By ANDREW ROSS SORKIN and MICHAEL J. de la MERCED
Published: March 15, 2010
With the acquisition, Phillips-Van Heusen, which also owns Arrow and Izod and licenses brands likeGeoffrey Beene and Kenneth Cole New York, will seek to take advantage of Tommy Hilfiger’s strong European distribution channels for its own products. Despite Tommy Hilfiger’s reputation as a quintessentially American clothier, two-thirds of the company’s business is based in Europe.Phillips-Van Heusen, the clothing conglomerate that owns Calvin Klein, announced Monday that it would buy Tommy Hilfiger, once a leading purveyor of colorful preppy clothing, for about 2.2 billion euros, or $3 billion, in cash and stock.The chief executive of Phillips-Van Heusen, Emanuel Chirico, said in a statement that the acquisition was “a unique opportunity to bring together two premier companies, each with iconic brands.”“Tommy Hilfiger fits all of our acquisition criteria: a strong brand, superior management, highly profitable, immediately accretive to earnings, and focused on international growth,” Mr. Chirico said.Tommy Hilfiger’s revenue for the year ending March 31 is expected to be about $2.25 billion, the statement on the deal said. About 46 percent of the revenue comes from wholesale sales and 52 percent from retail sales.Under the terms of the deal, Phillips-Van Heusen will pay a combination of cash and stock, though most of the offer would be in cash. The former owner, Apax Partners, will still own about 13 percent of the American clothing company. Phillips-Van Heusen is expected to take on more than $2.5 billion in debt to finance the deal.While Mr. Hilfiger no longer holds a management role at the company that bears his name, he remains a principal designer and a public face for the clothier.Tommy Hilfiger’s chief executive, Fred Gehring will continue as chief, according to Monday’s announcement.
By ANDREW ROSS SORKIN and MICHAEL J. de la MERCED
Published: March 15, 2010
With the acquisition, Phillips-Van Heusen, which also owns Arrow and Izod and licenses brands likeGeoffrey Beene and Kenneth Cole New York, will seek to take advantage of Tommy Hilfiger’s strong European distribution channels for its own products. Despite Tommy Hilfiger’s reputation as a quintessentially American clothier, two-thirds of the company’s business is based in Europe.Phillips-Van Heusen, the clothing conglomerate that owns Calvin Klein, announced Monday that it would buy Tommy Hilfiger, once a leading purveyor of colorful preppy clothing, for about 2.2 billion euros, or $3 billion, in cash and stock.
The chief executive of Phillips-Van Heusen, Emanuel Chirico, said in a statement that the acquisition was “a unique opportunity to bring together two premier companies, each with iconic brands.”
“Tommy Hilfiger fits all of our acquisition criteria: a strong brand, superior management, highly profitable, immediately accretive to earnings, and focused on international growth,” Mr. Chirico said.
Tommy Hilfiger’s revenue for the year ending March 31 is expected to be about $2.25 billion, the statement on the deal said. About 46 percent of the revenue comes from wholesale sales and 52 percent from retail sales.
Under the terms of the deal, Phillips-Van Heusen will pay a combination of cash and stock, though most of the offer would be in cash. The former owner, Apax Partners, will still own about 13 percent of the American clothing company. Phillips-Van Heusen is expected to take on more than $2.5 billion in debt to finance the deal.
While Mr. Hilfiger no longer holds a management role at the company that bears his name, he remains a principal designer and a public face for the clothier.
Tommy Hilfiger’s chief executive, Fred Gehring will continue as chief, according to Monday’s announcement.
原文請點http://www.nytimes.com/2010/03/16/business/global/16deal.html
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