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The joint venture was formed by merging PVH Mexico, a wholly owned subsidiary of PVH and the operator of its Calvin Klein and Heritage Brands businesses in Mexico, with Baseco, a wholly owned subsidiary of Grupo Axo and a distributor in Mexico of PVH's Tommy Hilfiger brand products.
“We believe that leveraging Grupo Axo's in region expertise across our brand portfolio should ensure the long-term potential of our brands in Mexico while maintaining a direct ownership interest in our Calvin Klein and Heritage Brands businesses in Mexico and giving us more control over our Tommy Hilfiger business in the region,” said Emanuel Chirico, chairman and CEO of PVH.
“We are excited about the opportunity to expand our relationship beyond Tommy Hilfiger to include the global megabrand Calvin Klein as well as Warner's, Olga and Speedo heritage brands. We believe all these brands present a significant opportunity 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.
The new joint venture also has the license to operate Tommy Hilfiger footwear, as the license agreement with a third party was recently assigned to Baseco. PVH expects this transaction to be neutral to PVH's 2016 earnings. (KD)
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