American fashion retailer, PVH Corp. has completed the acquisition of approximately 78% of the outstanding shares of Gazal Corporation Limited. Gazal is an Australian branded clothing company and PVH’s long-term partner.
“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. By joining forces now, we believe we’re well positioned to capture the significant growth in the Australia and New Zealand markets,” said Emanuel Chirico, chairman and CEO of PVH Corp. “We are pleased to welcome Gazal into our PVH family and continue driving our business forward together.”
As part of the agreement, four key members of Gazal’s management team are expected to remain in their roles for at least two years.
To read more: https://www.pvh.com/news/19271