PVH Group Inc has signed a $220 million deal to sell brands including Izod and Van Heusen to Authentic Brands. As per a Market Watch report, the transaction is expected to close in the third quarter of this financial year. PVH categorizes the brands included in the deal as the company’s ‘Heritage Brands.’ which gave the company an opportunity to build into one of the largest fashion companies in the world, says Stefan Larsson, CEO. The company now aims to focus on Calvin Klein and Tommy Hilfiger brands in the international markets. It aims to strengthen product portfolio and pricing strategies to boost profit margins and drive e-commerce growth.

As a result of this transaction, PVH lowered its full-year 2021 revenue guidance to an increase of 22 per cent to 24 per cent from an increase of 24 per cent to 26 per cent previously. The company maintained its second-quarter revenue guidance for a 34 per cent-to-36 per cent increase. Its full-year earnings guidance has been raised to $6.60 from $5.50 previously.