PVH to sell Warners, Olga, True & Co. businesses to Basic Resources

• PVH Corp. to sell Warners, Olga and True & Co. businesses to Basic Resources • PVH will focus on global growth of Calvin Klein and Tommy Hilfiger brands under PVH+ plan • The all-cash purchase price is $160 million, subject to adjustment, plus an earnout based on net sales for calendar 2024 • The transaction is expected to close at the end of November, subject to standard closing conditions.

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PVH Corp., the parent company of global fashion brands Calvin Klein and Tommy Hilfiger, recently announced that it has agreed to sell its Warner's, Olga, and True & Co. businesses to Basic Resources, a global leader in the manufacturing, distribution, and marketing of high-quality basic apparel [1]. This move reflects PVH's continued focus on the global growth of its core brands, Calvin Klein and Tommy Hilfiger, under the PVH+ Plan.

According to the press release, the all-cash purchase price for the businesses is $160 million, subject to adjustment, plus an earnout based on net sales for calendar 2024 [1]. The transaction is expected to close at the end of November, subject to standard closing conditions. PVH intends to use the net proceeds from the transaction to repurchase shares of its common stock.

The Warner's, Olga, and True & Co. brands have been a part of PVH's portfolio for many years, offering innovative, solution-oriented products that resonate strongly with consumers. PVH's focus on accelerating its core brands under the PVH+ Plan reflects the company's commitment to offering customers well-designed, high-quality products.

Basic Resources, on the other hand, is a trusted partner for many of the world's most prominent brands, and its focus on connecting customers with the products and brands they love in the rapidly changing global marketplace is a perfect fit for the Warner's, Olga, and True & Co. businesses.

In conclusion, the sale of Warner's, Olga, and True & Co. businesses to Basic Resources is a strategic move by PVH Corp. that reflects its focus on the global growth of its core brands, Calvin Klein and Tommy Hilfiger, under the PVH+ Plan. This transaction is expected to close at the end of November, subject to standard closing conditions, and PVH intends to use the net proceeds from the transaction to repurchase shares of its common stock.

References:

[1] https://www.pvh.com/news/press-releases/PVH-Corp-to-Sell-Warners-Olga-and-True-Co-Businesses-to-Basic-Resources