New York City Phillips-Van Heusen said Wednesday that it will shutter the 100-unit outlet division of its Geoffrey Beene menswear brand.
Approximately 25 of the stores will be converted into Calvin Klein outlets, a brand the company also operates. These stores are expected to generate more traffic and higher profits than the Geoffrey Beene line. The remaining stores will be closed by the end of the fiscal year.
Phillips-Van Heusen, which last year generated revenue of $2.4 billion, has successfully operated the Calvin Klein brand since purchasing it in 2003. Worldwide retail sales of Calvin Klein products, which are mostly produced under license, topped $5 billion last year.
Phillips-Van Heusen will continue to license the Geoffrey Beene name for dress shirts and men’s sportswear to other manufacturers.