PVH Corp. on Monday announced that it has entered into a definitive agreement to reacquire from Dickson Concepts (International) Ltd. the license for the Tommy Hilfiger brand in Hong Kong, Macau, Taiwan, Singapore and Malaysia, along with certain related leases and retail assets. Terms of the transaction were not disclosed.
“This transaction demonstrates our commitment to making strategic investments to support the long term growth of PVH and our Tommy Hilfiger business, while leveraging our well-established infrastructure, our leadership expertise and strong brand momentum across both our Tommy Hilfiger and Calvin Klein businesses in the region.”
The transaction is expected to close in the second quarter of 2019 and is aligned with PVH’s stated strategy of gaining more direct control over its brands, including through the acquisition of licensed businesses. The transaction is intended to allow the company to capitalize on the significant growth opportunity in the region.
Emanuel Chirico, chairman and CEO, PVH Corp., commented: “This transaction demonstrates our commitment to making strategic investments to support the long term growth of PVH and our Tommy Hilfiger business, while leveraging our well-established infrastructure, our leadership expertise and strong brand momentum across both our Tommy Hilfiger and Calvin Klein businesses in the region.”
Daniel Grieder, CEO, Tommy Hilfiger Global, commented: “We are looking forward to executing a more fully integrated strategy for the Greater China market in coordination with our directly operated mainland China business. This transaction should allow us to further realize the growth opportunities that exist for the Tommy Hilfiger brand by enabling the introduction of a wider range of product lines, and offering consumers a more immersive and elevated brand experience. Building on our strong existing regional foundation, we plan to accelerate the growth of the Tommy Hilfiger business and invest further in driving the expansion of the brand.”
