Calvin Klein is known for simply elegant and plainly pricey clothes for men, women, and children; fragrances; and accessories. The company makes its flagship ready-to-wear collection of women's clothing, but gets most of its revenue from licensing its name for items such as shoes, coats, fragrances, jeans, underwear, furnishings, hosiery, watches, bedding, and tabletop products. The firm was founded in 1968 by Barry Schwartz and Calvin Klein, who were its sole owners until clothing maker Phillips-Van Heusen bought the company in 2003. In 2007-2008, they will be opening their first few Calvin Klein freestanding stores thus powering this multi billion dollar brand higher.