PVH Corp. (New York) has sold its Warners, Olga and True&Co brands to Basic Resources (New York) for an all-cash price of $160 million. The deal is expected to be completed by 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 PVH CEO Stefan Lars. “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.”
Said Salomon Harari, CEO of Basic Resources: “We look forward to welcoming the teams from Warners, Olga and True&Co and leveraging our resources and expertise in the market to drive continued growth by offering customers well-designed, high-quality products.”
PVH said it plans to use the net proceeds from the transaction to repurchase shares of its common stock.