(Filed Under Financial and General Interest News). Basic Resources, a manufacturer, distributor and marketer of basic apparel, announced it is acquiring the Warners, Olga and True & Co. businesses currently owned by PVH for $160 million in cash.

The price is subject to an adjustment plus an earnout, with a maximum value of $10 million, based on 2024 sales. The transaction is expected to close at the end of November.

“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,” declared PVH CEO Stefan Larsson. He added, “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.”

Salomon Harari, CEO of Basic Resources, responded: “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.”

Established in 1993, and focusing on legwear, underwear and loungewear, Basic Resources works with a variety of brands including Calvin Klein, Tommy Hilfiger, McGregor, Cole Haan, Van Heusen, Michael Kors, Lucky Brand, And1, Izod, Reebok, New Balance, PSD, U.S. Polo Association, Nautica, Life is Good and John Deere. — NM

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Published 11-13-2023 by Nick Monjo