Monday, March 15, 2010

Calvin Klein owner wants to buys Tommy Hilfiger brand

Monday- LONDON -Clothing and design group Tommy Hilfiger is being bought by the owner of Calvin Klein, Philips-Van Heusen. The company behind Calvin Klein has bought fellow US fashion brand Tommy Hilfiger for 2.2 billion euros (3.0 billion dollars), Hilfiger's current owner said in a statement"Funds advised by Apax Partners today announced a definitive agreement to sell Tommy Hilfiger Group.. to Phillips-Van Heusen Corporation for a total consideration of approximately 2.2 billion euros," Phillips-Van Heusen says it will buy privately held Tommy Hilfiger in a cash-and-stock deal valued at about $3 billion, creating one of the world's biggest clothing companies.The deal announced Monday includes approximately 1.9 billion euros in cash ($2.6 billion) and 276 million euros ($379.9 million) in Phillips-Van Heusen stock.
Apax said.Apax Partners is a leading British private equity group.Phillips-Van Heusen is one of the world's largest apparel companies and owns the Calvin Klein brand worldwide, the statement said.

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