Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, July 2, 2021

Article Excerpt

PVH CORP., $109.34, symbol PVH on New York, is one of the world’s largest apparel companies. Founded in 1881 in Pennsylvania, its Calvin Klein and Tommy Hilfiger brands accounted for 85% of 2020’s $7.1 billion in revenue. On June 23, 2021, PVH announced that it would sell its Heritage Brands division to privately held Authentic Brands Group for $220 million in cash. The brands sold include Izod, Van Heusen, Arrow, and Geoffrey Beene. New York-based Authentic has made a name for itself buying well-known consumer brands, often through bankruptcy sales, and revitalizing the intellectual property, online presence and brick-and-mortar portfolios of those businesses. Among the company’s familiar brand names are Nautica, Forever 21, Aeropostale, Brooks Brothers and Barneys New York. PVH is selling its Heritage brands to focus on its two most important businesses: Calvin Klein and Tommy Hilfiger. It plans to expand the two brands’ international presence while boosting their profit margins and increasing their e-commerce sales. Meanwhile, PVH will continue to own…