The US clothing group PVH Corporation is continuing to streamline its portfolio. On Monday, the company announced it would sell lingerie brands Warners, Olga and True & Co. to New York-based textile maker Basic Resources Inc.
Subject to possible adjustments, Basic Resources will pay a purchase price of 160 million US dollars (150 million euros), and PVH will also receive a sales-dependent profit share of up to ten million US dollars, which is linked to the business development of the three labels in the calendar year 2024 is. According to its own statements, the group wants to use the income to buy back its own shares.
The transaction, which is expected to be completed by the end of November, is “another important step” in the group’s PVH+ strategy, which envisages focusing resources on strengthening the core brands Calvin Klein and Tommy Hilfiger, said Stefan Larsson, CEO of PVH , in a statement.