PVH COMPLETES SALE OF ITS HERITAGE BRANDS BUSINESS

by Stephen Garner

PVH Corp. 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.

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.

“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,” said Stefan Larsson, chief executive officer at PVH Corp. “We also believe that ABG is well-positioned to further develop and support our former Heritage Brands for future success. 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.”