Calvin Klein Inc. () is an internationally operating, American fashion house. The company, which became famous for its designer underwear and denim lines in the 1980s, specializes in mass-market ready-to-wear clothing for all genders and age groups as well as leather products, lifestyle accessories and shoes, home furnishings, perfume/cosmetics, eyewear, jewellery and watches in the mid-price segment. Its high-end runway fashion division, which represented the top level of the various Calvin Klein sub-brands, was discontinued in 2019. The company was founded by designer Calvin Klein and his childhood friend, Barry K. Schwartz, in 1968 and was acquired by PVH Corp. for a total of $700 million in 2003. It is headquartered in Midtown Manhattan, New York City, and has substantial market share in retail and commercial lines around the globe. In 2013, PVH bought Warnaco Group, one of the largest Calvin Klein licensees, for around $3 billion. Global retail sales under the Calvin Klein brand, including sales by the label's 40 licensees, amounted to $8.5 billion in 2021. History The early years Calvin Klein was one of several design leaders raised in the Jewish community in the Bronx, along with Robert Denning and Ralph Lauren. He became a protégé of Baron de Gunzburg, through whose introductions he became the toast of the New York elite fashion scene even before he had his first mainstream success with the launch of his first jeans line. He was immediately recognized for his talent after his first major showing at New York Fashion Week. In 1968, Klein founded Calvin Klein Limited, a coat shop in the York Hotel in New York City, with $10,000. The first Calvin Klein collection was a line of "youthful, understated coats and dresses" featured at the New York City store Bonwit Teller. In September 1969, Klein appeared on the cover of Vogue magazine. 1970s By 1971, Klein had added sportswear, classic blazers, and lingerie to his women's collection. In 1973, he received his first Coty American Fashion Critics' Award for his 74-piece womenswear collection – the youngest recipient at that time. Klein won the award again in 1974 and 1975. By 1977, annual revenues had increased to $30 million (equivalent to $ million in ), and Klein had licenses for scarves, shoes, belts, furs, sunglasses, and bedsheets. Klein and Schwartz were making $4 million each. After the company signed licenses for cosmetics, jeans, and menswear, Klein's annual retail volume