Apparel giant PVH Corp is to sell its GH Bass & Co footwear brand to clothing maker G-III Apparel Group in a deal worth $50m, as it focuses on its designer lifestyle businesses like Calvin Klein and Tommy Hilfiger.

"We believe this transaction reinforces our strategy of driving growth through our higher margin businesses," explained Emanuel Chirico, PVH's chairman and CEO.

"GH Bass & Co has been a positive and important contributor to PVH's success since we acquired the business in 1987.

"However, our core competencies today lie in our lifestyle apparel businesses and we see the future of PVH focused around the global growth of our designer lifestyle brands, led by Calvin Klein and Tommy Hilfiger."

For G-III, which makes women's wear and accessories under its own Vilebrequin, Andrew Marc and Marc New York brands, for professional sports teams, as well as under license, the move adds "a strong heritage brand to our portfolio," according to chairman, president and CEO Morris Goldfarb.

"We are confident that the addition of approximately 160 GH Bass & Co outlet stores will integrate well into our retail platform and provides us with a powerful opportunity to continue to grow and diversify our business."

The deal is expected to close in the beginning of the fiscal fourth quarter.

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