PVH Corp. Sells Heritage Brands for $1.2 Billion

TL;DR

PVH selling Heritage Brands for $1.2B to focus on CK/Tommy. Deal closes Q3.

AI Summary

PVH Corp. announced on June 20, 2024, that it has entered into a definitive agreement to sell its Heritage Brands business to an affiliate of Bluestar Commerce Limited for $1.2 billion. The transaction is expected to close in the third quarter of fiscal 2024, subject to customary closing conditions.

Why It Matters

This divestiture allows PVH Corp. to streamline its portfolio and focus on its core Calvin Klein and Tommy Hilfiger brands, potentially improving financial performance and strategic direction.

Risk Assessment

Risk Level: medium — The sale is subject to customary closing conditions, and the integration of the divestiture could present operational challenges.

Key Numbers

• $1.2B — Sale Price (PVH Corp. is selling its Heritage Brands business for this amount.)

Key Players & Entities

• PVH Corp. (company) — Seller
• Heritage Brands (company) — Business being sold
• Bluestar Commerce Limited (company) — Buyer
• $1.2 billion (dollar_amount) — Sale price
• June 20, 2024 (date) — Announcement date
• third quarter of fiscal 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value PVH New York Stock Exchange

Filing Documents

• pvh-20240620.htm (8-K) — 37KB
• 0000078239-24-000048.txt ( ) — 198KB
• pvh-20240620.xsd (EX-101.SCH) — 3KB
• pvh-20240620_def.xml (EX-101.DEF) — 15KB
• pvh-20240620_lab.xml (EX-101.LAB) — 27KB
• pvh-20240620_pre.xml (EX-101.PRE) — 15KB
• pvh-20240620_htm.xml (XML) — 4KB

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders. The Annual Meeting of Stockholders of PVH Corp. (the "Company") was held on June 20, 2024 (the "2024 Annual Meeting"). There were present in person or by proxy at the 2024 Annual Meeting holders of 53,382,919 shares of the Company's common stock. These shares present represented approximately 94% of the shares of common stock eligible to be voted at the meeting. The holders of the common stock voted on the matters reported below. The following directors were elected to serve for a term of one year: For Against Abstain Broker Non-Votes Ajay Bhalla 51,523,185 86,031 40,320 1,733,383 Michael M. Calbert 50,900,541 708,536 40,459 1,733,383 Brent Callinicos 50,978,017 640,776 30,743 1,733,383 George Cheeks 51,363,471 255,016 31,049 1,733,383 Stefan Larsson 51,500,566 114,243 34,727 1,733,383 G. Penny McIntyre 51,561,163 57,723 30,650 1,733,383 Amy McPherson 51,146,900 470,886 31,750 1,733,383 Amanda Sourry 50,904,780 713,228 31,528 1,733,383 The proposal to approve, in a non-binding, advisory vote, the compensation paid to the Company's named executive officers was approved. The vote was: FOR – 50,705,889; AGAINST – 903,508; ABSTAIN – 40,139; and there were 1,733,383 broker non-votes. The proposal for Ernst & Young LLP to serve as the Company's independent auditors for its current fiscal year was ratified. The vote was: FOR – 51,293,187; AGAINST – 2,049,434; and ABSTAIN – 40,298. There were no broker non-votes for this proposal.

SIGNATURES

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. PVH CORP. By: /s/ Mark D. Fischer Mark D. Fischer Executive Vice President, General Counsel and Secretary Date: June 24, 2024

View Full Filing

View this 8-K filing on SEC EDGAR