PVH Corp. has entered into an agreement to sell its Speedo North America business to Pentland Group, parent company of Speedo International, for $170 million in cash. The transaction is expected to close in Q1 of 2020.
“This strategic announcement aligns with PVH’s goal to optimize and streamline its Heritage Brands business in the ever-evolving retail environment and focus on delivering sustainable profitable growth of its global brands, Calvin Klein and Tommy Hilfiger,” says Emanuel Chirico, chairman and chief executive officer, PVH. “I am pleased to see Pentland Group reunite the Speedo business globally, as they are best positioned to capture the full potential of the iconic Speedo brand.”
The Pentland Group acquired Speedo in 1991, and with the new transaction, it will reunite with the Speedo business globally. The acquisition by Pentland Group comes ahead of the 2020 Tokyo Olympics and Paralympics and the participation of many Speedo athletes.
“We’ve had a great partnership with PVH ,and they’ve done an incredible job in raising the profile of the Speedo brand and growing the business in North America during their time as licensee,” says Andy Long, chief executive officer, Pentland Group’s Pentland Brands division. “With the Tokyo Games this year, now is the right time to bring Speedo North America back into our brand portfolio. Pentland has a strong track record of investing in people and international brands, and we’re looking forward to welcoming the Speedo North America team into the Pentland family and working together on the next chapters in the Speedo success story.”