Warnaco Group Inc. yesterday announced it is to team up with Brand Marketing India to distribute Calvin Klein products in the up-and-coming market.
This venture will reinforce the presence of the Calvin Klein brand in India as well as giving Warnaco a prime position to capitalize on the healthy growth potential of the Indian market.
Chairman and Managing Director of Brand Marketing India Vijay Murjani has been named Managing Director of the joint venture. The business will be based in Mumbai and will employ around 160 staff.
"We are very pleased to further solidify our partnership with Warnaco," said Murjani. "We are confident that our experience, combined with the power of the Calvin Klein brand, will ensure the continued growth and success of the business in India."
According to Reuters, Warnaco Group Inc posted a bigger-than-expected quarterly profit as strong sales offset a decline in margins, but the company's full-year earnings forecast fell short of estimates. The company owns and licenses brands including Calvin Klein jeans, Chaps and Speedo, and has been expanding internationally. The Calvin Klein brand is its growth engine. For the fourth quarter, the company's adjusted earnings were 74 cents a share. Analysts were expecting 71 cents a share, according to Thomson Reuters I/B/E/S. Sales rose 17 percent to $591.5 million, compared with estimates of $576.5 million. For the full year, Warnaco expects to earn $3.85-$4.05 a share on an adjusted basis, while analysts were expecting earnings of $4.09 a share. Read more on Reuters
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