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Nothing is coming between Calvin Klein and its underwear.
Retail giant PVH Corp. said Wednesday that it will acquire underwear maker Warnaco in a $2.9-billion deal and bring all of its Calvin Klein apparel lines under one roof to create a new clothing company.
PVH, owner of ready-to-wear brands such as Arrow and Tommy Hilfiger, said in a statement that the acquisition will boost combined sales at the company to $8 billion. Warnaco produces licensed Calvin Klein underthings.
"This is a unique opportunity to reunite the 'House of Calvin Klein,'" Emanuel Chirico, chief executive of PVH, said in the statement. "Having direct global control of the two largest apparel categories for Calvin Klein -- jeans and underwear -- will allow us to unlock addition growth potential of this powerful designer brand."