PVH Corp., New York City, has announced plans to sell its Warners, Olga and True&Co. businesses to Basic Resources Inc. also based in New York City. The purchase price is $160 million all cash, which is subject to adjustment plus a maximum value earn-out of $10 million based on the net sales on a portion of the businesses for calendar year 2024. PVH plans to use net proceeds from the sale to repurchase shares of its common stock.
“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,”said PVH CEO Stefan Larsson. “I want
to thank our teams for building Warners, Olga and True&Co into the beloved brands they are today. 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.”