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Calvin Klein’s owner, PVH Corp., is discarding some of its known labels, including Van Heusen, Izod, Geoffrey Beene, and Arrow trademarks. The sale was revealed on Wednesday, June 23.
Reason for unloading some of the company’s popular labels
Reuters reported that the deal for the sale of the said labels is valued at around $220 million. It was said that PVH Corp. decided to sell the four trademarks so it can focus on its Tommy Hilfiger and Calvin Klein brand divisions.
Based on the available information, PVH Corp is selling and signing a deal with the Authentic Brands Group. It was mentioned that the agreement includes the sale of several intellectual properties as well as other assets of its heritage labels division.
With the deal, PVH Corp. will be making its exit from the business. Following the deal, it will now set its sights fully on the operation of its intimates and underwear businesses that it still owns. The company further said that it would also put in more time in its neckwear and dress shirts division.
What is in the deal
Now, it was disclosed that as part of the contract, PVH is expected to shut the brands it sold within the third quarter of this year. Due to the sales, the firm also slashed its annual sales prediction. It was said that PVH is now looking forward to sales growth of 22% to 24%, which is two percent lower compared with its prior forecast.
In any case, Authentic Brands also owns Forever 21 and Brooks Brothers. As PVH Corp. gives up its Heritage Brands business, it will solely work on its remaining powerhouse labels - CK and Tommy Hilfiger.
Meanwhile, the company’s chief executive officer admitted that the sale of its several assets was a difficult decision to make. However, they have to let go to focus on other opportunities.
“This was a difficult decision, as we recognize that our Heritage Brands business provided the resources that laid the foundation and gave us the opportunity to build PVH into one of the largest fashion companies in the world today, PVH Corp. CEO Stefan Larsson said in a press release. “We have been proactively optimizing our Heritage Brands business over the past few years while focusing on allocating resources to higher-return businesses to maximize shareholder value.”
