US apparel giant PVH Corporation is taking back more direct control of its Tommy Hilfiger business in Central and South East Asia ahead of plans to expand the brand in the region.
The move is seeing the company reacquire the license for Tommy Hilfiger in Hong Kong, Macau, Taiwan, Singapore and Malaysia – along with some leases and retail assets – from Dickson Concepts (International) Limited.
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The transaction is due to close in the second quarter of 2019 and is intended to allow the company to capitalise on what it sees as the significant growth opportunity by leveraging its well-established infrastructure, leadership expertise and strong brand momentum 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,” explains Daniel Grieder, chief executive officer of Tommy Hilfiger Global.
“This transaction should allow us to further realise the growth opportunities that exist for the Tommy Hilfiger brand by enabling the introduction of a wider range of product lines, and offering consumers a more immersive and elevated brand experience. 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.”
Earlier this year PVH revealed a restructuring of its Calvin Klein business, including consolidation of the men’s Calvin Klein Sportswear and Calvin Klein Jeans business in North America.
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By GlobalData
