On November 13, 2023, PVH Corp. (NYSE: PVH) sold its Warners, Olga, and True&Co businesses to Basic Resources for approximately $214 million (US$160 million), subject to adjustment, plus an earnout based on net sales for 2024, capped at around $13 million (US$10 million). The transaction was expected to close at the end of November, pending standard closing conditions.

Stefan Larsson, CEO of PVH, stated that the sale aligned with PVH’s strategy to concentrate on its core brands, Calvin Klein and Tommy Hilfiger. Salomon Harari, CEO of Basic Resources, welcomed the brands, praising PVH’s success in building them.

PVH, which has offices in Canada, planned to use the net proceeds to repurchase shares of its common stock. Solomon Partners, L.P. served as exclusive financial advisor, and Lowenstein Sandler acted as legal counsel to PVH. Sills Cummis & Gross was the legal advisor to Basic Resources.