Authentic Brands Buys Izod, Van Heusen in $220 Million Deal
(Bloomberg) -- Authentic Brands Group LLC, the owner of businesses such as Brooks Brothers and Forever 21, agreed to buy the heritage brands unit of PVH Corp. in a $220 million deal.
The cash transaction includes brands such as Izod, Geoffrey Beene and PVH’s namesake Van Heusen, the companies said Wednesday in a statement. The deal is expected to close in the third quarter of PVH’s current fiscal year. PVH will retain brands such as Tommy Hilfiger and Calvin Klein.
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 portfolio. Among the company’s familiar brand names are Nautica, Forever 21, Aeropostale, Brooks Brothers and Barneys New York.
Since last year, Authentic Chief Executive Officer Jamie Salter has added new names including Eddie Bauer and Lucky Brand to its family of more than 30 apparel, celebrity and sports brands. Its recent growth has Authentic considering an initial public offering, Bloomberg News has reported.
Last July, PVH said it would close its 162 heritage-brand outlet stores, which it said at the time were expected to operate through mid-2021. It said the decision was accelerated by Covid-19.
PVH shares rose 0.9% at 9:35 a.m. in New York.
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