Home / Knowledge / News / Apparel/Garments / PVH Corp fully acquires apparel company Warnaco
PVH Corp fully acquires apparel company Warnaco
14
Feb '13
PVH Corp. announced it has completed its acquisition of The Warnaco Group, Inc., which makes it one of the largest global branded lifestyle apparel companies in the world, with a diversified portfolio of iconic brands led by Calvin Klein and Tommy Hilfiger, as well as its heritage brands – Van Heusen, IZOD, ARROW, Bass, Speedo, Olga and Warner’s ? and over $8 billion in pro forma revenue. PVH also closed on its previously disclosed new senior secured credit facilities.

“We are happy to announce the completion of the Warnaco transaction,” said Emanuel Chirico, Chairman and Chief Executive Officer of PVH. “This combination reunites The House of Calvin Klein and enables us to leverage Warnaco’s established operations in Asia and Latin America along with our strong operations in North America and Europe to fuel our growth strategies for the Calvin Klein brand.”

“This transaction has delivered a significant premium to our stockholders and offers them, our businesses, our business partners, and our associates the opportunity to realize additional benefits from the compelling synergies and prospects of the combined company,” said Helen McCluskey, the former President and Chief Executive Officer of Warnaco, who is joining PVH’s Board of Directors. “I look forward to my new role in seeing PVH and its businesses develop.”

PVH also announced that it has closed on its previously announced new senior secured credit facilities. The facilities consist of U.S. dollar-dominated term loans in an aggregate amount of $3.075 billion, a portion of which matures in 2018 and a portion of which matures in 2020; and a $750 million revolving credit facility that matures in 2018, which was undrawn at closing.

The revolving credit facility includes a $475 million U.S. Dollar denominated revolving credit facility, a $25 million U.S. Dollar denominated revolving credit facility available in U.S. Dollars or Canadian Dollars and a €185.85 million Euro denominated revolving credit facility available in Euro, Pounds Sterling, Japanese Yen or Swiss Francs.

Barclays Bank PLC is acting as Administrative Agent and Collateral Agent. Barclays Bank PLC, BofA Merrill Lynch and Citigroup Global Markets Inc. were Joint Lead Arrangers, and Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets were Joint Lead Bookrunners on the financing.

About PVH Corp.

PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands.

PVH Corp


Must ReadView All

Apparel/Garments | On 29th Apr 2016

India’s apparel sector has huge job creation potential

Export-oriented apparel production in India and other South Asian...

Apparel/Garments | On 29th Apr 2016

Raymond’s net sales up 5% in FY16 to Rs 5,595 cr

Renowned Indian textile, apparel and fashion brand, Raymond reported...

Apparel/Garments | On 29th Apr 2016

eBay and Innotrac merge to become Radial

eBay Enterprise and Innotrac have joined forces to become Radial, the ...

Interviews View All

Masaki Karasuno
Shima Seiki Mfg Ltd

How do you look at the prospects of Chinese textile industry in the coming ...

Ed Gribbin
Alvanon Inc.

What changes do you propose to the fashion sector's product development?...

Victor Chao
Esmetex

Could you describe the global market for sportswear? Which are the...

Eric Scholler
Groz-Beckert

<b><i>The Indian market has huge potential in technical textiles, and by...

Kai Poehler
Voith Paper GmbH & Co. KG

<b><i>The glass mat industry is growing by five to eight per cent...

Mr Martin Kleinebrecht
Johns Manville

Martin Kleinebrecht (40) is the Marketing Leader of Nonwovens Europe at...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search