PVH Corp, owner of brands including Calvin Klein and Tommy Hilfiger, has inked a men's underwear licensing agreement with sportswear giant Nike.

The deal will see PVH design, source, market and distribute of Nike-branded men's underwear worldwide, with the garments to be produced at the group's Center of Excellence for Underwear.

"This is an opportunity for two great companies to build on each other's strengths, making it a win-win for everyone, especially consumers," says PVH's Cheryl Abel-Hodges, president of Calvin Klein North America and The Underwear Group.

With the addition of Nike men's underwear, The Underwear Group will expand its portfolio, which also includes Calvin Klein, Tommy Hilfiger, Olga, Warner's and True & Co.