Phillips-Van Heusen Licensing Agreement for Ritmo Mundo IZOD watch

Phillips-Van Heusen Corporation and Ritmo Mundo have entered into a licensing agreement under which Ritmo Mundo will market and distribute watches for men and women under PVH’s IZOD brand in North America, sponsor of the IndyCar World Series. The agreement provides for an initial term of five-years, with a three-year renewal at PVH’s option.

“With Ritmo’s extensive global experience, we believe they are the right partner to launch this new product offering under the IZOD brand."

The new IZOD watch collection is designed to capture the sport-inspired lifestyle for which the IZOD brand is known. The collection will debut at BaselWorld 2011, the premier watch and jewelry event held annually in Switzerland, and will be distributed at major department stores and specialty stores throughout the United States, Canada, and Mexico.

“We are very excited to partner with Ritmo Mundo – a highly respected luxury watchmaker," said Allen Sirkin, President and Chief Operating Officer of Phillips-Van Heusen. “With Ritmo’s extensive global experience, we believe they are the right partner to launch this new product offering under the IZOD brand."

The IZOD collection will include chronographs and three hand watches with date indications in unique displays and will feature colorful straps in rubber and in leather. The watch collection will have new colors and styles seasonally and is expected to retail for approximately $75 to $200.

“Ritmo’s background has been focused on luxury goods and I'm delighted at the opportunity afforded by PVH to launch IZOD brand timepieces at a level where the consumer can get a truly stylized luxury watch at an affordable price. I appreciate PVH’s trust in Ritmo Mundo, and I look forward to making IZOD the watch for today's generation," said Ali Soltani, President and Founder of Ritmo Mundo.