Gazal Corporation Limited – the Australian partner of PVH Corporation which operates brands Calvin Klein, Tommy Hilfiger and Van Heusen among others – has been acquired by PVH Corporation to give the business full control of its brands in Australia.
The acquisition was announced on June 02.
PVH purchased the remaining 78% of outstanding shares of Gazal which were not previously owned while four key management members of Gazal have entered into employment agreements and are expected to remain in their roles for a minimum of two years.
These exectuives exchanged aprroximately 25% of their interests in Gazal for approximately 6% of the outstanding stock of the PVH subsidiary, the parent of the acquirer.
PVH's chairman and CEO Emanuel Chirico said the acquisition ties into the business' wider expansion strategy.
"Our decision to acquire Gazal is aligned with PVH’s strategic priority to expand our worldwide reach by assuming more direct control over our brands’ regional licensed businesses.
"By joining forces now, we believe we’re well positioned to capture the significant growth in the Australia and New Zealand markets.
"We are pleased to welcome Gazal into our PVH family and continue driving our business forward together," he said.