The joint venture will be formed by merging PVH Mexico, S.A. de C.V., a wholly owned subsidiary of PVH and the operator of its Calvin Klein and Heritage Brands businesses in Mexico, with Baseco, S.A. de C.V., a wholly owned subsidiary of Axo and a distributor in Mexico of PVH's Tommy Hilfiger brand products.
“This strategic move allows us to maintain a direct ownership interest in our Calvin Klein and Heritage Brands businesses in Mexico, while gaining more control over our Tommy Hilfiger business in the region,” said Emanuel Chirico, chairman and CEO of PVH.
“Grupo Axo, which will oversee the joint venture's day-to-day operations, is an experienced multi-channel distributor, including successfully managing our Tommy Hilfiger business in Mexico for the last 22 years. We believe that leveraging Grupo Axo's in region expertise across our brand portfolio should ensure the long-term potential in Mexico of our brands,” Chirico added.
“We have a long and successful relationship with Tommy Hilfiger and PVH. We are excited about the opportunity to expand our relationship to include the global megabrand, Calvin Klein, as well as the Warner's, Olga and Speedo heritage brands. We believe all these brands have huge potential for growth in Mexico and we look forward to partnering with PVH to make that potential a reality,” said Andres Gomez, co-chief executive officer of Grupo Axo. (NA)
Fibre2fashion News Desk - India