| Date:  June 29, 2011 | By:     /s/  Dana M. Perlman                                                           |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           | Dana M. Perlman                                                                                                                                                                                                                                                                                                                                                                                                             |
|                           | Member of Plan Committee                                                                                                                                                                                                                                                                                                                                                                                                    |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Page                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|
| Report of Independent Registered Public Accounting Firm................................... Financial Statements Statements of Net Assets Available for Benefits............................................ Statement of Changes in Net Assets Available for Benefits Notes to Financial Statements................................................................. Supplemental Schedule Schedule H, Line 4i--Schedule of Investments Held at Year End at Fair Value......... | F-1   F-2 F-3 F-4   F-15 |

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|                                             | 2010                                                                                                                            |   | 2009                                                                                                                                        |
|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
| Assets                                           |                                                                                                                            |   |                                                                                                                                        |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Cash                                             | $       102,082                                                                         |   | $           45,983                                                              |
| Participant directed investments, at fair value  |   216,854,150                                                                                                         |   | 172,141,809                                                                                                                            |
| Receivables:                                     |                                                                                                                            |   |                                                                                                                                        |
| Notes from participants                          |        4,301,440                                                                        |   | 3,801,146                                                                                                                              |
| Due from broker                                  |          176,627                                                                   |   | 3,172                                                                                                                                  |
| Contributions, employer                          |            25,283                                                        |   | 22,538                                                                                                                                 |
| Contributions, employee                          |            48,338                                                        |   | 43,930                                                                                                                                 |
| Loan interest                                    |        308                                                                              |   |                  776                              |
| Due from Tommy Hilfiger 401(k) plan merger       |      48,207,507                                                                                        |   |                   -      |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Total receivables                                |      52,759,503                                                                                        |   |         3,871,562                                                                                   |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Total assets                                     |    269,715,735                                                                                                   |   |     176,059,354                                                                                                         |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Liabilities                                      |                                                                                                                            |   |                                                                                                                                        |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Due to broker                                    | 76,963                                                                                                                     |   | 41,088                                                                                                                                 |
| Loans payable                                    |                 -      |   |                   245                             |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Total liabilities                                |            76,963                                                        |   |              41,333                                                        |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Net assets available for benefits at fair value  | 269,638,772                                                                                                                |   | 176,018,021                                                                                                                            |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Adjustment from fair value to contract value for |                                                                                                                            |   |                                                                                                                                        |
| interest in common/collective trust relating to  |                                                                                                                            |   |                                                                                                                                        |
| fully benefit-responsive investment contracts    |         (673,168)                                                                       |   |         1,097,622                                                                                   |
|                                             |                                                                                                                            |   |                                                                                                                                        |
| Net assets available for benefits                | $ 268,965,604                                                       |   | $  177,115,643                                                                                                                    |
|                                             |                                                                                                                            |   |                                                                                                                                        |
|                                             |                                                                                                                            |   |                                                                                                                                        |   |

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| Additions                                                            |                                                                                                                                   |
|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                 |                                                                                                                                   |
| Contributions:                                                       |                                                                                                                                   |
|    Employer, net of forfeitures                       | $        6,458,362                                                                        |
|    Employees                                          | 14,576,413                                                                                                                        |
|    Rollovers                                          |              693,245                                             |
| Total contributions                                                  |         21,728,020                                                                             |
|                                                                 |                                                                                                                                   |
| Transfer from Tommy Hilfiger 401(k) plan                             |         48,207,507                                                                             |
| Loan interest                                                        |        213,019                                                                                 |
| Investment income:                                                   |                                                                                                                                   |
|       Dividend income                  | 1,915,475                                                                                                                         |
|       Common collective trust interest | 34,093                                                                                                                            |
|       Interest income                  |                       66 |
| Total investment income                                              |           1,949,634                                                                  |
|                                                                 |                                                                                                                                   |
| Total additions                                                      |         72,098,180                                                                             |
|                                                                 |                                                                                                                                   |
| Deductions                                                           |                                                                                                                                   |
|                                                                 |                                                                                                                                   |
|    Payments to participants                           |         13,223,050                                                                             |
|                                                                 |                                                                                                                                   |
| Total deductions                                                     |         13,223,050                                                                             |
|                                                                 |                                                                                                                                   |
| Net realized and unrealized appreciation                             |                                                                                                                                   |
|   of  investments                                |         32,974,831                                                                             |
|                                                                 |                                                                                                                                   |
| Net increase in net assets available for benefits                    | 91,849,961                                                                                                                        |
|                                                                 |                                                                                                                                   |
| Net assets available for benefits at beginning of year               |       177,115,643                                                                                        |
|                                                                 |                                                                                                                                   |
| Net assets available for benefits at end of year                     | $    268,965,604                                                                                                   |

