Calvin Klein’s 2,1 billion euro business, now consolidated under one company
Calvin Klein has brought all of its brands under one roof, through the consolidation of PVH Corp - which acquired the brand in 2003 – with Warnaco Group, which holds the licenses for its denim and underwear labels. The deal has been valued at $2.9 billion (£1.7 billion) – this year’s biggest clothing-industry acquisition.
Warnaco’s president and CEO, Helen McCluskey, will join PVH’s board but will cease her management responsibilities. “The offer that was put in front of us through a series of negotiations was so compelling for both our shareholders, as well as the business, that the board evaluated the offer with outside counsel and determined that, for our shareholders, this was really a fantastic outcome,”McCluskey told WWD. “As for the business itself, we know we can accelerate the strategies that were put in place, and realise the full potential more quickly than we could have done, standalone.”