04/08/2014 05:36 EDT | Updated 06/08/2014 05:59 EDT

Tommy Hilfiger and Karl Lagerfeld brands reunited though PVH investment

NEW YORK, N.Y. - PVH Corp., the company behind the Calvin Klein and Tommy Hilfiger brands, has become a minority shareholder in fashion designer Karl Lagerfeld's namesake company.

The financial terms of the deal were not disclosed.

PVH said Tuesday that the investment in Karl Lagerfeld B.V. will allow it to benefit from growth of the designer's brand. The deal includes giving PVH first dibs on licensing the brand for North America.

Lagerfeld has primarily been focused in Europe and Asia. The company is trying to expand rapidly and says it has been opening a new store every three weeks over the last six months.

PVH, based in New York, is one of the world's largest apparel companies. In addition to owning the Calvin Klein and Tommy Hilfiger brands, it licenses products for brands such as Speedo, Kenneth Cole New York and Sean John.

Lagerfeld was part of the Tommy Hilfiger Group until PVH acquired it in 2010, when it was spun off to the Group's former shareholders. Other Lagerfeld investors include Apax Funds, the Chou Group, Mr. Tommy Hilfiger and Fred Gehring, CEO of Tommy Hilfiger.