PVH Corp. has agreed to buy rival Warnaco Group for about $2.9 billion in a cash-and-stock-deal that will give the company control of the Calvin Klein clothing brand and create an $8 billion industry powerhouse. PVH (PVH) owns and markets the iconic Calvin Klein brand, while Warnaco (WRC) holds licensing agreements for Calvin Klein jeans and underwear. PVH shares were up close to 21% in early trading on Wednesday after the deal was announced.