Calvin Klein has not enjoyed running a global business.
The 73-year-old fashion designer has admitted he has found managing the eponymous brand "not fun", and is pleased changes will be made to the label, which will allegedly see Christian Dior's former Creative Director Raf Simons take the reins, because he has begun to find the business too "problematic".
Speaking to Andy Cohen on Sirius XM radio show, which was subsequently reported on WWD, about why he sold the company to Phillips-Van Heusen Corporation (PVH) in 2002, the creative mastermind said: "They just finally made changes in the design staff.
"They are doing something that I had hoped they would have done, which is replace me. Find someone who can with a singular vision oversee everything that is creative.
"Managing a global business was not fun and designing clothes was my passion. It started to become more problematic and putting out fires everywhere.
"The key is letting go. I was no longer in control of the company. They did whatever they thought was the best thing to do. I'm still getting paid a great deal of money [under a royalty agreement with PVH that expires in 2018]. Would I have done it the same way? No."
Although Raf - who is currently involved in a non-compete agreement with the multinational company LVMH Moët Hennessy Louis Vuitton, which is said to expire at the end of July - has yet to publicly confirm his upcoming venture with Calvin Klein, although it is allegedly a known fact among designers in the industry.
Calvin - who launched the company in 1968 - explained: "They won't announce who it is publicly because it's under contract. But the whole industry knows [it's Raf Simons]."
Meanwhile, the Belgian fashion designer is hoped to unify the fashion house in a "creative strategy" following the reacquisition of its denim garments and lingerie trends three years ago, which will combine all factions of the brand together when he takes over as the fashion house's sole creative director.
Speaking previously Steve Shiffman, CEO of Calvin Klein, said: "This creative strategy marks the beginning of another significant chapter in Calvin Klein's brand legacy since Mr. Klein's retirement."