Kellwood said it would buy out its partner in the Calvin Klein women's better sportswear business.
New York-based Kellwood said the deal, whose terms weren't disclosed, ends the services agreement that had Alexander Vreeland's G.A.V. managing the Calvin Klein collection. The collection is produced by Kellwood under a license agreement with Phillips-Van Heusen's Calvin Klein.
This separation is the result of G.A.V.'s intention to focus on its other apparel businesses, including its ck Calvin Klein bridge sportswear line, which have been expanding over the last two years, and Kellwood's plans to concentrate its efforts on Calvin Klein women's better sportswear, Kellwood said.
“We are most appreciative of G.A.V.'s efforts in helping Kellwood launch the Calvin Klein women's better sportswear business and wish them much success with their other business endeavors,” said CEO Robert Skinner.
Late Thursday, Kellwood shares rose 8 cents to $24.22.
