Tommy Hilfiger, a name synonymous with high end fashion and exquisite clothing has now been acquired by the Phillips Van Heusen Corporation for a whopping $3.38 billion, marking the deal as one of the biggest acquisitions in the fashion industry. The owners of Tommy Hilfiger, the Apax Partners took the fashion house private in the year 2006, and after the failed attempt of getting Tommy Hilfiger listed in the year 2008, decided to sell off the brand.
The Phillips Van Heusen Corporation will pay Apax $3.01 billion in cash and the rest of the amount, equaling to $377 million will be given in the form of shares, Apax Partners are well known in the financial sectors as the owners of some of the biggest names in the fashion industry, such as Calvin Klein and have more than 900 fashion outlets across the United States, along with numerous branches spread across Europe and Asia.
It is a well known fact, that even with Tommy Hilfiger being considered as a largely Americanized brand, yet more about two thirds of the company’s business is based in Europe. Keeping this in mind, Phillips Van Heusen will now be looking forward to expand its reach into the European markets with the help of Tommy Hilfiger brand.
Via Times Online