Van Heusen to buy CK

Phillips-Van Heusen says it is buying Calvin Klein Inc in a cash and shares deal worth more than $430m (€418m).

The value of the transaction includes $400m (€390m) in cash, about $30m (€29.2m) in PVH stock as well as warrants and an ongoing financial incentive for Mr Klein based on future sales of the Calvin Klein brand.

Under the terms of the agreement, Calvin Klein’s design and marketing organisation will continue as a separate and distinct business with the namesake designer involved in strategic planning, design and marketing.