PVH has sold the footwear brand G.H. Bass & Co. to G-III Apparel Group for approximately $50 million in cash.
"G.H. Bass & Co. has been a positive and important contributor to PVH's success since we acquired the business in 1987. However, our core competencies today lie in our lifestyle apparel businesses, and we see the future of PVH focused around the global growth of our designer lifestyle brands, led by Calvin Klein and Tommy Hilfiger," says Emanuel Chirico, chairman and chief executive officer, PVH. "We believe this transaction reinforces our strategy of driving growth through our higher margin businesses, while minimizing earnings volatility and enhancing stockholder value."
The transaction is expected to close in the beginning of this year’s fiscal fourth quarter.
"We are delighted by the prospect of adding such a strong heritage brand to our portfolio,” says Morris Goldfarb, chairman, president and chief executive officer, G-III. “We are confident that the addition of approximately 160 G.H. Bass & Co. outlet stores will integrate well into our retail platform and provides us with a powerful opportunity to continue to grow and diversify our business."