Pic: Arne Beruldsen / Shutterstock.com
US-based PVH Corp, the parent company of Calvin Klein and Tommy Hilfiger, has completed its previously announced sale of certain intellectual property and other assets of its Heritage Brands business to Authentic Brands Group (ABG). The purchase price for the transaction, which includes Izod, Van Heusen, Arrow and Geoffrey Beene trademarks, was $223 million.
“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,” Stefan Larsson, chief executive officer, PVH Corp, said in a statement.
“On behalf of PVH, I want to thank everyone who has been a part of the Heritage Brands team over the years, helping us become the