Tommy Hilfiger U.S.A., Inc., a subsidiary of Tommy Hilfiger Corporation announced today organizational changes designed to improve the U.S. Wholesale business. Lynn Shanahan has been named to the newly created position of Group President for U.S. Wholesale. Ms. Shanahan, a 13-year veteran of the Company, previously held responsibility for Licensing, Strategy, New Business Acquisition, and E-Commerce. In her new role, she will have overall responsibility for the U.S. Wholesale business, including the Sales, Merchandising, Marketing, Design, Production and Strategy functions that support it and will continue to oversee the U.S. Licensed businesses.
David F. Dyer, President and Chief Executive Officer said, “Lynn has a proven track record of consistently growing businesses and developing talented people. By giving her the talent and tools needed to address the wholesale businesses, we've taken an important step in executing the revitalization strategies we have underway.”
The Company also announced that Bob Rosenblatt, who recently joined the company as Chief Operating Officer, will assume additional responsibility for Global Sourcing and Production, U.S. Retail and International Licensing. These duties are in addition to Finance, Information Technology, E-Commerce, Facilities, Distribution, Legal and Security, which were previously announced.
Dyer added, “Lynn is a strong internal talent who knows the business inside and out. Bob brings outstanding operational and financial skills to the Company that he's successfully honed from years of outside experience. Together they are a winning combination and I believe they add greater focus and accountability to the U.S. Wholesale business.”
Safe Harbor Statement
Statements made by the Company that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are indicated by words or phrases such as “anticipate,” “estimate,” “project,” “expect,” “believe” and similar words or phrases. Such statements are based on current expectations and are subject to certain risks and uncertainties, including, but not limited to, the overall level of consumer spending on apparel; the financial strength of the retail industry generally and the Company's customers, distributors, licensees and franchisees in particular; changes in trends in the market segments and geographic areas in which the Company competes; the level of demand for the Company's products; actions by our major customers or existing or new competitors; the effect of the Company's strategy to reduce U.S. distribution in order to bring supply and demand into balance; changes in currency and interest rates; changes in applicable tax laws, regulations and treaties (including the U.S./Barbados treaty); changes in economic or political conditions or trade regulations in the markets where the Company sells or sources its products; the effects of any consolidation of the Company's facilities and actions to reduce selling, general and administrative expenses; the outcome of the investigation being conducted by the U.S. Attorney's Office, the related class action lawsuits and the Special Committee's investigation; the ability of the Company to obtain waivers and/or satisfy covenants under its credit agreement and indenture on a timely basis relating to the providing of required financial information; as well as other risks and uncertainties set forth in the Company's publicly- filed documents, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2004. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. 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.
Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear under the Tommy Hilfiger trademarks. Through a range of strategic licensing agreements, the Company also offers a broad array of related apparel, accessories, footwear, fragrance and home furnishings. The Company's products can be found in leading department and specialty stores throughout the United States, Canada, Europe, Mexico, Central and South America, Japan, Hong Kong, Australia and other countries in the Far East, as well as the Company's own network of specialty and outlet stores in the United States, Canada and Europe.