FOR IMMEDIATE RELEASE February 20, 1995 From: PHILLIPS-VAN HEUSEN CORPORATION 1290 Avenue of the Americas New York, New York 10104 Contact: Irwin W. Winter Vice President and Chief Financial Officer (212) 468-7025 PHILLIPS-VAN HEUSEN CORPORATION COMPLETES ACQUISITION OF CRYSTAL BRANDS APPAREL GROUP; $114.7 MILLION CASH FOR BRANDS INCLUDING IZOD AND GANT (New York) Phillips-Van Heusen Corporation (NYSE:PVH) has completed its previously announced acquisition of the Apparel Group of Crystal Brands, Inc. for $114.7 million in cash. With the acquisition, PVH adds two of the country's most important sportswear labels, Izod and Gant, to its roster of famous brands. PVH is one of the world's largest apparel and footwear companies. Its brands include Van Heusen, the number one selling men's dress shirt in America; Geoffrey Beene, the number one selling designer dress shirt; and G.H. Bass, the number one selling men's and women's casual shoes. PVH is also the leading maker of private label shirts and sweaters in the United States. Company sales in 1993 were $1,152 billion.