Deal: Clifford Chance is advising global fashion business PVH Corp on its proposed acquisition of 100 per cent of Gazal Corporation Limited.

Value: A$268 million

Area: Mergers and acquisitions

Key players: Sydney-based partner Andrew Crook led the deal, with counsel Reuben van Werkum and Jacob Kahwaji. Senior associate Jonathan Halliwell also assisted.

Deal significance: PVH operates across 40 countries, which makes it one of the world’s largest fashion apparel companies, according to Clifford Chance, having posted almost US$9 billion in revenue in 2017.

It owns brands that include ‘Calvin Klein’ and ‘Tommy Hilfiger’.

The scheme of arrangement to acquire 100 per cent of Gazal Corporation Limited will see PVH take over its own joint venture partner for Australia, New Zealand and other parts of Oceana.

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Gazal Corporation Limited currently distributes apparel under certain PVH-owned brands, and other owned and licenced brands.

The transaction will result in PVH becoming the owner of the distribution network for its own key brands in the region, which is inclusive of 71 Australian stores and 950 employees.

Commenting on the deal, lead partner on the deal Andrew Crook said the firm has been “privileged to work with the PVH team for a number of years now and partnering with them on this important transaction has been another great experience”.

“We are very happy that they continue to place their trust in us,” he continued.

“Asia-Pacific has long been observed as a market with strong long-term growth prospects in the apparel industry.”

“This acquisition reflects PVH’s commitment to the region and we look forward to continuing to support them on this journey,” Mr Crook concluded.

For counsel assisting Reuben van Werkum, “helping get this deal across the line is a great way to start the year, and continues the strong performance from 2018 of our team”.

He said they had “very much enjoyed working with PVH to get to this point and are now working towards a successful close in the months to come”.