After months of speculation, Calvin Klein announced Raf Simons was out as the brand’s first chief creative officer months before the end of his contract.
Fashion insiders said parent company PVH paid a mind-boggling $48 million to land lauded Belgian designer Simons on a three-year deal to lead the multibillion-dollar CK brand on all aspects of design and marketing, the first time it had handed a designer such power.
But PVH execs were dismayed by Simons’ lavish spending and disappointing profits.
One industry insider said, “Raf spent a fortune doing up Calvin Klein’s Madison Avenue flagship store, which was fine as it was. He also blew a stack of money building a new Paris headquarters for the brand which looked more like an art gallery. Plus, CK/PVH had to pony up millions to the Warhol Foundation to license the images for the ‘partnership’ led by Simons which was met with collective indifference by the consumer.”
Less than two years after Simons debuted his first collection for Calvin Klein, they announced last Friday he was gone for good, more than eight months before the end of his contract, which expires in August 2019.
“Both parties have amicably decided to part ways after Calvin Klein Inc. decided on a new brand direction which differs from Simons’s creative vision,” the company said in a statement.
The writing seemed on the wall when PVH chief exec Manny Chirico last month spoke about the failure of Simons’ 205W39NYC ready-to-wear collection and how CK’s denim line was overpriced.
“We will cut back on a number of these planned investments in the 205 collection business, and as we move forward, we will [be taking] a more … commercial approach to this important business,” he said, adding the brand had been too focused on the “high-fashion” consumer.
While insiders speculated the quick departure likely means Simons won’t be paid his full contract, others were left wondering who could step right onto the ship at Calvin Klein, which will not present a runway show in February.