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PVH acquires Tommy Hilfiger Men's Clothing in N America
25
Jan '17
PVH Corp has announced that it has entered into an agreement to acquire the licensed Tommy Hilfiger men’s tailored clothing business for North America from Marcraft Clothes, Inc. PVH intends to consolidate the North America men’s tailored businesses for all of its brands under one partner, Peerless Clothing International Inc., beginning January 2018.

Marcraft operates the business under license from Tommy Hilfiger Licensing LLC, a wholly owned subsidiary of PVH. As part of the transaction, PVH will acquire certain assets related to the licensed business and the license agreement would be terminated effective December 31, 2017.

“We thank the Marcraft team for its partnership and for building a successful men’s tailored clothing business for the Tommy Hilfiger brand in North America. However, we believe it best serves the needs of our company and brands to have all of the men’s tailored businesses under the direction of one partner,” said Emanuel Chirico, chairman and CEO of PVH.

“We believe our longstanding relationship with Tommy Hilfiger and PVH has allowed us to drive the growth of the Tommy Hilfiger men’s tailored business in North America and our overall business over the last eight years,” said Gary Brody of Marcraft.

“We believe the expertise we have developed will serve us well as we continue to operate our other existing businesses and identify future opportunities for growth,” said Jeffrey Brody of Marcraft.

Terms of the transaction were not disclosed. (KD)

Fibre2Fashion News Desk – India


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