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|                                     |   |                                                                                       | Fair Value Measurements at |                                                                                                                                                   |
|------------------------------------------|--------|--------------------------------------------------------------------------------------------|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |   |                                                                                       | December 31, 2010          |                                                                                                                                                   |
| Asset Category                           |   | Total                                                                                      |                       | Quoted PricesIn ActiveMarkets forIdentical Assets(Level 1)                                                                                             |   | SignificantObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |
|                                     |   |                                                                                       |                       |                                                                                                                                                   |   |   |   |   |
| Common Collective Trust Funds:(1)        |   |                                                                                       |                       |                                                                                                                                                   |   |   |   |   |
| Stable Value                             |   | $   30,961,319                                                              |                       | $              -                                   |   | $ 30,961,319 |   | $          -        |
| U.S. Equity Index                        |   | 8,180,981                                                                                  |                       |                                                                        |   | 8,180,981 |   |   |
| Mutual Funds:(2)                         |   |                                                                                       |                       |                                                                                                                                                   |   |   |   |   |
| U.S. Equity                              |   | 70,166,485                                                                                 |                       | 70,166,485                                                                                                                                             |   |   |   |   |
| International Equity                     |   | 27,934,449                                                                                 |                       | 27,934,449                                                                                                                                             |   |   |   |   |
| Fixed Income                             |   | 19,390,585                                                                                 |                       | 19,390,585                                                                                                                                             |   |   |   |   |
| Balanced                                 |   | 12,864,002                                                                                 |                       | 12,864,002                                                                                                                                             |   |   |   |   |
| Real Estate                              |   | 4,371,746                                                                                  |                       | 4,371,746                                                                                                                                              |   |   |   |   |
| Phillips-Van Heusen Stock Fund(3)        |   | 42,933,943                                                                                 |                       | 42,933,943                                                                                                                                             |   |   |   |   |
| Money Market Funds(4)                    |   |               50,640 |                       |                           |   |           50,640  |   |   |
|                                     |   |                                                                                       |                       |                                                                                                                                                   |   |   |   |   |
| Total Investments Measured at Fair Value |   | $  216,854,150                                                                   |                       | $ 177,661,210                                                                                                                                          |   | $  39,192,940 |   | $           - |

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|                                     |   |                                                                                 | Fair Value Measurements at |
|------------------------------------------|--------|--------------------------------------------------------------------------------------|----------------------------|
|                                     |   |                                                                                 | December 31, 2009          |
| Asset Category                           |   | Total                                                                                |                       | Quoted PricesIn ActiveMarkets forIdentical Assets(Level 1) |   | SignificantObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |
|                                     |   |                                                                                 |                       |   |   |   |   |   |
| Common Collective Trust Funds:(1)        |   |                                                                                 |                       |   |   |   |   |   |
| Stable Value                             |   | $  25,396,889                                                         |                       |  $              -        |   | $ 25,396,889 |   | $         -             |
| U.S. Equity Index                        |   | 6,975,897                                                                            |                       |                    |   |      6,975,897  |   |   |
| Mutual Funds:(2)                         |   |                                                                                 |                       |   |   |   |   |   |
| U.S. Equity                              |   | 57,131,823                                                                           |                       | 57,131,823 |   |   |   |   |
| International Equity                     |   | 21,880,575                                                                           |                       | 21,880,575 |   |   |   |   |
| Fixed Income                             |   | 15,399,147                                                                           |                       | 15,399,147 |   |   |   |   |
| Balanced                                 |   | 11,244,766                                                                           |                       | 11,244,766 |   |   |   |   |
| Real Estate                              |   | 3,286,999                                                                            |                       | 3,286,999 |   |   |   |   |
| Phillips-Van Heusen Stock Fund(3)        |   | 30,774,827                                                                           |                       | 30,774,827 |   |   |   |   |
| Money Market Funds(4)                    |   |              50,886 |                       |                          |   |            50,886 |   |                          |
|                                     |   |                                                                                 |                       |   |   |   |   |   |
| Total Investments Measured at Fair Value |   | $ 172,141,809                                                                   |                       | $   139,718,137 |   | $ 32,423,672  |   | $           - |

