US apparel giant PVH Corp is making its long-awaited move with regard to Australia’s Gazal Corporation.
PVH has entered into a definitive agreement to acquire Gazal that it does not already own for 6 Australian dollars per share.
Gazal has been PVH’s long term partner in Australia. If the acquisition is consummated, PVH will acquire its joint venture, PVH Brands Australia Pty Limited, with Gazal, which commenced doing business in 2014.
The joint venture holds licenses for PVH’s Calvin Klein, Tommy Hilfiger and Van Heusen brands, as well as the Pierre Cardin, Bracks and Nancy Ganz brands in Australia, New Zealand and other parts of Oceania.
PVH, which is listed in the United States with about a $US9 billion market capitalisation, also has a 21.2 per cent stake in Gazal.