Phillips-Van Heusen to Acquire Tommy Hilfiger
Posted on March 15, 2010
Phillips-Van Heusen (PVH) announced today that it will acquire Tommy Hilfiger B.V. from Apax Partners for about $3 billion in a cash and stock deal. The news confirmed earlier rumors. Tommy Hilfiger will no longer have a management role, but he will remain as the brand's principal designer and visionary for the Tommy Hilfiger brand. Fred Gehring will continue as CEO of Tommy Hilfiger and add the responsibility as CEO of PVH's international operations. Gehring will also join the PVH Board of Directors.
PVH said it will maintain and strengthen Tommy Hilfiger's relationship with Macy's, the exclusive wholesale carrier of Tommy Hilfiger merchandise in the U.S.
Tommy Hilfiger said, "This is the next phase in the global evolution and expansion of the Tommy Hilfiger brand. I am confident that Manny Chirico and the PVH organization will provide Tommy Hilfiger with the support and investment to allow my great partners in the Tommy Hilfiger organization to do what is necessary to take our brand to new heights. I look forward to remaining actively involved in the business and believe that PVH is the ideal partner to help us achieve our goals."
Pictured above: Emanuel Chirico, Chairman and CEO, Phillips-Van Heusen Corporation; Tommy Hilfiger, Principal Designer and Visionary, Tommy Hilfiger B.V.; Fred Gehring, CEO, Tommy Hilfiger B.V.