PVH sells off Warners, Olga, and True & Co businesses to Basic Resources
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The New York-based owner of Tommy HilfigerCalvin Klein
The transaction is expected to close at the end of November, subject to standard closing conditions. PVH added that it intends to use the net proceeds from the transaction to repurchase shares of its common stock.
“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,” said Stefan Larsson, chief executive officer of PVH.
“I want to thank our teams for building Warners, Olga and True & Co into the beloved brands they are today. We know the Basic Resources team well as a longstanding PVH partner and are confident they are the right company to help grow these brands and ensure their continued success over the long term.”
True & Co, Warners, and Olga are a trio of U.S. lingerie and intimates brand for women, with a focus on inclusivity across their respective ranges.
“We are thrilled to bring the Warners, Olga and True & Co brands into our portfolio of leading consumer brands. Under these powerful brands, PVH has built a business that offers innovative, solution-oriented products that strongly resonate with consumers,” said Salomon
“We look forward to welcoming the team and leveraging our resources and expertise in the market to drive continued growth by offering customers well-designed, high-quality products.”
In its most recent trading update in August, PVH said it expects full-year 2023 revenue to increase 3% to 4% as compared to 2022, while earnings per share is forecast to be approximately $9.60, compared to $3.03 in the prior-year period.