| (1) | Valued at the net asset value of the fund(s), as determined by a pricing vendor or the fund family.  The Plan has no unfunded commitments related to these common collective trust funds.  These funds invest in (a) guarantee contracts and instruments and (b) securities that make up the S&P 500 Index in the same proportion as the index.  These funds are redeemable on a daily basis without restriction. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) |  Valued at the net asset value of the fund(s), as determined by the closing price in the active market in which the individual fund is traded. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Valued at the closing price of Phillips-Van Heusen common stock. |
|-----|------------------------------------------------------------------|

|   | (4) Valued at the net asset value of the fund(s), as determined by a pricing vendor or the fund family.  The Plan has no unfunded commitments related to these funds.  These funds invest in short-term, high quality fixed income securities issued by banks, corporations and the U.S. government and maintain a constant $1 net asset value.  These funds are redeemable on a daily basis without restriction. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Mutual Funds                   | $ 14,783,188          |
|--------------------------------|-----------------------|
| Phillips-Van Heusen Stock Fund | 16,544,813            |
| Common Collective Trust Funds  |   1,646,830 |
|                           |                  |
|                           | $32,974,831           |

|                                     | 2010                                                    | 2009                                                    |
|------------------------------------------|---------------------------------------------------------|---------------------------------------------------------|
|                                     |                                                    |                                                    |
| American Beacon Large Cap Value Fund     | 24,579,536                                              | 20,157,781                                              |
| Bond Fund of America                     |          - | 15,399,147                                              |
| Dodge & Cox Balanced                 |          - | 11,244,766                                              |
| Growth Fund of America                   | 22,959,217                                              | 19,167,090                                              |
| Metropolitan West Total Return Bond Fund | 19,390,585                                              |          - |
| Phillips-Van Heusen Stock Fund           | 42,933,943                                              | 30,774,827                                              |
| SEI Stable Asset Fund                    |          - | 22,717,757                                              |
| Thornburg International Value Fund       | 24,848,858                                              | 20,475,219                                              |
| Wells Fargo Small Cap Value Fund         | 16,093,896                                              | 14,104,965                                              |
| Wells Fargo Stable Return                | 30,961,319                                              |          - |

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|                                                      |   | 2010                                                                             |   | 2009                                            |
|-----------------------------------------------------------|--------|----------------------------------------------------------------------------------|--------|-------------------------------------------------|
| Net assets available for benefits per the financial       |   |                                                                             |   |
|    statements                              |   | $  268,965,604                                                         |   | $ 177,115,643                                   |
| Amounts allocated to withdrawing participants             |   |             (12,614) |   | (20,241)                                        |
| Adjustment from fair value to contract value for          |   |                                                                             |   |                                            |
|   fully benefit-responsive investment contracts |   |            673,168        |   |       (1,097,622) |
|                                                      |   |                                                                             |   |                                            |
| Net assets available for benefits per the Form 5500       |   | $  269,626,158                                                         |   | $ 175,997,780                                   |

|                                                               |   | 2010                                                                     |
|--------------------------------------------------------------------|--------|--------------------------------------------------------------------------|
|                                                               |   |                                                                     |
| Benefits paid to participants per the financial statements         |   | $  13,223,050                                                  |
| Amounts allocated to withdrawing participants at December 31, 2010 |   |            12,614 |
|                                                               |   |                                                                     |
| Benefits paid to participants per the Form 5500                    |   | $ 13,235,664                                                             |

