Phillips-Van Heusen to Buy Calvin Klein
From Associated Press
In a coup that will bolster its presence in the designer world, Phillips-Van Heusen Corp., known for making conservative dress shirts, is buying flashy designer house Calvin Klein Inc.
The value of the transaction includes $400 million in cash, about $30 million in PVH stock and warrants and financial incentives for Klein himself based on future sales of the Calvin Klein brand. The world’s largest shirt maker said the price could climb as high as $700 million.
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