(Reuters) – Clothing maker PVH Corp (PVH.N: Quote, Profile, Research, Stock Buzz) will unite Calvin Klein underwear, jeans and sportswear lines under one roof in a $2.8 billion deal to buy rival Warnaco Group Inc (WRC.N: Quote, Profile, Research, Stock Buzz), the latest move in the consolidation of the apparel manufacturing industry.
The cash and stock deal also nets PVH Warnaco’s brands and licenses like Speedo and Chaps to go along with its Tommy Hilfiger, IZOD and Van Heusen brands.
Nov 1 (Reuters) – A handful of U.S. retailers expect the
massive storm that hit the U.S. East Coast this week to hurt
sales in November, while overall holiday sales should still show
the slow growth that was forecast before Sandy hit.
Costco Wholesale Corp, Nordstrom Inc and
Rite Aid Corp all said on Thursday that November sales
would suffer because of store closures due to Sandy, one of the
largest storms to ever hit the United States.
Oct 31 (Reuters) – PVH Corp will buy rival Warnaco
Group Inc for about $2.8 billion in a cash-and-stock
deal that will give the company control of the Calvin Klein
PVH bought Calvin Klein in 2003 and makes formal and
sportswear under that brand, while Warnaco has held the
licensing agreements for Calvin Klein jeans and underwear since
(Reuters) – Wrangler jeans are getting a makeover in India and going up-market in the process as parent VF Corp (VFC.N: Quote, Profile, Research, Stock Buzz) customizes the all-American denims for the country’s motorcycle-riding population and adds features to suit local needs.
VF Corp hopes the strategy will add $1.1 billion in revenue to its Asia-Pacific business over the next five years.
Oct 22 (Reuters) – VF Corp missed Wall Street’s
third-quarter revenue expectations, and growth in its flagship
The North Face brand slowed, sending the clothing company’s
shares down more than 4 percent on Monday.
The news overshadowed a higher-than-expected profit and a
dividend increase at VF, whose other brands include Wrangler
(Reuters) – Li & Fung Ltd (0494.HK: Quote, Profile, Research, Stock Buzz), a global supplier of apparel, is in advanced talks to buy Synergies Worldwide, a small, New York-based supplier, a source familiar with the matter said on Thursday.
The move would help Hong Kong-based Li & Fung gain a better foothold in the fast fashion and discount clothing space.
Oct 2 (Reuters) – Nearly two years after a factory fire at
one of its suppliers in Bangladesh killed 29 people and injured
more than 100 others, Gap Inc has promised to implement
new safety standards starting next month.
The company, which owns the Gap, Banana Republic and Old
Navy brands, said it would hire a fire safety inspector, and
loan vendors up to $20 million for safety improvements, and
provide up to $2 million in compensation to workers displaced
while factories are being brought up to safety standards.
(Reuters) – Retailers including Gap Inc and Bed Bath & Beyond Inc have joined a mobile payments network that intends to battle similar services from Google Inc and other companies.
The Merchant Customer Exchange, a confederation of retailers, has already attracted Wal-Mart Stores Inc, Target Corp and Japan’s 7-Eleven Inc since announcing plans in August.
(Reuters) – Groupon Inc (GRPN.O: Quote, Profile, Research, Stock Buzz), the world’s largest online daily deals provider, is reshuffling senior management roles in an attempt to fix its struggling European business — a shake-up that will also include the departure of its chief of international business.
According to an internal memo obtained by Reuters, Chris Muhr, SVP of sales, will now head the Europe, Middle East and Africa region, while Veit Dengler, SVP International, will be leaving the company.
(Reuters) – Groupon Inc, the world’s largest online daily deals provider, launched a payment business on Wednesday and entered a crowded field where it will compete with eBay Inc’s PayPal and start-up Square Inc.
Groupon said the new service lets restaurants, salons and spas, retailers and other local businesses accept credit card payments at a lower rate than other providers.