It’s out. The news that Raf Simons was named to the top creative post at Calvin Klein (that would be Chief Creative Officer) is finally official. But what exactly does that mean? In practice, it means the designer will head up not only the men’s and women’s runway collections—although those honestly only make up a fraction of the business—but also Calvin Klein jeans, underwear, and furnishings. But, as with most things in fashion, it’s about more than just product. Here is why this latest move is a big deal for Raf Simons, Calvin Klein, and the American fashion industry at large.