PVH Corp. has completed its previously announced sale of its Heritage Brands business to Authentic Brands Group (ABG). The company said in a release that the cash purchase price for the transaction, which includes the Izod, Van Heusen, Arrow and Geoffrey Beene trademarks, was 223 million dollars.
Commenting on the transaction, Stefan Larsson, chief executive officer, PVH Corp., said: “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.”
The company added that 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, while Wachtell, Lipton, Rosen & Katz is acting as legal advisor.