Calvin Klein owner buys Tommy Hilfiger for $3 billion
Calvin Klein owner buys Tommy Hilfiger for $3 billion
Tuesday 16th March 2010
The owner of Calvin Klein, Philips-Van Heusen, has bought the clothing group Tommy Hilfiger for $3 billion (£2 billion), it has been confirmed.The deal will create one of largest clothing companies in the world with estimated total revenue of around $4.6 billion.
Phillips-Van Heusen CEO Emanuel Chirico said the new company would be "focused on international growth" and a "highly complementary company with iconic brands".
Tommy Hilfiger will remain in his role as principal designer and said of the deal: "I look forward to remaining actively involved in the business.
"This is the next phase in the global evolution and expansion of the Tommy Hilfiger brand."
The clothing group has been sold by the private equity firm Apax partners, which brought the firm for $1.6 billion in 2006.
Phillips-Van Heusen owns an array of well-known brands including Calvin Klein, DKNY and Chaps.
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