UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (D
ate of earliest event reported) April 6, 2020
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code (212 )-381-3500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405
of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has
elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
ITEM 8.01 OTHER EVENTS
On April 6, 2020, PVH Corp. (the “Company”) issued a press release to announce the completion of the Company’s previously
announced sale of its Speedo North America business to Pentland Group PLC, parent company of the Speedo brand, for $170 million in cash, subject to
a working capital adjustment. A copy of the press release is attached as Exhibit 99.1 to this report.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
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Exhibit
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Description
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99.1
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
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PVH CORP.
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By: /s/ Mark D. Fischer
Mark D. Fischer
Executive Vice President and Secretary
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Date: April 6, 2020
EXHIBIT 99.1
PVH Corp. Completes Sale of Speedo North America Business to Pentland Group
NEW YORK -- (BUSINESS WIRE) — April 6, 2020 -- PVH Corp. [NYSE:PVH], one of the world’s largest apparel companies,
announced today it has completed the sale of its Speedo North America business to Pentland Group, parent company of the Speedo brand, for $170
million in cash, subject to a working capital adjustment. The proceeds from the transaction will further bolster PVH’s core balance sheet strength and add to its liquidity position that stands now at over $1.3 billion in cash and available
borrowings.
“The decision to reunite the Speedo business globally allows for the brand’s stewardship by Pentland to be holistic and comprehensive,”
said Manny Chirico, Chairman and CEO, PVH Corp. “This transaction aligns with PVH’s goals of optimizing our Heritage Brands business in the ever-evolving retail environment
and focusing on long-term growth of our global brands CALVIN KLEIN and TOMMY HILFIGER.”
This sale was previously announced in January.
Pentland Group, which also owns the Berghaus, Canterbury, Ellesse and SeaVees brands, acquired Speedo in 1991 and directly and through partnership with licensees like PVH has since developed it into the world’s leading performance swimwear brand.
Pentland will now operate the Speedo businesses worldwide.
Andy Long, CEO of Pentland Group’s Pentland Brands division, “The completion of the Speedo North America acquisition,
during these uncertain times, demonstrates our long-term commitment to the business and our passion for building a truly global brand. We’re looking forward to welcoming the team to the Pentland family and, while our current priority is the health
and wellbeing of all our employees, this acquisition will allow us to offer our customers a stronger global brand proposition when demand resumes”.
About PVH Corp.
PVH is one of the most admired fashion and lifestyle companies in the world. We power brands that drive fashion
forward – for good. Our brand portfolio includes the iconic CALVIN KLEIN, TOMMY HILFIGER, Van Heusen, IZOD, ARROW, Warner’s, Olga and Geoffrey Beene brands, as well as the digital-centric True&Co. intimates brand. We market a variety of goods under these and other nationally
and internationally known owned and licensed brands. PVH has over 40,000 associates operating in over 40 countries and $9.9 billion in annual revenues. That's the Power of Us. That’s the Power of PVH.
Follow us on Facebook, Instagram, Twitter and LinkedIn.
About Pentland Group
Pentland Group is a privately-owned global company that owns and invests in, primarily, retail and wholesale businesses in the sports, outdoor and sports fashion sectors.
The Group is the majority shareholder of
JD Sports Fashion plc, which operates 2,500 stores across 18 countries. Its Pentland Brands division owns Speedo, Berghaus, Canterbury of New Zealand, Endura, ellesse, Seavees and Mitre and it has the UK footwear licensee for Kickers. Pentland Group also has a joint venture partnership for Lacoste footwear. For more information
follow Pentland Brands on Facebook, Instagram, Twitter and LinkedIn.
Contacts:
PVH Corp.
Dana Perlman
Treasurer, Senior Vice President, Business Development and Investor Relations
(212) 381-3502
Dana Perlman
Treasurer, Senior Vice President, Business Development and Investor Relations
(212) 381-3502
danaperlman@pvh.com
Pentland Group
Rebecca Vicary
Head of External Communications
+44 7912406045
rebecca.vicary@pentland.com