PVH COMPLETES ACQUISITION OF TOMMY HILFIGER CHINA
PVH Corp. has completed its acquisition of the 55 percent interest in TH Asia Ltd., its joint venture for Tommy Hilfiger in China that it did not already own. The acquisition is expected to add approximately $100 million of revenue and be slightly accretive to 2016 earnings per share on a non-GAAP basis.
“This transaction has been envisioned since PVH and the funds advised by Apax Partners established the Tommy Hilfiger China joint venture in connection with the Tommy Hilfiger acquisition in 2010,” said Emanuel Chirico, PVH Corp. chairman and CEO. “With the closing of this transaction, our Tommy Hilfiger business can now operate directly its fastest growing market, while leveraging our well-established infrastructure in Asia, our regional leadership expertise and strong brand momentum across both our Tommy Hilfiger and Calvin Klein businesses in the region. We look forward to the continued growth of the Tommy Hilfiger business in China.”
With over $8 billion in 2015 revenues, PVH Corp. owns a diverse portfolio of brands including Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow, Speedo, Warner’s and Olga brands and markets a variety of goods under many other owned and licensed brands.
