Calvin Klein underwear is set to be re-united with its long lost fashion sister, after it was announced that US fashion group Phillips-Van Heusen (PVH) would buy rival Warnaco for £1.8bn.
CK underwear and jeans were licensed to Warnaco 15 years ago. The sale means that the entire brand will now be under the control of Tom Murry who heads up Calvin Klein at PVH.
The new deal will also see the handover of renowned swimwear brand Speedo, which has driven much of Warnaco’s profits over the past year.
PVH chief executive Emanuel Chirico said: "Having direct global control of the two largest apparel categories for Calvin Klein – jeans and underwear – will allow us to unlock additional growth potential of this powerful designer brand."
The sale is expected to be finalised next year.