Calvin Klein and Tommy Hilfiger's parent company is on an acquisition blitz.
Following a $124 million takeover bid for its Australian partners in February, PVH Corp has now launched similar bids across the Asian market.
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.
The license is currently held by Dickson Concepts (International) Limited.
The transaction is expected to close in the second quarter of 2019 and is aligned with PVH’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 capitalise on the significant growth opportunity in the region, PVH Corp CEO Emanuel Chirico said.
“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.”
Tommy Hilfiger CEO Daniel Grieder revealed plans to expand across 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.
"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.”