NEW YORK, Oct 31, 2012/ — It’s back to business at Wall Street today and mergers & acquisitions is alive and well! First to hit the financial headlines is the definitive merger agreement between PVH, parent company of Calvin Klein and Tommy Hilfiger and Warnaco, a leading global apparel company.
With this acquisition, PVH will be one of the largest and most profitable global branded lifestyle apparel companies in the world with over $8 billion in pro forma revenue. PVH’s portfolio includes iconic brands led by Calvin Klein and Tommy Hilfiger, as well as heritage brands – Van Heusen, IZOD, ARROW, Bass, Speedo, Olga and Warner’s. The acquisition also puts all of Calvin Klein operations under one roof.
“This is a unique opportunity to reunite the ‘House of Calvin Klein’ and reinforces our strategy to drive the global growth of Calvin Klein,” said Emanuel Chirico, Chairman and Chief Executive Officer 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 & Chief Executive Officer, Calvin Klein, to ensure a single brand vision globally.”