US apparel business PVH Corporation has completed the sale of its GH Bass & Co footwear brand to women's wear maker G-III Apparel Group in a deal worth US$50m. 

The sale, which was announced last month, will allow PVH to focus on its designer lifestyle businesses such as Calvin Klein and Tommy Hilfiger.

PVH intends to use the $50m from the sale to make additional debt pre-payments, but also expects to incur a pre-tax loss of $20m in connection with the sale of assets. 

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PVH Corp. and G-III Apparel Group, Ltd. Complete Sale of G.H. Bass & Co. Business

NEW YORK--(BUSINESS WIRE)--PVH Corp. [NYSE:PVH] and G-III Apparel Group, Ltd. [NasdaqGS:GIII] announced today that they have completed the previously announced sale of substantially all of the assets of PVH’s G.H. Bass & Co. division to a subsidiary of G-III. Gross proceeds from the transaction were approximately $50 million, paid in cash.

About PVH Corp:

PVH Corp., one of the world’s largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Warner’s and Olga, and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos.

About G-III Apparel Group, Ltd.:

G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear, swimwear, women's suits and women's performance wear, as well as footwear, luggage and women's handbags, small leather goods and cold weather accessories, under licensed brands, its own brands and private label brands. G-III sells swimwear, resort wear and related accessories under its own Vilebrequin brand. G-III also sells outerwear, dresses, performance wear and handbags under its own Andrew Marc andMarc New York brands and has licensed these brands to select third parties in certain product categories. G-III has fashion licenses under the Calvin KleinKenneth ColeCole HaanGuess?Tommy HilfigerJones New YorkJessica SimpsonSean JohnVince CamutoIvanka TrumpNine WestEllen TracyKensieMac & JacLevi's and Dockers brands. Through its team sports business, G-III has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. G-III’s other owned brands include G-III Sports by Carl BanksEliza JBlack RivetJessica Howard and Winlit. G-III also operates retail stores under theWilsons LeatherBassG.H. Bass & Co.VilebrequinCalvin Klein Performance and Andrew Marc names.

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