Warnaco with Calvin Klein Jeans in Europe & Asia

21 Dec '05

1 min read

New York based leading apparel company Warnaco Group Inc announced that it has agreed to acquire 100 percent of the shares of the companies that operate the licenses and related wholesale and retail businesses of Calvin Klein jeans and accessories in Europe and Asia.

CK Calvin Klein 'bridge' line of sportswear and accessories in Europe from Fingen SPA, a holding company controlled by Corrado and Marcello Fratini of Florence, Italy, for euro 240 million ($286 million based on current exchange rates), subject to certain adjustments for working capital.

Calvin Klein Inc, the licensor of the businesses being acquired, is a minority shareholder of certain of the entities being acquired.

Calvin Klein Inc is a wholly owned subsidiary of Phillips-Van Heusen Corporation.

Warnaco will fund the acquisition using a combination of cash on hand and borrowings under a new committed credit facility.

The acquired licenses between Warnaco and Calvin Klein Inc will have 40-year terms.

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Headquartered in New York, Warnaco Group Inc is a leading apparel company engaged in the business of designing, marketing and selling intimate apparel, menswear, jeanswear, swimwear, men's and women's sportswear and accessories.

Warnaco Group Inc

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