LOS ANGELES, Dec 10 (Reuters) - Warnaco Group Inc WRNC.O said on Monday it had reached a deal with Phillips-Van Heusen for new and extended long-term licenses for several Calvin Klein properties, expanding its portfolio in the brand.

Under the terms of the arrangement, Warnaco will pay about $38.5 million for a range of Calvin Klein properties, including rights to operate Calvin Klein Jeans accessories retail stores in Europe, Asia and Latin America and ck Calvin Klein accessories stores in Europe and Latin America.

Warnaco, which reaps over $1 billion annually in revenues from its Calvin Klein jeans, swimwear and underwear businesses, will also acquire e-commerce rights for Calvin Klein Jeans accessories in Europe, Asia and the Americas.

The company said it had also agreed to enter into a sub-license and distribution agreement with Calvin Klein Inc and Windsong Golf LLC for Calvin Klein Golf apparel and accessories to be sold in Asia.

The Calvin Klein name was acquired by Phillips-Van Heusen, known as a maker of men's dress shirts, in 2003, but many of that brand's products are made through global license agreements. Besides apparel, other items sold under the Calvin Klein name include bags, shoes, belts, ties, sunglasses, fragrance and home goods.

Warnaco Chief Executive Joe Gromek said the businesses associated with the deal could generate incremental annual revenues of nearly $150 million over five years.

"Given the powerful growth worldwide in accessories, we believe the acquisition of the new rights represents an important opportunity for us to expand our Calvin Klein businesses," said Gromek in a statement.

As part of the deal, Warnaco will assign its rights to manage the luxury Calvin Klein Collection business to Calvin Klein Inc. Previously, Warnaco was to begin managing that business beginning in January 2008 through 2013.

Phillips-Van Heusen said it planned to open additional Collection stores through retail partners over the next three years. Besides the flagship store in New York, there are Calvin Klein Collection stores in Milan, Dubai and Beijing.

Warnaco shares closed at 38.55, up 53 cents, or over 1 percent on Nasdaq. Shares of Phillips-Van Heusen closed up 25 cents, or less than 1 percent to $42.00 on the New York Stock Exchange. (Reporting by Alexandria Sage, additional reporting by Nichola Groom; Editing by Ted Kerr, Leslie Gevirtz)