admin Fashion company PVH Corp. (PVH), which
owns Calvin Klein and Tommy Hilfiger brands, announced Monday its
agreement to sell Warners, Olga and True & Co. businesses to Basic
Resources, a private, family-owned manufacturer of apparel for
consumer brands.
The all-cash sale price is 160 million dollars, subject to adjustment. The
consideration also includes an earnout based on the net sales on a
portion of the acquired businesses for calendar 2024, with a maximum
value of 10 million dollars.
The company expects the transaction to close at the end of November,
subject to standard closing conditions.
PVH said it intends to use the net proceeds from the sale to
repurchase shares of its common stock.
Stefan Larsson, Chief Executive Officer of PVH, said, “This
transaction is an important next step as we continue to accelerate
our focus under the PVH+ Plan to build our core brands, Calvin Klein
and Tommy Hilfiger, into the most desirable lifestyle brands in the
world.”
In the sale, Solomon Partners, L.P. is serving as exclusive financial
advisor and Lowenstein Sandler is legal counsel to PVH.(DPA)
