Designer Holdings Ltd. and Donna Karan International terminate license agreement.NEW YORK--(BUSINESS WIRE)--March 5, 1997--Designer Holdings Ltd. (NYSE NYSE See: New York Stock Exchange :DSH DSH Disproportionate Share Hospital DSH Domestic Short Hair (cat) DSH Deliberate Self-Harm DSH Desperately Seeking Help (USENET) DSH Dyschromatosis Symmetrica Hereditaria ) today announced that the license agreement with Donna Karan Donna Karan is the fashion designer and the creator of the DKNY (Donna Karan New York) clothing label. She was born Donna Ivy Faske on October 9, 1948 in Forest Hills, New York. International for the manufacture and distribution of DKNY DKNY Donna Karan New York Jeanswear has been terminated by mutual agreement. The Company stated that Donna Karan International will return all monies paid in connection with the licensing agreement, including the initial $6 million payment and $1.26 million pre-paid royalty. In addition, in order to assure a smooth transition for the DKNY Jeanswear business, Donna Karan will purchase sales plans, patterns, samples, fabrics and other materials developed in connection with the jeanswear business for an amount which will allow Designer Holdings to recover all of its expenditures related to the license agreement. Arnold Simon, Chief Executive Officer of Designer Holdings, stated, "After negotiating with the management of Donna Karan, we decided that it is in our mutual best interests to terminate the license agreement. The two companies encountered difficulties in coordinating the design schedule of Donna Karan with our manufacturing schedule. In addition, the companies were unable to agree on the extent of the product line necessary to be competitive in the jeanswear market. We are continuing to pursue acquisition opportunities for additional licenses and brand names which will complement our existing product portfolio and enable us to utilize our manufacturing and distribution expertise." Designer Holdings Ltd. currently develops, sources and markets designer sportswear collections under the Calvin Klein Noun 1. Calvin Klein - United States fashion designer noted for understated fashions (born in 1942) Calvin Richard Klein, Klein Jeans, CK/Calvin Klein Jeans, and CK/Calvin Klein Jeans Khakis khak·i n. 1. A light olive brown to moderate or light yellowish brown. 2. a. A sturdy cloth of this color. b. khakis A uniform made of this cloth. labels. Products for men, juniors, women and petites are distributed through a broad range of department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. and specialty stores. CONTACT: Investor Contact: Christine DiSanto/Caroline Babbitt Morgen-Walke Associates 212/850-5600 Media Contact: Stacy Berns/Jeff Siegel Morgen-Walke Associates 212/850-5600 or Maurice Dickson Designer Holdings Ltd. 212/556-9600 or |
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