PVH Corp. said May 31 that the company completed the acquisition of the approximately 78% shares of Australian clothing company Gazal Corp. Ltd.
Gazal has been PVH's long-term partner in Australia, selling the U.S.-based company's brands including Calvin Klein and Tommy Hilfiger. The Australian company also manages PVH Brands Australia Pty. Ltd., a joint venture between PVH and Gazal.
As part of the previously announced deal, four key members of Gazal's management will remain in their roles for at least two years.
PVH Chairman and CEO Emanuel Chirico said acquiring Gazal is "aligned with PVH's strategic priority" to expand its reach by assuming more direct control over its brands' regional licensed businesses.