Ahmedabad-based Arvind has bought out the 49 per cent stake in Premium Garments Wholesale Trading Pvt. Ltd., a joint venture that sells fashion brand Calvin Klein in India, for Rs.100 crore.
Arvind will now be the Indian partner for U.S.-based Phillips-Van Heusen Corporation (PVH), which globally owns Calvin Klein trademarks, for selling Calvin Klein jeans, apparel and accessories and underwear products in the country.
Arvind has bought out stakes jointly held by the Murjani Group and the U.S.-based private equity fund Matrix Partners in Premium Garments Wholesale Trading Pvt. Ltd. — the licensee of Calvin Klein trademarks in India.
Sources said the 49 per cent stake was bought out by Arvind for about Rs.100 crore.
Commenting on the development, Calvin Klein Inc Chief Executive Officer Tom Murry said: “By having Arvind, we believe we are well-positioned to execute against and expand upon the growth strategy for the Calvin Klein brand in India.”
Arvind Chairman and Managing Director Sanjay Lalbhai said: “This relationship also strengthens our 20 years association with PVH, which started with the ARROW licence and since has been extended to our joint venture with PVH for the Tommy Hilfiger business and the licence for IZOD.’’
The joint venture would focus on the expansion and enhancement of the existing Calvin Klein jeans apparel and accessories, which includes belts, bags, and small leather goods and Calvin Klein Underwear businesses.
PVH Corp is one of the largest apparel companies of the world, and owns and markets Calvin Klein and Tommy Hilfiger brands worldwide.
It is also world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner’s and Olga.
Its licensed brands include Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos.