PVH Corp., an American clothing company which owns brands like Tommy Hilfiger, Calvin Klein, IZOD, Arrow, and licenses labels such as Geoffrey Beene, BCBG Max Azria, Chaps, Sean John and more, and Grupo Axo has announced the closing of its previously announced agreement to form a joint venture that now licenses from wholly-owned subsidiaries of PVH the rights to operate and manage the distribution of Calvin Klein, Tommy Hilfiger, Warner’s, Olga and Speedo brand products in Mexico.
The joint venture was formed by merging PVH México, S.A. de C.V., a wholly-owned subsidiary of PVH and the operator of its Calvin Klein and Heritage Brands businesses in Mexico, with Baseco, S.A. de C.V., a wholly-owned subsidiary of Grupo Axo and a distributor in Mexico of PVH’s Tommy Hilfiger brand products.
Additionally, the newly formed joint venture also has the license to operate Tommy Hilfiger footwear, as the license agreement with a third party was recently assigned to Baseco. “We are excited about the opportunity to expand our relationship beyond Tommy Hilfiger to include the global megabrand, Calvin Klein, as well as the Warner’s, Olga and Speedo heritage brands. We believe all these brands present a significant opportunity for growth in Mexico and we look forward to partnering with PVH to make that potential a reality,” said Andres Gomez, Co-Chief Executive Officer, Grupo Axo.
It may be mentioned that Grupo Axo is a leading multi-brand company in Mexico for apparel, accessories and home brands. It operates more than 2,200 points of sale within major department stores and over 400 free-standing stores in both Mexico and Chile. Within its portfolio, it represents Abercrombie & Fitch, Bath & Body Works, Brooks Brothers, Brunello Cucinelli, Coach, Crate & Barrel, Emporio Armani, Guess, Kate Spade, Theory, Express, Hollister, Chaps, Loft, Rapsodia, Thomas Pink, Tommy Hilfiger, Victoria´s Secret and Promoda, the leading off-price retailer in Mexico.
“We believe that leveraging Grupo Axo’s in region expertise across our brand portfolio should ensure the long-term potential of our brands in Mexico while maintaining a direct ownership interest in our Calvin Klein and Heritage Brands businesses in Mexico and giving us more control over our Tommy Hilfiger business in the region,” said Emanuel Chirico, Chairman and CEO, PVH.