- Prachi Singh
-
|
PVH Corp. has entered into a definitive agreement to reacquire the
license for the Tommy Hilfiger brand in Hong
Kong, Macau, Taiwan, Singapore and Malaysia, along with certain related
leases and retail assets, from Dickson Concepts (International) Limited.
Without disclosing the details, the company said that the transaction is
expected to close in the second quarter of 2019.
Commenting on the development, Emanuel Chirico, Chairman and Chief
Executive Officer, PVH Corp., said in a statement: “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.”
This step, PVH added, is aligned with the company’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.
“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. 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,” added Daniel
Grieder, Chief Executive Officer, Tommy Hilfiger Global.
Picture:Facebook/Tommy Hilfiger
