Lowenstein Sandler represented PVH Corp. (NYSE:PVH) in an agreement to sell its Warners, Olga, and True & Co. businesses to Basic Resources, a private, family-owned organization that manufactures and distributes apparel for leading consumer brands. The all-cash purchase price is $160 million, subject to adjustment, plus an earnout based on the net sales on a portion of the acquired businesses for calendar 2024, with a maximum value of $10 million. The transaction is expected to close at the end of November, subject to standard closing conditions.

PVH intends to use the net proceeds from the transaction to repurchase shares of its common stock.

PVH is one of the world’s largest and most admired fashion companies, connecting with consumers in over 40 countries. Its global iconic brands include Calvin Klein and TOMMY HILFIGER.

The PVH Corp. in house deal team was led by Mark Fischer, Jeffrey Hellman, Katherine DeBois, Meredith Felz, and Hayley Werner at PVH Corp. and Simon Bock at Tommy Hilfiger.

The Lowenstein deal team was led by Marita A. Makinen, Andrew P. Erdmann, Andrew E. Graw, Matthew P. Hintz, Zarema A. Jaramillo, Megan Monson, Michael Walutes, Revel Atkinson, Kwonsun Jung, and Sydney J. Kaplan.