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"Relaunching O Oscar and Calvin Klein is an opportunity for them to prove they are a viable licensee, but relaunches of labels very rarely work. Once labels fail once, it's hard to resuscitate them a second time," Stephens said. "You have to be concerned by a portfolio like that, because you have to worry that when their contract is up, they may lose it. But they have been very forthright that they know their strategy has to evolve."