In Fashion: Klein’s Owner Buys Tommy Hilfiger
3:00pm UK, Monday March 15, 2010
The company behind Calvin Klein has purchased fellow US fashion brand Tommy Hilfiger for £2bn.
(L-R) Calvin Klein and Tommy Hilfiger designs
New owner Phillips-Van Heusen reportedly hopes to take advantage of Hilfiger’s strong European distribution network for its own products.
Leading UK private equity group Apax Partners purchased Hilfiger in 2006 for £1.1bn and has since boosted revenues, increased the brand’s global presence and lowered its debts, it said.
Mr Hilfiger no longer has a management role at the firm that bears his name but he is still a principal designer and a public face for the fashion label.
Phillips-Van Heusen is one of the world’s largest clothing companies. Its other brands include Kenneth Cole, DKNY, Sean John and Timberland.
Tommy Hilfiger at the firm’s fashion show in February 2010
Phillips-Van Heusen chief executive Emanuel Chirico, stated the latest buy was “a unique opportunity to bring together two premier companies, each with iconic brands”.
He added: “Tommy Hilfiger fits all of our acquisition criteria: a strong brand, superior management, highly profitable, immediately accretive to earnings, and focused on international growth.”
Tommy Hilfiger is known for its all-American casual and sports clothes, often featuring the preppy look of Ivy League American students, along with fragrances and accessories.
Apax chief executive John Megrue said: “We are pleased that the company and brand are poised for continued growth.”
“Funds advised by Apax Partners announced a definitive agreement to sell Tommy Hilfiger Group … to Phillips-Van Heusen Corporation for a total consideration of approximately 2.2bn euros (£2bn),” Apax said.
Tommy Hilfiger was struggling in its main US market when it was purchased by the firm four years ago.
Related News:
- McCartney Launches Anti-leather Campaign For New York Fashion Week
- Noel Gallagher: Britain had work ethic under Margaret Thatcher
- Jean Paul Gaultier catwalk show is insult to Amy Winehouse, claims father
- British Fashion Award 2011: Fashion’s most talented line-up in a generation
- Daphne Guinness: Haute couture is dying
- X Factor’s Frankie Cocozza: I want to dress how I would walking down the street with my mates
- Moss, Watson And Welch Top U.K. Best Dressed List
- Hayek And Deneuve Forced To Stand At Paris Fashion Week Show
- London Fashion Week 2011: Stars turn out for Burberry show
- London Fashion Week 2011: Stars turn out for Burberry show
Details :
Submited at Tuesday, March 16th, 2010 at 12:00 am on Business by nuterman
Comment RSS 2.0 - leave a comment - trackback
This is totally awesome! You have a great mind. This is interesting content I can respect and appreciate. It’s obvious you’re knowledgeable in this area.
Timbarland Stiefel Shop