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| Cash                                                                                                                                                                                                                                                                                                                                                                                                              | $    38,068,699                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
| Investments                                                                  |         9,006,899 |
| Participant notes receivable                                                                                                                                                                                                                                                                                                                                                                                      |         1,131,909 |
|                                                                                                                                                                                                                                                                                                                                                                                                              | $    48,207,507                  |
|                                                                                                                                                                                                                                                                                                                                                                                                              |                                                 |

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|   | (b)                           |                                     |   | (e)                                                                             |
|--------|-------------------------------|------------------------------------------|--------|---------------------------------------------------------------------------------|
| (a)    | Identity of issuer, borrower, | (c)                                      | (d)    | Current                                                                         |
|   | lessor or similar party       | Description of Investment                | Cost   | Value                                                                           |
|   |                          |                                     |   |                                                                            |
|   | American Beacon Funds         | American Beacon US Govt MM;              |   |                                                                            |
|   |                          | 49,506.43 shares                         | **     | $           49,506  |   |
|   | American Beacon Funds         | American Beacon Large Cap Value Fund;    |   |                                                                            |   |
|   |                          | 1,326,472.5280 shares                    | **     | 24,579,536                                                                 |   |
|   | American Funds                | Growth Fund of America;                  |   |                                                                            |   |
|   |                          | 760,490.8060 shares                      | **     | 22,959,217                                                                 |   |
|   | Dodge & Cox Funds         | Dodge & Cox Balanced Fund;           |   |                                                                            |   |
|   |                          | 183,195.7020 shares                      | **     | 12,864,002                                                                 |   |
|   | Federated Securities Corp.    | Federated Capital Reserves Fund;         |   |                                                                            |   |
|   |                          | 1,134.30 shares                          | **     | 1,134                                                                      |   |
|   | Hartford Series Funds         | Hartford HLS Small Cap Growth Fund;      |   |                                                                            |   |
|   |                          | 306,596.4430 shares                      | **     | 6,505,977                                                                  |   |
|   | Lazard Funds                  | Lazard Funds Emerging Markets;           |   |                                                                            |   |
|   |                          | 139,053.2390 shares                      | **     | 3,085,591                                                                  |   |
|   | Metropolitan West             | Metropolitan West Total Return Bond      |   |                                                                            |   |
|   |                          | Fund; 1,868,071.8080 shares              | **     | 19,390,585                                                                 |   |
|   | Neuberger & Berman        | Neuberger & Berman Genesis Trust;    |   |                                                                            |   |
|   |                          | 584.7710 shares                          | **     | 27,859                                                                     |   |
|   | State Street Global Advisors  | State Street S&P 500 Index;          |   |                                                                            |   |
|   |                          | 225,234.8590 shares                      | **     | 8,180,981                                                                  |   |
|   | Thornburg Investment          | Thornburg International Value Fund;      |   |                                                                            |   |
|   | Management                    | 867,627.7150 shares                      | **     | 24,848,858                                                                 |   |
|   | Virtus Mutual Funds           | Virtus Real Estate Securities;           |   |                                                                            |   |
|   |                          | 156,974.7070 shares                      | **     | 4,371,746                                                                  |   |
|   | Wells Fargo Funds             | Wells Fargo Small Cap Value Fund;        |   |                                                                            |   |
|   |                          | 494,132.5000 shares                      | **     | 16,093,896                                                                 |   |
|   | Wells Fargo Funds             | Wells Fargo Stable Return;               |   |                                                                            |   |
|   |                          | 662,358.0090 shares                      | **     | 30,961,319                                                                 |   |
| *      | Phillips-Van Heusen Corp.     | Phillips-Van Heusen Corp. Common         |   |                                                                            |   |
|   |                          | Stock; 681,383.0000 shares               | **     |       42,933,943                                  |   |
|   |                          |                                     |   |                                                                            |   |
|   |                          | Total investments, at fair value         |   | $  216,854,150                                                        |   |
|   |                          |                                     |   |                                                                            |   |
| *      | Notes Receivable from         | Participant Notes Receivable maturing at |   |                                                                            |   |
|   | Participants                  | various dates through 2024 and bearing   |   |                                                                            |   |
|   |                          | interest at rates from 4.25% to 10.5%    | **     |       4,301,440                              |   |

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| Exhibit No. |
|-------------|
|        |
| 23.1        | Consent of Independent Auditors |