US-based apparel company PVH Corp (PVH) says it will sell almost all the assets of shoe brand GH Bass assets to clothing company G-III Apparel for approximately $50 million.

The decision has been attributed to a desire on PVH’s part to focus on its lifestyle apparel businesses including Tommy Hilfiger and Calvin Klein. PVH acquired the footwear brand for $79 million in 1987.

G-III, which produces licensed apparel for professional sports teams and various brands, will acquire around 160 GH Bass outlet stores. The company said it expects the additional outlets to "integrate well” into its retail platform.

PVH shares were up 0.4% in after-hours trading, while there was no change for G-III shares.

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