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current news

PVH To Buy Warnaco Creating $8 Billion Firm


(Filed Under Financial and General Interest News). PVH Corp. is purchasing Warnaco, which produces Calvin Klein underwear and lingerie, among other apparel, in a deal valuing Warnaco at about $2.9 billion. Combined sales for the new PVH, with such brands as Tommy Hilfiger, Van Heusen, Izod, Arrow, Bass, Speedo, Olga and Warners, will be over $8 billion.

According to a statement on the PVH website, “The merger, which has been unanimously approved by the boards of directors of both companies, is expected to close in early 2013, at which time the former Warnaco stockholders will own approximately 10% of the outstanding common stock of PVH. In addition, Helen McCluskey, Warnaco’s president and CEO, is expected to join PVH’s board of directors. The Warnaco board of directors has unanimously recommended that Warnaco stockholders approve the transaction.”

“This is a unique opportunity to reunite the ‘House of Calvin Klein’ and reinforces our strategy to drive the global growth of Calvin Klein,” declared Emanuel Chirico, chairman and CEO of PVH. “Having direct global control of the two largest apparel categories for Calvin Klein – jeans and underwear – will allow us to unlock additional growth potential of this powerful designer brand across all major product categories, geographies and distribution channels. The Warnaco Calvin Klein businesses will be moved onto our Calvin Klein platform under the leadership of Tom Murry, president and CEO, Calvin Klein, to ensure a single brand vision globally.”

“PVH has a proven track record of successfully integrating acquisitions. We are confident this transaction will create tremendous value for stockholders, as well as provide enhanced opportunities around the world for both companies’ respective associates, vendors and other business partners,” continued Chirico. “We plan to align Warnaco’s established operations in Asia and Latin America with our strong operations in North America and Europe to fuel our growth strategies for both Calvin Klein and Tommy Hilfiger. We remain firm in our belief that the strength of our brands, the sound execution of our business strategies, and our strong credit profile will continue to drive long-term growth and improvements in our financial performance and business returns in 2013 and beyond.”

“This transaction delivers compelling value to our stockholders and significant benefits for the combined company,” declared Helen McCluskey, president and CEO of Warnaco, in the same company statement. “We are proud of what we have accomplished, driving growth and profitability and increasing our share price by roughly 500% since our restructuring in 2003. Our team has built a strong global infrastructure, expanded our direct-to-consumer footprint and created a solid foundation for long-term growth. We look forward to the opportunities this combination brings to the continued success of Calvin Klein Jeans and Calvin Klein Underwear, the increased potential for our heritage brands, and the future for our associates.”


more Financial and General Interest News >>

Published 11-02-2012 by -

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