Phillips-Van Heusen Corporation to Market DKNY Dress Shirts

Phillips-Van Heusen Corporation (NYSE: PVH) announced today that it has entered into a licensing arrangement with Donna Karan Studio LLC to design, source and market men’s dress shirts under the DKNY brand in North America. This product will begin appearing in stores in early 2008 with the start of the Spring selling season. The PVH Neckwear Group already markets DKNY ties. DKNY dress shirts, like the existing neckwear line, are designed with the modern classic sensibility for which the brand is known and features rich energized colors and innovative fabrics. Distribution will be principally through better department and specialty stores, as well as through luxury department and specialty stores. It is estimated that the dress shirts will be available in approximately 300 doors by the end of 2008. Allen Sirkin, President and Chief Operating Officer of Phillips-Van Heusen Corporation said, "We are excited to expand our relationship with the Donna Karan organization by adding DKNY dress shirts to our existing distribution of DKNY neckwear. We believe that the DKNY brand persona provides a unique and attractive design perspective and contributes additional strength to our stable of branded dress shirt offerings, enabling us to reach a broader spectrum of consumers. Additionally, we expect that the synergy of adding the dress shirts to the existing neckwear business will be beneficial for both lines.” Mark Weber, Chief Executive Officer of LVMH, Inc. and Chairman and Chief Executive Officer of Donna Karan International, said "We are pleased to partner with PVH, the leader in the dress furnishings industry. We are confident that they share our vision for DKNY and their dress shirt offerings will build upon their success with DKNY neckwear.” Phillips-Van Heusen Corporation is one of the world's largest apparel companies. It owns and markets the Calvin Klein brand 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, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, unlisted, A Kenneth Cole Production, BCBG Max Azria, BCBG Attitude, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, Tommy Hilfiger, Perry Ellis Portfolio, DKNY and, beginning in Fall 2008, Timberland. Donna Karan International is one of the world’s leading fashion design houses. It designs, markets and distributes collections of women’s and men’s apparel, sportswear, accessories and shoes under the Donna Karan and DKNY brand names. The Company has selectively granted licenses for the manufacture and distribution of beauty and beauty related products, jeanswear, activewear, men’s furnishings, men's tailored clothing, hosiery, intimate apparel, coats, children’s apparel, watches, eyewear and home. Since November 2001, Donna Karan International has been part of LVMH Moet Hennessy Louis Vuitton, the world’s leading luxury goods group. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements made in this release including, without limitation, statements relating to the Company’s future revenues and earnings, plans, strategies, 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 levels of sales of the Company's apparel and footwear products, both to its wholesale customers and in its retail stores, and the levels of sales of the Company’s licensees at wholesale and retail, and the extent of discounts and promotional pricing in which the Company and its licensees are required to engage, all of which can be affected by weather conditions, changes in the economy, fuel prices, reductions in travel, fashion trends, consolidations, repositionings and bankruptcies in the retail industries, repositioning of brands by the Company’s licensors and other factors; (iii) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth and inventory, including the Company’s ability to continue to realize revenue growth from developing and growing Calvin Klein; (iv) the Company’s operations and results could be affected by quota restrictions and safeguard controls (which, among other things, could limit the Company’s ability to produce products in cost-effective countries that have the labor and technical expertise needed), the availability and cost of raw materials (particularly petroleum-based synthetic fabrics, which are currently in high demand), the Company’s ability to adjust timely to changes in trade regulations and the migration and development of manufacturers (which can affect where the Company’s products can best be produced), and civil conflict, war or terrorist acts, the threat of any of the foregoing or political and labor instability in the United States or any of the countries where the Company’s products are or are planned to be produced; (v) disease epidemics and health related concerns, which could result in closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas; (vi) acquisitions and issues arising with acquisitions and proposed transactions, including without limitation, the ability to integrate an acquired entity into the Company with no substantial adverse affect on the acquired entity's, or the Company’s existing, operations, employee relationships, vendor relationships, customer relationships or financial performance; (vii) the failure of the Company's licensees to market successfully licensed products or to preserve the value of the Company's brands, or their misuse of the Company's brands and (viii) 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 revenues or earnings, whether as a result of the receipt of new information, future events or otherwise.