PVH acquires Gazal Corporation; has full control of its brands in Australia
PVH has completed the acquisition of the approximately 78% of the outstanding shares of Gazal Corporation Limited, a long-term PVH partner in Australia. The transaction is expected to result in a material increase to PVH’s 2019 earnings per share on a GAAP basis.
Emanuel Chirico, PVH Corp. Chairman and CEO, said, “Our decision to acquire Gazal is aligned with PVH’s strategic priority to expand our worldwide reach by assuming more direct control over our brands’ regional licensed businesses. By joining forces now, we believe we’re well positioned to capture the significant growth in the Australia and New Zealand markets. We are pleased to welcome Gazal into our PVH family and continue driving our business forward together.”
Four key members of management of Gazal and the joint venture have entered into employment agreements and are expected to remain in their roles for at least two years. These executives exchanged approximately 25% of their interests in Gazal for approximately 6% of the outstanding stock of the PVH subsidiary that is the parent company of the acquirer.
Source: PVH Corp Headquarters- New York-United StatesNews Retail US