Authentic Brands Group (ABG), a global brand owner, marketing and entertainment company, has announced a definitive agreement to purchase the Heritage Brands portfolio from PVH Corp. Through the transaction, ABG will own and manage the intellectual property of Izod, Van Heusen, Arrow and other brands.

“This acquisition was particularly attractive because of PVH’s well-established partnerships for these heritage brands,” says Jamie Salter, founder, chairman and chief executive officer, Authentic Brands Group. “Each brand has strong consumer recognition, global distribution anchored at leading retailers and robust product programs with best-in-class licensing partners. We believe there are significant opportunities to tap into the brands’ rich histories and to further grow their presence around the world.”

With 60 licensing partners globally, Izod, Van Heusen and Arrow are known for their lifestyle offerings, which include sportswear, dress furnishings, denim, footwear, accessories, fragrance, home and many other categories.

As the new owner, ABG will assume all licensing partnerships and marketing initiatives for all the brands. Through a license agreement with ABG, PVH Corp. will continue to operate all of the brands’ dress furnishings businesses in North America. Additionally, Centric Brands has been granted the license for Izod men’s sportswear and United Legwear & Apparel Company has been granted the licenses for Van Heusen and Arrow men’s sportswear.

The transaction, which is expected to close in the third quarter of this year, is subject to customary closing conditions, including regulatory approval.