PVH has finalised the acquisition of Gazal Corporation, the Calvin Klein and Tommy Hilfiger-owner’s long-term partner in Australia, showing an increased commitment to the region.
The acquisition gives PVH ownership of the Calvin Klein, Van Heusen, Nancy Ganz, Pierre Cardin, Fred Bracks, and Paramount brands in the region, and supports the group’s strategy to have a more direct hand in the direction of its brands in the Asia-pacific region – having recently re-purchased the licence in Hong Kong, Macau, Singapore, Malaysia and Taiwan.
“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,” PVH chairman and chief executive Emanual Chirico said in a statement.
“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.”
As part of the acquisition, four key members of Gazal’s executive team are expected to remain in their respective roles for at least two years, having entered new employment agreements.
According to Tommy Hilfiger global chief executive Daniel Grieder, this strategy will allow the brand to introduce a wider range of product lines, as well as offer an elevated and more immersive brand experience.
“Building on our strong existing regional foundation, we plan to accelerate the growth of the Tommy Hilfiger business and invest further in driving the expansion of the brand,” Grieder previously said.
Calvin Klein has also been expanding its focus in Australia, opening its first multi-brand store in Queensland’s Sunshine Plaza – the brand’s 32nd in Australia – as well as a more directed digital strategy.
Steven Shiffman, chief executive officer at Calvin Klein, recently unveiled a number of initiatives meant to push the brand forward, while tailoring it to changing consumer wants and needs.
One of these initiatives is a dedicated, regional e-commerce strategy, as well as the potential for as many as 100 stores opened across Australia and New Zealand.
This decision was made in order to minimise the brands’ reliance on the Australian department store sector.
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