Authentic Brands Group, an American brand management company headquartered in New York, agreed to acquire the Heritage Brands business of PVH, an American clothing company, for $220m. "This was a difficult decision, as we recognize that our Heritage Brands business provided the resources that laid the foundation and gave us the opportunity to build PVH into one of the largest fashion companies in the world today. We have been proactively optimizing our Heritage Brands business over the past few years, while focusing on allocating resources to higher-return businesses to maximize shareholder value. We believe ABG is well positioned to develop and invest in these brands for their future success," Stefan Larsson, PVH CEO.