(Filed Under Wholesale Swimwear News). PVH is selling its licensed Speedo North America business to Pentland Group, the owner of Speedo International Limited, for about $170 million in cash.
The deal is expected to close in the first quarter of PVH’s fiscal 2020 year. According to a statement from PVH, “Pentland Group, which also owns the Berghaus, Canterbury, Ellesse and SeaVees brands, acquired Speedo in 1991 and has since developed it into the world’s leading performance swimwear brand.” It added that “Speedo International licenses the Speedo trademark to a PVH subsidiary for perpetual use in North America and the Caribbean.”
Emanuel Chirico, PVH chairman and CEO, declared, “This strategic announcement aligns with PVH’s goal to optimize and streamline its Heritage Brands business in the ever-evolving retail environment and focus on delivering sustainable profitable growth of its global brands, Calvin Klein and Tommy Hilfiger. I am pleased to see Pentland Group reunite the Speedo business globally, as they are best positioned to capture the full potential of the iconic Speedo brand.”
Andy Long, CEO of Pentland Group’s Pentland Brands division, added, “We’ve had a great partnership with PVH and they’ve done an incredible job in raising the profile of the Speedo brand and growing the business in North America during their time as licensee. With the Tokyo Games this year, now is the right time to bring Speedo North America back into our brand portfolio.”
Privately-owned Pentland is based in London and, according to the release, “owns and invests in, primarily, retail and wholesale businesses in the sports, outdoor and sports fashion sectors.” It is the majority shareholder of JD Sports Fashion, which operates 2,500 stores across 18 countries.
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