The New York-based owner of Tommy Hilfiger and Calvin Klein, PVH, has announced the sale of its lingerie brands Warners, Olga, and True & Co to Basic Resources.
The transaction is expected to be finalized at the end of November, pending standard closing conditions.
PVH plans to utilize the net proceeds from the sale to repurchase shares of its common stock.
Stefan Larsson, CEO of PVH, stated that this transaction is a crucial step in the acceleration of their focus under the PVH+ Plan to build Calvin Klein and Tommy Hilfiger into the world’s most desirable lifestyle brands.
Larsson also expressed gratitude towards their teams for establishing Warners, Olga, and True & Co as beloved brands, and confidence in Basic Resources’ ability to grow and ensure long-term success for these brands.
True & Co, Warners, and Olga are all U.S.
lingerie and intimates brands for women that prioritize inclusivity across their product ranges.
Salomon, spokesperson for Basic Resources, expressed excitement in adding these brands to their portfolio, citing PVH’s successful track record in offering innovative and solution-oriented products that resonate with consumers.
They look forward to utilizing their resources and market expertise to drive continued growth for these brands.
In August, PVH released its most recent trading update, projecting positive expectations for the sale..
