Tommy Will Renew High-End Push
$1.6 billion deal will also fuel global expansion
By Michele SanFilippo -- Home Textiles Today, 1/9/2006 12:00:00 AM
New York — —
New York —Tommy Hilfiger Corp. will renew its push to the higher end and seek to strengthen its global expansion following its acquisition by private equity company Apax Partners for $1.6 billion in cash.
Apax expects to close on the deal by this spring, the company said.
Founder Tommy Hilfiger will remain active as principal designer and chairman of the strategy and design board. David Dyer, CEO of Tommy Hilfiger Corp., will leave the company and Fred Gehring, CEO of Tommy Hilfiger Europe, will assume leadership. Ludo Onnink, CFO of Tommy Hilfiger Europe, will also have a new title when the deal is done.
Hilfiger commented: “This is an exciting new phase in our evolution as a global lifestyle company. In addition to ensuring the strength of the Tommy Hilfiger brand at the higher end of the spectrum, we can continue to move ahead with the already successful global expansion.”
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