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27th Zilhaj 1435 | Friday, Oct 24, 2014
Business

Arvind buys Calvin Klein licence for Rs 180 crore

Tuesday, 25 March 2014
Comments(0)
Mumbai, March 25:

Arvind Brands has bagged rights to market Calvin Klein products in the country by buying 49 per cent stake in Premium Garments Wholesale Trading, a licensee for the PVH Corp’s premium fashion brand in India, for Rs 180 crore.

Arvind already markets three main PVH brands namely Arrow, Tommy Hilfiger and Izod in the country.

CK, which is owned by Phillips-Van Heusen Corporation (PVH Corp) has been running a 51:49 joint venture in the country with the Murjani family under a trading company named Premium Garments Wholesale Trading, in which US-based private equity fund Matrix Patners also held some stake.Arvind would now also market Calvin Klein branded jeans, accessories as well as CK-labelled underwear and lounge wear.

Arvind Brands MD and chief executive J Suresh said that the deal was closed for a consideration of Rs 180 crore.

He said that for the time being the joint venture would continue to be called Premium Garments, which was the licensee of Calvin Klein’s trademarks in the country.PTI

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