Arvind Ltd has picked up the 49 per cent stake held by the Murjani Group in Calvin Klein in India.
With this Arvind and PVH Corp are expected to drive Calvin Klein's business in the country.
According to J Suresh, MD and CEO, Arvind Lifestyle Brands Ltd and Arvind Retail Ltd, Calvin Klein in India is valued at ₹180 crore.
Arvind Brands ties up with PVH Corp
Arvind Brands and Retail Ltd has entered into a joint venture with PVH Corp, owner of the international brand Calvin Klein, to distrubute the latter's apparel and accessories in India.
Arvind Brands, a subsidiary of textile major Arvind Ltd, has replaced PVH’s prior joint venture partner Premium Garments Wholesale Trading Private Ltd.
This new arrangement takes advantage of PVH’s control of the brand vision for these two Calvin Klein product categories resulting from its acquisition of The Warnaco Group, Inc. in February 2013 and Arvind’s operational expertise in the region, and is intended to maximise market opportunities for these product categories throughout India.
The joint venture will focus on the expansion and enhancement of the existing Calvin Klein Jeans apparel and accessories (including belts, bags, and small leather goods) and Calvin Klein Underwear (including sleepwear and loungewear) businesses.
PVH and Arvind are also partners in a joint venture that licenses PVH’sTommy Hilfiger brand in India.
Sanjay Lalbhai, Chairman & Managing Director of Arvind Ltd said, “Calvin Klein is one of the strongest fashion brands in the world and we are delighted to be JV partners with PVH for Calvin Klein in India. This relationship also strengthens our 20-year association with PVH, which started with the ARROW licence and has since been extended to our joint venture with PVH for the Tommy Hilfiger business and the licence for IZOD”.
“Calvin Klein substantially strengthens our rich portfolio of brands, said J. Suresh, Managing Director and CEO, Arvind Lifestyle Brands Ltd. “By combining the strengths of the Calvin Klein brand and Arvind’s operational capabilities in the Indian market, we believe we can build Calvin Klein into India’s largest lifestyle brand over the next five years.”