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Apparel conglomerate PVH agreed to sell the perpetual license it holds for the Speedo brand in North America and the Caribbean to Pentland Group for $170 million, according to an announcement today.
Pentland was already the parent of Speedo International, which it acquired in 1991, and owns the swimwear brand’s intellectual property. PVH, as the licensee of the Speedo brand, paid royalties to Pentland. With the transaction, Pentland assumes direct control of the brand in North America.