Two global apparel companies are poised to become one outfit, as PVH Corporation announced Wednesday that it has agreed to pay $2.9 billion in stock and cash to acquire New Yorkbased Warnaco Group, Inc.
The deal brings together two companies that own and market various separate divisions of the Calvin Klein brand. While PVH bought the brand in 2002, Warnaco retained licensing rights to the Calvin Klein jeans and underwear divisions. Warnacowhich also sells products under such brands as Speedo and Chapswill be folded into a PVH fashion portfolio that also includes the Tommy Hilfiger and Van Heusen brands.
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