Edgy fashion designer Calvin Klein, who as a young man had to borrow $6,000 to set up his own business, has sold his empire for $430 million to shirtmaking giant Phillips-Van Heusen.
The deal, which excludes licensed jeans and lingerie, will give 60-year-old Klein the backing he needs to expand in Asia and Europe. “What I want now is growth,” he said in an interview explaining that he will continue to take an active part in the company. “I have both an emotional and a financial long-term interest,” he said. “I spent my life building this company.”
The son of an immigrant Hungarian grocer, Klein began sketching clothes when he was five and went to study design at college as soon as he was old enough. Over the past three decades, the private life of the twice-married designer has attracted a fair amount of attention, while his flirtations with controversy – such as featuring a 14-year-old Brooke Shields on billboard ads in 1979 – and smooth diversification into fragrances (Obsession, Eternity, CKone) have made Calvin Klein a benchmark of youthful cool.
Bruce Klatsky, chief executive of the much staider Phillips-Van Heusen, which is the dominant shirtmaker in the United States, said of Klein, “He’s not going to have complete design control but we’d be idiots not to respect his opinions.”
Photo: © Alphapress.com
