PVH Corporation, a global apparel company, just acquired the Warnaco Group which houses Calvin Klein Underwear to its portfolio for $2.9 billion. The merger makes PVH one of the largest and most profitable lifestyle apparel companies in the world. The corporation’s portfolio includes men’s underwear brands such as Tommy Hilfiger, Michael Kors, Kenneth Cole and Izod.
“This is a unique opportunity to reunite the ‘House of Calvin Klein’ and reinforces our strategy to drive the global growth of Calvin Klein,” Emanuel Chirico, chairman and CEO of PVH, said in a press release.
Having direct global control of Warnaco will allow PVH to unlock additional growth potential of Calvin Klein across all major product categories, geographies and distribution channels, according to Chirico. “The Warnaco Calvin Klein businesses will be moved onto our Calvin Klein platform under the leadership of Tom Murry, president and CEO, Calvin Klein, to ensure a single brand vision globally,” Chirico added.
Helen McCluskey, president and CEO of Warnaco, said, “We look forward to the opportunities this combination brings to the continued success of Calvin Klein Jeans and Calvin Klein Underwear, the increased potential for our heritage brands, and the future for our associates.”
Headquartered in New York City, the Warnaco Group is a leading global apparel company engaged in the business of designing, sourcing, marketing and selling men’s, women’s and children’s sportswear and accessories, intimate apparel, and swimwear.
The announcement comes four weeks after Calvin Klein formally announced its 30th anniversary. The brand, which launched in 1982, has secured its place as the most successful men’s underwear brand of all time. Since its introduction as the world’s first designer underwear brand, Calvin Klein Underwear has been recognized for its sexy, cutting-edge products and visuals.