READ MOREThe joint venture will be formed by merging PVH México, S.A. de C.V., a wholly owned subsidiary of PVH and the operator of its Calvin Klein and Heritage Brands businesses in Mexico, with Baseco, S.A. de C.V., a wholly owned subsidiary of Axo and a distributor in Mexico of PVH’s Tommy Hilfiger brand products.
The closing, which is subject to customary closing conditions, including regulatory approval, is expected to occur early in the third quarter of 2016.
Terms of the joint venture were not disclosed. PVH expects this transaction to be neutral to PVH’s 2016 earnings on a non-GAAP basis. ■