PVH’s $500 Million Accelerated Share Repurchases

Cleary Gottlieb advised Goldman Sachs & Co. LLC and Barclays Bank PLC in the negotiation and execution of separate accelerated share repurchase agreements (ASRs) with PVH Corp. (PVH).

Under the agreements, PVH will repurchase an aggregate of $500 million in shares of its common stock. The ASRs were designed to allow PVH to repurchase approximately 14% of its outstanding shares based on the PVH share price at the time the ASRs were entered into. The final number of shares repurchased will be calculated based on the price of PVH’s common stock during the term of the ASR agreements.

PVH is one of the world’s largest fashion companies, employing 28,000 associates across 40 countries. It owns global brands such as Calvin Klein and TOMMY HILFIGER, and licenses others, including Nike.