Apparel giant PVH Corp is selling its Speedo North America swimwear business to Pentland Group, parent company of Speedo International, for $170m.

PVH, which has been able to use the Speedo brand in North America and the Caribbean under license in perpetuity from Speedo International, says the move will allow it to focus on its Calvin Klein and Tommy Hilfiger businesses.

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For Pentland Group, which acquired Speedo in 1991 and has since developed it into a world-leading performance swimwear brand, the deal reunites the Speedo business globally to capture the brand’s full potential.

Crucially, the acquisition comes ahead of the 2020 Tokyo Olympics and Paralympics and the participation of many Speedo athletes. “With the Tokyo Games this year, now is the right time to bring Speedo North America back into our brand portfolio,” says Andy Long, CEO of Pentland Group’s Pentland Brands division. 

Pentland Group is one of the world’s largest sports, outdoor and fashion companies and also owns the Berghaus, Canterbury, Ellesse and SeaVees brands. It is also the majority shareholder of JD Sports Fashion, which operates 2,500 stores across 18 countries.

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PVH Corp chairman and CEO, Emanuel Chirico, adds: “This strategic announcement aligns with PVH’s goal to optimise and streamline its Heritage Brands business in the ever-evolving retail environment and focus on delivering sustainable profitable growth of its global brands, Calvin Klein and Tommy Hilfiger. 

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PVH’s portfolio also includes Van Heusen, Izod, Warner’s and Geoffrey Beene. The transaction is expected to close in the first quarter of PVH’s fiscal 2020 year.

PVH has also adjusted its guidance, saying it now projects fourth-quarter earnings per share of at least $1.79 and full-year EPS of at least $9.45 – the high end of its previous guidance ranges.