PVH Corp said on Wednesday it would sell its Izod, Van Heusen, Arrow and Geoffrey Beene trademarks in a deal valued at about $220 million, as it focuses on its Calvin Klein and Tommy Hilfiger divisions.
The deal with Authentic Brands Group includes the sale of some intellectual property and other assets of its heritage brands segment, with PVH exiting the business.
PVH will own and operate the intimates and underwear businesses, as well as the dress shirts and neckwear segments, the company said.
As part of the deal, expected to close in the third quarter of its 2021 financial year, PVH cut its annual sales forecast even as it reaffirmed its adjusted earnings outlook.
The company now expects annual sales growth of 22% to 24%, compared with its prior forecast of 24% to 26%.
Authentic Brands already own brands such as Forever 21 and Brooks Brothers.