Tommy Hilfiger takes control in Japan
American fashion designer The Tommy Hilfiger Group is to acquire majority control of Tommy Hilfiger Japan Corporation (THJC), which is currently owned by Itochu Corporation. Terms of the transaction were not disclosed.
Established in 1996, THJC is the exclusive licensee of Tommy Hilfiger-branded products in Japan, through its network of 105 owned stores and 60 department store concessions. In 2006, its net sales totalled ¥15.1 billion ($129 million). For the three years ended 2006, revenues have risen by more than 20% per year.
"We believe that there is potential for substantial continued growth in Japan for Tommy Hilfiger," says chief executive officer, Fred Gehring. "This acquisition is in line with our strategy to pursue opportunistic buybacks and acquisitions of licensees, consolidating brand management and enhancing our international presence," he adds.
The company designs, sources and markets men's and women's casual wear, sportswear, jeans, children's wear and footwear.
