NEW YORK — November 13, 2023 — PVH Corp. and Basic Resources, a private, family-owned organization that manufactures and distributes apparel for consumer brands, today announced that Basic Resources will acquire PVH’s Warners, Olga and True & Co. businesses. The all-cash purchase price is $160 million, subject to adjustment, plus an earnout based on the net sales on a portion of the acquired businesses for calendar 2024, with a maximum value of $10 million. The transaction is expected to close at the end of November, subject to standard closing conditions.
“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.”
“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. 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,” said Salomon Harari, CEO of Basic Resources.
PVH intends to use the net proceeds from the transaction to repurchase shares of its common stock.
Posted: November 13, 2023
Source: PVH Corp.
