Business

PVH to buy Warnaco for $2.9B, gain Calvin control

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PVH, whose brands include Calvin Klein and Tommy Hilfiger, agreed to buy rival The Warnaco Group Inc. in a deal worth about $2.9 billion, creating one of the world’s largest clothing companies. Warnaco also sells brands like Speedo, Warner’s, and Olga. The deal is the second big buy in three years for PVH, formerly Phillips Van Heusen. It acquired Hilfiger in 2010 for $3 billion.