PVH to acquire intimates e-tailer
PVH announced on Thursday that it has entered into an agreement to acquire intimate apparel retailer True&Co. The terms of the transaction were not disclosed.
With this acquisition, PVH plans to further participate in the fast growing online channel and provide a platform to increase innovation, data driven decisions, and speed.
“Today’s announcement illustrates our commitment to driving innovation across our business and demonstrates our commitment to making strategic investments in our digital platforms to support our long-term growth initiatives,” said Emanuel Chirico, Chairman and Chief Executive Officer, PVH Corp.
“We believe that we can leverage the analytics tools of this data-driven company, while leveraging PVH’s intimates category expertise, including global brand management, product know-how and supply chain.”
Founded in 2012 by Michelle Lam, True&Co. is a direct-to-consumer intimate apparel e-commerce retailer that transformed the way women shop online. The San Francisco-based company originated the Fit Quiz questionnaire that matches recommendations beyond typical measurements.
“Five years ago, I founded True&Co. to change the way women shop for intimate apparel,” said Michelle Lam, Co-founder of True&Co.
“In PVH, we have a strategic partner who can help us bring this change to as many customers as possible. We look forward to joining PVH’s portfolio of brands and to help drive growth initiatives for PVH’s other brands.”
PVH will add True&Co. to its small selection of intimates brands across its portfolio, joining Warner’s and Olga. Acquiring True&Co. will also allow PVH to capitalize on the growth of the global lingerie market, which Transparency Market Research projects will reach $56 billion by the end of 2024.
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