PVH Corp, parent company of Calvin Klein and TOMMY HILFIGER, announced today it has completed its previously announced sale of certain intellectual property and other assets of its Heritage Brands business to Authentic Brands Group (ABG). The cash purchase price for the transaction, which includes the IZOD, Van Heusen, ARROW and Geoffrey Beene trademarks and certain related inventories and other assets, was $223 million, subject to adjustment.
Stefan Larsson, Chief Executive Officer, PVH Corp., commented, “PVH is entering a new growth chapter, executing against our accelerated recovery priorities and with clear focus on unlocking the full potential of our iconic, global growth brands, Calvin Klein and TOMMY HILFIGER. We also believe that ABG is well positioned to further develop and support our former Heritage Brands for future success.”
Mr. Larsson continued: “On behalf of PVH, I want to thank everyone who has been a part of the Heritage Brands team over the years, helping us become the strong, global company we are today.”
PVH will continue to own and operate the intimates and underwear businesses, led by Warner’s, as well as continue to operate its dress shirt and neckwear business, including under the brands being sold pursuant to a license from ABG.
PJ Solomon is serving as exclusive financial advisor to PVH on the transaction. Wachtell, Lipton, Rosen & Katz is acting as legal advisor.