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| Tommy Hilfiger steps back |
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| Wednesday, 30 January 2008 | |
 Even though earlier this month, Tommy Hilfiger Group announced to acquire majority control of Tommy Hilfiger Japan. The company just shelved the plans for a $2 bn stock-market float in Amsterdam, according to WGSN. Due to the turmoil in markets worldwide, Tommy Hilfiger Group
decided to take a step back until the economy has stabilised.
Through a series of steps, the Group is still looking to acquire majority control of Tommy Hilfiger Japan Corporation (“THJC”), currently owned by Itochu Corporation. Terms of the transaction have not been disclosed.
Tommy Hilfiger is a premium lifestyle brand and one of the largest designer apparel brands globally. Tommy Hilfiger features men's and women's casual wear, sportswear, jeans, children’s wear and footwear in Europe, the United States and Canada, as well as in major department stores throughout Europe and North America. Through over 40 licensees, Tommy Hilfiger-branded products, including related apparel, accessories, fragrance and home furnishings, are distributed worldwide. Image: Tommy Hilfiger |
Established in 1996, THJC is the exclusive licensee of Tommy Hilfiger-branded products in Japan, which THJC brings to market through its network of 105 freestanding retail stores and 60 department store concessions, as of November 2007. In calendar 2006, THJC had net sales of ¥15.1 billion (€103 million; $129 million). For the three years ended 2006, THJC's revenues increased at a compound annual growth rate of over 20%.