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.