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NEW YORK, NY, USA and MEXICO CITY, MEXICO ‒ May 19, 2016 ‒ PVH Corp. [NYSE: PVH] and Grupo Axo announced today that they have entered into an agreement to form a joint venture that will license from wholly owned subsidiaries of PVH the rights to operate and manage the distribution of Calvin Klein, Tommy Hilfiger, Warner’s, Olga and Speedo brand products in Mexico. The joint venture will be formed by merging PVH México, S.A. de C.V., a wholly owned subsidiary of PVH and the operator of its Calvin Klein and Heritage Brands businesses in Mexico, with Baseco, S.A. de C.V., a wholly owned subsidiary of Axo and a distributor in Mexico of PVH’s Tommy Hilfiger brand products. The closing, which is subject to customary closing conditions, including regulatory approval, is expected to occur early in the third quarter of 2016. Terms of the joint venture were not disclosed. PVH expects this transaction to be neutral to PVH’s 2016 earnings on a non-GAAP basis.
“This strategic move allows us to maintain a direct ownership interest in our Calvin Klein and Heritage Brands businesses in Mexico, while gaining more control over our Tommy Hilfiger business in the region,” said Emanuel Chirico, Chairman and CEO of PVH. “Grupo Axo, which will oversee the joint venture’s day-to-day operations, is an experienced multi-channel distributor, including successfully managing our Tommy Hilfiger business in Mexico for the last 22 years. We believe that leveraging Grupo Axo’s in region expertise across our brand portfolio should ensure the long-term potential in Mexico of our brands.”
“We have a long and successful relationship with Tommy Hilfiger and PVH. We are excited about the opportunity to expand our relationship to include the global megabrand, Calvin Klein, as well as the Warner’s, Olga and Speedo heritage brands. We believe all these brands have huge potential for growth in Mexico and we look forward to partnering with PVH to make that potential a reality,” said Andres Gomez, Co-Chief Executive Officer of Grupo Axo.
With a heritage going back over 130 years, PVH Corp. has excelled at growing brands and businesses with rich American heritages, becoming one of the largest apparel companies in the world. We have over 30,000 associates operating in over 40 countries with over $8 billion in 2015 revenues. We own the iconic Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo*, Warner’s and Olga brands and market a variety of goods under these and other nationally and internationally known owned and licensed brands.
*The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International, Ltd.
Grupo Axo is a leading multi-brand company in Mexico for apparel, accessories and home brands. Today, Group Axo is an indispensable reference and the most reliable resource for the firms and partners that want to build a successful platform in the Latin-American Market. With a solid retail and wholesale experience for over 22 years, its expertise comes from representing, elevating equity, distributing and operating brands through a multi-channel approach. As of 2016, Grupo Axo operates more than 2,200 points of sale within major department stores and over 400 free-standing stores in both Mexico and Chile. Within its portfolio, Grupo Axo proudly represents Abercrombie & Fitch, Bath & Body Works, Brooks Brothers, Brunello Cucinelli, Coach, Crate & Barrel, Emporio Armani, Guess, Kate Spade, Theory, Express, Hollister, Chaps, Loft, Rapsodia, Thomas Pink, Tommy Hilfiger, Victoria´s Secret and Promoda, the leading off-price retailer in Mexico. www.grupoaxo.com