Phillips-Van Heusen, who has owned Calvin Klein since 2003, has decided to buy the clothing company that belongs to British buyout group Apax Partners. This is going to be the second change of ownership for Tommy Hilfiger in four recent years.
In 2006 the company was purchased by its current owners for 1.6 billion US dollars. It was a troubled period for the brand. Apax fought off competition from few firms including Phillips-Van Heusen to secure the deal.Now as company goes on sale again Apax says the business is ‘back to its old strengths’ after an overhaul during the past four years.
Apax partner Christian Stahl, who will join the Phillips-Van Heusen board after the sale, said:
In 2006, the business was suffering in the US and had lost its clear positioning – we saw the strength of the international business and together with the management team developed a clear strategy for repositioning and restructuring the US business. We invested heavily for growth and were able to crystallise the inherent value in this iconic brand.”
The number of Tommy Hilfiger stores has nearly doubled to 1,002 from 574 in 2006, and workforce has increased by 1,000.
Seems like Phillips-Van Heusen makes a good investment. We hope the brand will develop into a fashion empire!
Information was taken from dailymail.co.uk
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