Clothing company gains full ownership of Tommy Hilfiger China joint venture.
PVH has completed its acquisition of the remaining 55 percent interest in TH Asia, its joint venture for Tommy Hilfiger in China.
The acquisition is expected to add roughly $100 million in revenue.
PVH initially announced it would take control of the brand in China in February.
“This transaction has been envisioned since PVH and the funds advised by Apax Partners established the Tommy Hilfiger China joint venture in connection with the Tommy Hilfiger acquisition in 2010,” says Emanuel Chirico, chairman and chief executive officer, PVH. “With the closing of this transaction, our Tommy Hilfiger business can now operate directly its fastest growing market, while leveraging our well-established infrastructure in Asia, our regional leadership expertise and strong brand momentum across both our Tommy Hilfiger and Calvin Klein businesses in the region. We look forward to the continued growth of the Tommy Hilfiger business in China.”
PVH is ranked No. 2 among licensors worldwide, according to License! Global’s exclusive Top 150 Global Licensors 2015 report. The newly updated report will be released next month.