PVH Corp. has announced that it has entered into a definitive agreement to sell its Speedo North America business to Pentland Group, parent company of Speedo International Limited. Pentland Group acquired Speedo in 1991 and has since developed it into the world’s leading performance swimwear brand. Speedo International licenses the Speedo trademark to a PVH subsidiary for perpetual use in North America and the Caribbean.
Andy Long, CEO Pentland Brands division, said, “We’ve had a great partnership with PVH and they’ve done an incredible job in raising the profile of the Speedo brand and growing the business in North America during their time as licensee.”
“I am pleased to see Pentland Group reunite the Speedo business globally, as they are best positioned to capture the full potential of the iconic Speedo brand,” said Emanuel Chirico, Chairman & CEO, PVH Corp.
The acquisition by Pentland Group comes ahead of the 2020 Tokyo Olympics and Paralympics and the participation of many Speedo athletes. Andy Long adds, “With the Tokyo Games this year, now is the right time to bring Speedo North America back into our brand portfolio. Pentland has a strong track record of investing in people and international brands and we’re looking forward to welcoming the Speedo North America team into the Pentland family and working together on the next chapters in the Speedo success story.”
The joint media statement can be viewed here.