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Warnaco Acquires Klein Stores

(Filed Under Fashion News). The Warnaco Group announced in early October that it has acquired 22 Calvin Klein Jeans stores in Italy and related assets from its Italian franchise partner, L’Innominato S.p.A, a division of the Percassi Group.

The company said it expects these stores, which are located in shopping centers across Italy, to generate approximately 28 million Euros; equivalent to $38 million at the current exchange rate, in revenues during fiscal 2011, and to add over 50,000-square-feet of new retail space to the company’s portfolio. The company expects the transaction to be accretive to operating earnings by fiscal 2011.

Based on revenues, the transaction establishes Italy as Warnaco’s largest European retail market, with 58 stores.

”This acquisition is consistent with our global growth strategies to expand our profitable international business and our direct to consumer footprint,” Joe Gromek, president and C.E.O of Warnaco, said. “Italy is one of our largest markets outside the United States and we are delighted to expand our direct operations and revenues in this key market. This transaction […] Will enable us to leverage our regional and country platform and infrastructure as well as our full complement of products and marketing to maximize sales and profits.”

For further information, contact Deborah Abraham, vice president of investor relations for Warnaco, by calling (212) 287-8289.

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Published 10-04-2010 by Amanda Torres Price

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