1990s, mainly through the success of its highly popular underwear and fragrance lines, as well as the ck sportswear line. During his 1990–1995 stint as Calvin Klein's head of menswear design, John Varvatos pioneered a type of men's underwear called boxer briefs, a hybrid of boxer shorts and briefs. Made famous by a series of 1992 print ads featuring Mark "Marky Mark" Wahlberg, they have been called "one of the greatest apparel revolutions of the century." 2002–present: Acquisition by Phillips van Heusen In mid-December 2002, Calvin Klein Inc. (CKI) was sold to Phillips Van Heusen Corp (PVH), whose then CEO Bruce Klatsky was the driving force behind the deal, for about $400 million in cash, $30 million in stock as well as licensing rights and royalties linked to revenues over the following 15 years that were estimated at $200 to $300 million. PVH outbid VF Corp., the maker of Lee and Wrangler jeans, which had also been interested in the jeans, underwear and swimwear business of CK that had been controlled by Warnaco Group, maker of Speedo swimwear in the US, since 1997. The deal with PVH did not include these businesses, and they remained with Warnaco. Unable to pay debts from acquisitions and licensing agreements and due to bad publicity by a later dismissed lawsuit with Calvin Klein over selling license products to retailers other than agreed upon with Calvin Klein, Warnaco had filed for chapter 11 protection in mid-2001 but eventually emerged from bankruptcy in February 2003. The transaction between Calvin Klein and PVH was financially supported by Apax Partners Inc., a New York private equity firm, which is said to have made a $250 million equity investment in PVH convertible preferred stock, as well as a $125 million, two-year secured note, all in exchange for seats on the board of PVH. Upon the acquisition of Calvin Klein, Phillips-Van Heusen announced plans of launching a new men's sportswear collection that rivals Ralph Lauren's collection. This line is produced by Van Heusen. In a 2010 report, PVH, who manages the ready-to-wear activities, had estimated sales of €4.6 billion of Calvin Klein products. In February 2013, Warnaco Group was acquired by PVH for US$2.8 billion, which united Calvin Klein formal, underwear, jeans and sportswear lines. In 2020, PVH announced that as part of their animal welfare policy, the company does not use exotic skins and would be banning their use in Calvin Klein collections when "our annual update of that policy is released." Product and brand history The most visible brand names in the Calvin Klein portfolio include: Calvin Klein 205W39NYC (black label, upscale top-end designer line discontinued in 2019) ck Calvin Klein (grey label, recently repositioned as bridge collection line; licensed to Warnaco Group, Inc. through at least 2044. PVH acquired Warnaco Group in February 2013) Calvin Klein (white label, basic fashion better sportswear line) Calvin Klein Sport (sports version of the white label line for Macy's) Calvin Klein Jeans (denimwear line; licensed to Warnaco Group through at least 2044. PVH acquired Warnaco Group in February 2013) Calvin Klein Home (high end bedding, towel, bath rug and accessory collections) The Khaki Collection (youthful medium to high end bedding, towel, bath rug and accessories) discontinued in 2008 Calvin Klein Golf (launched in late 2007) Calvin Klein Underwear (underwear collections; licensed to Warnaco Group through at least 2044. PVH acquired Warnaco Group in February 2013) CK one Lifestyle brand (fragrance, underwear, jeans—launched 2011) Calvin Klein Watches + Jewelry (watches launched in 1997, jewelry in 2004) For details, se.... Discover the K Lee Klein popular books. Find the top 100 most popular K Lee Klein books.