Calvin Klein sold his company to PVH Corp. in 2003.
The buyer was then known as Phillips-Van Heusen Corporation, commonly abbreviated PVH. The transaction followed negotiations in late 2002 and was completed in 2003, with the deal valued at roughly $700 million when cash, stock, and related arrangements are considered. PVH acquired control of the Calvin Klein brand and its business operations, while some licensed activities remained separate until later consolidation.
Klein had founded the company in 1968 with Barry K. Schwartz. Over the following decades, the business grew from a New York fashion label into a global brand spanning apparel, jeans, underwear, accessories, and fragrances. Financial pressure and complicated licensing relationships helped set the stage for the sale.
The year is sometimes reported differently because the agreement was announced in December 2002, while the acquisition is commonly dated to 2003. After the deal, Klein remained involved for a period as a creative consultant, but he no longer directed the company’s collections in the way he had before the sale.