- Robyn Turk
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PVH has sold the North American operations of the Speedo brand back
to the label’s parent company, Petland Group, for 170 million dollars
in cash. Petland will now operate Speedo businesses worldwide.
This sale was originally announced in January and completed this
week. PVH will use the proceeds of the transaction to bolster its core
balance sheet and add to its current liquidity position of 1.3 billion
dollars, according to a statement.
“The decision to reunite the Speedo business globally allows for
the brand’s stewardship by Pentland to be holistic and comprehensive,”
Manny Chirico, chairman and CEO of PVH, said in a statement. “This
transaction aligns with PVH’s goals of optimizing our Heritage Brands
business in the ever-evolving retail environment and focusing on
long-term growth of our global brands Calvin Klein and Tommy
Hilfiger.”
