Business

Tommy Hilfiger brand sold for 2.2 billion euros
by Zuzana Zelenakova

Tommy Hilfiger Corporation, clothing and design group known for its cool elegance, is being sold to the owner of Calvin Klein Phillips-Van Heusen for 2.2 billion euros ($3 billion). The brand was owned by private equity and venture capital firm Apax Partners till now. Apax Partners acquired it back in 2006 from Hong Kong businessman Silas Chou. "I look forward to remaining actively involved in the business," said Tommy Hilfiger, who founded the brand in 1984 and still remains main designer. "This is the next phase in the global evolution and expansion of the Tommy Hilfiger brand." Phillips-Van Heusen, with headquarters in Manhattan, is the world´s largest shirt compan! y and owns various brands such as Calvin Klein, Izod, Arrow and licenses many others, for example DKNY, Timberland, Sean John and so on. According to the deal, Apax Partners remain shareholders in the company as it was sold for 1.9 billion euros in cash and 276 million euros in Phillips-Van Heusen stock, which reacted quite positively to the latest acquisition rising 9 percent. "This is a unique opportunity to bring together two premier companies, each with iconic brands, which will deliver enhanced opportunities for our stockholders, business partners, customers and employees as we leverage a combined global platform in the years ahead," said Emanuel Chirico, Chairman and CEO of Phillips-Van Heusen in an official statement. He expects more than half of their revenues to come from the United States, and the rest from the overseas. PVH also hopes that buying Tommy Hilfiger will help them boost their own brands all around the globe. Tommy Hilfiger, who claims Robert Burns w! as one of his ancestors, became part of the clothing and fashi! on envir onment when he began to work in retail at the age of 18. He later opened his own store called the People´s Place. However, after seven years the store went bankrupt and Tommy Hilfiger had to move on. And he moved on to found his own brand Tommy Hilfiger in 1984.

related story (sgx16766): http://www.france24.com/en/20100315-calvin-klein-owner-buys-...

by Zuzana Zelenakova for Cantell TV (http://cantell.tv)

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posted by Blog TechSource @ 12:29 AM