Parent company of Calvin Klein and Tommy Hilfiger, PVH Corp has completed its previously announced sale of certain intellectual property and other assets of Heritage Brands business to Authentic Brands Group (ABG). The value of sale transaction, which included the sale of IZOD, Van Heusen, Arrow and Geoffrey Beene brands and certain related inventories and other assets, was $223 million.

Stefan Larsson, Chief Executive Officer, PVH Corp, believes, ABG is well positioned to develop and support the company’s former Heritage Brands for future success. PVH will continue to own and operate the intimates and underwear businesses, led by Warner’s, as well as continue to operate its dress shirt and neckwear business, including under the brands being sold pursuant to a license from ABG.

PJ Solomon is serving as exclusive financial advisor to PVH on the transaction. Wachtell, Lipton, Rosen & Katz is acting as legal advisor.