Brand owner takes control of Chinese joint venture and appoints dress licensee.
The new agreement for TH Asia will see PVH and funds advised by Apax Partners acquire the remaining 55 percent interest the joint venture that PVH did not already own for roughly $172 million. The deal is expected to close in the second quarter of this year.
Eventually taking full ownership of the joint venture was always part of the plan, since PVH and the funds advised by Apax Partners established the joint venture in connection with the Tommy Hilfiger acquisition in 2010.
Since 2012, the first year of operations after the joint venture acquired Tommy Hilfiger China from its former licensee, the Tommy Hilfiger business in China has doubled from nearly $70 million in revenue to a projected $140 million in revenue for 2015 with more than 350 stores.
“We are looking forward to executing
Additionally, PVH has tapped G-III Apparel to develop a new Tommy Hilfiger dress collection that will complement existing Tommy Hilfiger women’s sportswear offerings. The spring 2016 collection will launch this month at select department stores including Macy’s, specialty stores and e-commerce partners in the U.S. and Canada.
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