Last $105.79 USD
Change Today +0.03 / 0.03%
Volume 475.4K
PVH On Other Exchanges
As of 2:26 PM 03/5/15 All times are local (Market data is delayed by at least 15 minutes).

pvh corp (PVH) Key Developments

PVH Corp. to Close Izod Retail Division

PVH Corp. announced that it will close its Izod retail division, with the closing expected to be completed by the end of fiscal 2015. The closure of the retail business is not expected to impact the Company’s growing Izod wholesale business. The Izod retail division currently operates approximately 120 stores. Approximately 20 stores will be converted to store formats under Calvin Klein and Tommy Hilfiger nameplates, with the remaining stores to be closed. The company expects to record pre-tax charges in connection with the closure of approximately $40 million, half of which is expected to be non-cash. The charges relate principally to asset impairments, severance, inventory markdowns and lease exit costs.

PVH Corp.(NYSE:PVH) dropped from S&P 500 Growth Index

PVH Corp.(NYSE:PVH) dropped from S&P 500 Growth Index

PVH Corp. and Gazal Corporation Limited Expand Their Australian Joint Venture

PVH Corp. and Gazal Corporation Limited announced that, through wholly owned subsidiaries, they reached an agreement with their Australian joint venture to add businesses to the joint venture, significantly expanding its scope. The transaction will add the Tommy Hilfiger, Van Heusen and Nancy Ganz businesses in Australia and New Zealand to the joint venture, as well as certain of Gazal's other shirting, tailored and shapewear businesses. The transaction is expected to close in early February 2015. As per the agreement, the JV will enter into a license and distribution agreement with Tommy Hilfiger Europe B.V., a wholly owned subsidiary of PVH, for Tommy Hilfiger in Australia and New Zealand. The JV will also acquire certain assets of the existing wholesale and retail Tommy Hilfiger business in Australia, including 12 stand-alone retail stores. The license and distribution agreement has a 12-year term. The JV will acquire Gazal's shirting, tailored and men's accessories business, which is conducted under PVH's Van Heusen and Calvin Klein brands, as well as Gazal's owned and licensed Bracks, Pierre Cardin and Paramount brands. Gazal currently distributes the Van Heusen brand, the Australasian businesswear leader, under license from PVH. The current license agreement will be transferred to the JV and extended to December 31, 2033. The JV will buy Gazal's shapewear business, which consists of the Australian and New Zealand rights to Nancy Ganz, the Australasian market leader in this category, as well as the right to distribute the Spanx brand in Australia and New Zealand under license from Spanx Inc., and Gazal's own HoldmeTight brand. The JV will also enter into a perpetual license with PVH for Nancy Ganz for all territories outside of Australia and New Zealand. Under the transaction, each party will make a further equity subscription in the JV of AUD 45.5 million which in the case of Gazal, it will satisfy by transferring to the JV its shirting, tailored and shapewear businesses at a value of AUD 33.6 million and making a cash subscription of AUD 11.9 million. In any event, PVH and Gazal will continue to have a 50/50 interest in the JV following completion of the transaction. This transaction will increase Gazal's investment in the JV from AUD 6.4 million to AUD 51.9 million before transaction costs. Gazal expects to recognize a pre-tax profit on the sale of these businesses and an increase in net assets of between AUD 20.8 million and AUD 21.8 million.

PVH Corp. Appoints Penny McIntyre to its Board of Directors, Effective February 3, 2015

PVH Corp. announced that Geraldine (Penny) McIntyre was appointed to its board of directors effective February 3, 2015, increasing the number of directors on the board to 13 in connection with the appointment. Ms. McIntyre was elected as part of the company’s director succession planning. By bringing Ms. McIntyre onto the Board at this time, she will be eligible to stand for reelection at the 2015 annual meeting and can gain significant experience, helping to provide for an orderly transition as two of the company’s current directors will reach the mandatory retirement age in advance of the 2015 annual meeting. Ms. McIntyre most recently served as the chief executive officer of Sunrise Senior Living, LLC.

PVH Mulls Acquisitions

PVH Corp. (NYSE:PVH) is looking for acquisitions. Manny Chirico, Chairman and Chief Executive Officer of PVH Corp. said, "And the real question comes down to we want to continue to pay down debt, but we also want to look at the strategic acquisitions related to both Calvin Klein, Inc. and Tommy Hilfiger U.S.A. Inc. of bringing back some of our licensed businesses in-house."


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