Press release from Business Wire
PVH Corp. Announces It Will Join the Accord on Fire and Building Safety in Bangladesh
<p class='bwalignc'> <i>PVH Joins with Same Coalition of NGOs and Labor Unions to Update its Landmark Agreement Entered into in March 2012</i> </p>
Monday, May 13, 2013
PVH Corp. Announces It Will Join the Accord on Fire and Building Safety in Bangladesh10:56 EDT Monday, May 13, 2013
NEW YORK (Business Wire) -- PVH Corp. (NYSE: PVH) announced today that it has agreed in principle to an Accord on Fire and Building Safety with the same group of non-governmental organizations consisting of Clean Clothes Campaign, Worker Rights Consortium, The International Labor Rights Forum, and Maquila Solidarity Network, as well as a group of eight international and Bangladeshi trade unions, that established the landmark 2012 Joint Memorandum of Understanding on Fire and Building Safety.
The agreement expands to five years (from two) a fire and building safety program to be led by a multi-stakeholder task force for the purposes of establishing an in-factory training program; facilitating the creation of factory health and safety committees; reviewing existing building regulations and enforcement; developing a worker complaint process and mechanism for workers to report health and safety risks; and advising a lead Safety Inspector.
The Safety Inspector will design and implement a fire safety inspection program based on internationally recognized workplace safety standards. The Safety Inspector will also direct and oversee the various other elements of the program.
The program will be financed by the participating companies. PVH will commit up to $2.5 million to underwrite the program. PVH has invited industry partners to join it, German retailer Tchibo (who joined the original MOU in the fall) and H&M, which announced today that it will join the Accord, to join it in this effort.
PVH Corp., one of the world's largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world's largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner's, Olga, Bass and G.H. Bass & Co., and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
Forward-looking statements made in this press release, including, without limitation, statements relating to the Company's plans, objectives, expectations and intentions, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, the following: (i) the Company's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Memorandum of Understanding discussed in this release may not be implemented if other companies do not agree to be bound by its terms or the terms may be materially changed prior to their being implemented or afterwards; and (iii) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.
The Company does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding earnings, whether as a result of the receipt of new information, future events or otherwise.
Dana Perlman, 212-381-3502 (Investors)
Treasurer, SVP ? Business Development and Investor Relations
Chris Giglio, 646-460-8901 (Media)