- Robyn Turk |
PVH has sold the North American operations of the Speedo brand back to the label's parent company, Petland Group, for 170 million dollars in cash. Petland will now operate Speedo businesses worldwide.
This sale was originally announced in January and completed this week. PVH will use the proceeds of the transaction to bolster its core balance sheet and add to its current liquidity position of 1.3 billion dollars, according to a statement.
“The decision to reunite the Speedo business globally allows for the brand’s stewardship by Pentland to be holistic and comprehensive,” Manny Chirico, chairman and CEO of PVH, said in a statement. “This transaction aligns with PVH’s goals of optimizing our Heritage Brands business in the ever-evolving retail environment and focusing on long-term growth of our global brands Calvin Klein and Tommy Hilfiger.”