Clifford Chance

Clifford Chance advises global fashion giant on AU$268 million takeover in Australia

Leading international law firm Clifford Chance is advising global fashion business, NYSE-listed PVH Corp. (PVH), on its proposed acquisition of 100% of Gazal Corporation Limited by scheme of arrangement. Gazal is PVH’s joint venture partner in Australia, New Zealand and other parts of Oceania for the distribution of apparel under certain PVH-owned brands, as well as other owned and licenced brands.

Operating across 40 countries, PVH is one of the world's largest fashion apparel companies, posting almost US$9 billion in revenue in 2017. It is the owner of iconic brands such as 'Calvin Klein' and 'Tommy Hilfiger' amongst others. The transaction will result in PVH becoming the owner of the distribution network of its key brands in the region, which includes approximately 71 stores in Australia and 950 employees.

Partner Andrew Crook led the matter from Sydney, supported by counsel Reuben van Werkum and Jacob Kahwaji, and senior associate Jonathan Halliwell.

Andrew offers, “We have been privileged to work with the PVH team for a number of years now and partnering with them on this important transaction has been another great experience. We are very happy that they continue to place their trust in us. Asia-Pacific has long been observed as a market with strong long-term growth prospects in the apparel industry. This acquisition reflects PVH's commitment to the region and we look forward to continuing to support them on this journey."

Reuben adds, “Helping get this deal across the line is a great way to start the year, and continues the strong performance from 2018 of our team. We have very much enjoyed working with PVH to get to this point and are now working towards a successful close in the months to come”.