PVH to acquire Gazal Corporation Limited
With nearly USD 9 billion in annual revenues, PVH Corp. which has over 36,000 associates operating in over 40 countries, recently announced that it has got into a definitive agreement under which it would acquire the interests in Gazal Corporation Limited, Sydney based garment supplier and retailer in Australia. Gazal has been PVH’s partner in Australia for quite some time. In case of acquisition, PVH shall acquire its joint venture with Gazal- PVH Brands Australia Pty Limited. The joint venture generated around A$260 million in revenues as of July 2018 and has licenses for PVH’s brands such as Calvin Klein, Tommy Hilfiger and Van Heusen along with the Pierre Cardin, Bracks and Nancy Ganz brands in Australia, New Zealand and other parts of Oceania.
Emanuel Chirico, Chairman and CEO, PVH Corp stated that PVH Corp has agreed to acquire Gazal and both the companies had a successful business relationship and now Gazal will be part of larger PVH family. As per Emanuel, Gazal has improved the market position PVH brands in Australia and New Zealand and he feels that this region shall continue to offer noteworthy growth over the next five years and line up with their strategic precedence to expand PVH’s direct control of businesses operated under the Calvin Klein and Tommy Hilfiger brands worldwide.News US