Steve Shiffman to succeed Tom Murry as Calvin Klein CEO

Calvin Klein Inc has confirmed that chief executive Tom Murry will step down from his role in July to be replace with current president and chief commercial officer Steve Shiffman as head of the luxury brand. Murry, who has worked at the apparel brand for 17 years will then become executive chairman

and will serve in an advisory role to Shiffman before retiring at the end of the fiscal year.

“Tom's accomplishments at the company have been nothing short of amazing,” said Emanuel Chirico, chairman and CEO of PVH Corp, which owns Calvin Klein. “Under his leadership, Calvin Klein has grown from 2.8 billion dollars in global retail sales in 2003 to close to 8 billion dollars in 2013, having evolved from a licensed only model to a more directly operated business.”

Calvin Klein CEO Tom Murry to retire

Chirico added: “Tom was instrumental in helping PVH acquire the company back in 2002 and was a great partner working through the Warnaco acquisition and integration to date. We thank Tom for all he has done over the past seventeen years and look forward to his continued leadership during the transition period ahead.”

Shiffman, who first joined PVH in 1992, has over three decades of retail experience and has been overseeing the global operations of the business, while reporting and working closely with Murry. In his new role as CEO, he plans to increase Calvin Klein’s international expansion in Asia, India, Australia and South America. In addition, he aims to change the perception of the brand in targeted territories to stress that the label is more than simply an underwear and denim business.

Shiffman explained: “This is an exciting time for Calvin Klein, as the Calvin Klein Jeans and Underwear businesses are now under one roof and the integration has progressed well. With the continued help and support of the enormously talented and passionate group of executives at the company, I intend to do everything possible to strengthen the Calvin Klein brand’s global presence and continued growth, as we move into the future.”

This week PVH Corp reported its 2013 fourth quarter and full year results with a 36 percent jump in revenues. The Calvin Klein brand performed well increasing 371 million dollars to 688 million dollars from 317 million dollars from last year’s fourth quarter. Although the results did show that its jeans business has shown weakness in North America and Europe.

Calvin Klein isn't the only luxury label to hire a new chief executive, recently Italian fashion house Agnona named former Emilio Pucci CEO Alessandra Carra as its new boss, she will take up her new role in May.

Image: Calvin Klein