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PVH completes acquisition of Gazal

10
Jun '19
Pic: Gazal Corporation
Pic: Gazal Corporation
PVH Corporation has completed the acquisition of the approximately 78 per cent of the outstanding shares of Gazal Corporation Limited (Gazal), PVH’s long-term partner in Australia, not previously owned. The acquisition completion will give PVH full control of its brands in Australia. PVH has over 38,000 associates operating in over 40 countries.

The transaction is expected to result in a material increase to PVH’s 2019 earnings per share on a Gaap basis, as PVH expects to record a noncash gain to write-up to fair value its equity investments in Gazaland PVH Brands Australia Pty Limited (a joint venture between PVH and Gazal). The transaction is expected to be slightly accretive to PVH’s 2019 earnings on a non-Gaap basis, which excludes the noncash gain.

“Our decision to acquire Gazal is aligned with PVH’s strategic priority to expand our worldwide reach by assuming more direct control over our brands’ regional licensed businesses. By joining forces now, we believe we’re well positioned to capture the significant growth in the Australia and New Zealand markets,” said Emanuel Chirico, PVH Corp. chairman and CEO. “We are pleased to welcome Gazal into our PVH family and continue driving our business forward together.” (RR)

Fibre2Fashion News Desk – India


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