Textile company Arvind may acquire 49% stake in Calvin Klein India
Textile company Arvind Mills Ltd. may buy a 49% stake in fashion house Calvin Klein in India, said Times of India sources.
According to the report, India's Murjani Group and venture capital firm Matrix Partners India jointly own a 49% stake in Calvin Klein. Murjani Group is also the Indian franchisee for the American lifestyle brand Tommy Hilfiger.
Times of India said that Arvind is expected to replace minority shareholders Murjani Group and Matrix Partners India. If successful, Arvind may be inducted as clothing giant Phillips-Van Heusen Corp.'s (PVH) new joint venture partner for Calvin Klein India.
New York-based PVH Corp. acquired designer jeans brand Calvin Klein last year for USD2.9 billion, the report said.
PVH Corp. intended to push Calvin Klein with a renewed vigor in the Asian and Latin American regions. It saw India as a significant opportunity. PVH Corp., which also owns Tommy Hilfiger, had raked in USD100 million from its Indian franchisee, Times of India said.