USA: Tommy Hilfiger, Goody's Settle $11m Suit
Fashion group Tommy Hilfiger Corp on Friday said it had finally settled its long-running trademark infringement suit against value-priced apparel chain Goody's Family Clothing Inc and will receive $11 million.
The Hong-Kong based company said in a news release it will record a gain of eight cents a share in the fiscal first quarter ending June 30 as a result of the settlement.
Earlier this month, a court ordered Goody's to pay Hilfiger $2.1m in damages from its sale of fake T-shirts and nearly $9m for trademark infringement related to the labelling of three lines of private label jeans formerly used by the retailer.
Tennessee-based Goody's, which operates around 300 stores, said at the time it may appeal that decision but has now decided against such a move.
Hilfiger chairman and CEO, Joel Horowitz, said Friday: "With this settlement, we now put this matter fully behind us. We are pleased with its terms and with the success of our efforts in this case to address the blatant counterfeiting and trademark infringement that was taking place.
"We will continue to be vigilant in protecting the value of the Tommy Hilfiger brand and vigorous in our pursuit of those who violate the law."
Companies: Tommy Hilfiger Group
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