Parent group to buy back Speedo’s North America business ahead of Tokyo 2020
10/01/2020
Pentland is the parent company of Speedo International, but the brand’s North American business is currently part of the PVH Corporation apparel group. This works by means of an agreement under which Speedo International licenses the Speedo trademark to a PVH subsidiary for “perpetual use” in North America and the Caribbean.
In an announcement on January 9, Pentland said it had entered into a definitive agreement with PVH to end this arrangement, quoting $170 million as the price it will pay to PVH for the privilege. It expects the transaction to close in the first quarter of PVH’s fiscal 2020 year, subject to customary closing conditions, including regulatory approval.
Commenting on the deal, Pentland Brands chief executive, Andy Long, said: “We’ve had a great partnership with PVH and they’ve done an incredible job in raising the profile of the Speedo brand and growing the business in North America. With the Tokyo Olympic Games this year, now is the right time to bring Speedo North America back into our brand portfolio.”
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