Clothing company PVH acquires Australian partner Gazal
U.S. clothing giant PVH has announced the acquisition of Australia’s Gazal corporation, a branded clothing company and PVH importer.
PVH already owned 22% of the company, with the deal seeing it acquire the remaining 78% for an undisclosed amount. The two had been part of a joint venture in the PVH Brands Australia company, which held the licenses for PVH’s leading brands. Consequently, PVH now assumes direct control of its brands in the region.
Emanuel Chirico, PVH’s Chairman and CEO said: “Our decision to acquire Gazal is aligned with PVH’s strategic priority to expand our worldwide reach by assuming more direct control over our brands’ regional licensed businesses. By joining forces now, we believe we’re well positioned to capture the significant growth in the Australia and New Zealand markets. We are pleased to welcome Gazal into our PVH family and continue driving our business forward together.”
PVH is behind brands such as Calvin Klein, Tommy Hilfiger and Speedo.
As part of the deal, four executives from Gazal and the joint venture will remain in their roles for at least two years. The executives are said to have exchanged approximately 25% of their interests in Gazal for approximately 6% of the outstanding stock of the PVH subsidiary that is the parent company of the acquirer.
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