Tommy Hilfiger brings European tailored license in-houseTuesday, 25 October 2011
Tommy Hilfiger tailored apparel was introduced to the European market in October 1998 under a licensing arrangement operated by the Holy Fashion Group. Through the partnership, the lifestyle label began offering high quality tailored clothing, dress shirts and ties; a business which today represents over $100M in retail value.
Holy Fashion Group will continue to operate the business until the transaction is finalised by December 31, 2012. No financial details of the agreement have been disclosed.
"This acquisition represents an exciting opportunity for us to build further on the solid base that the Holy Fashion Group has developed over the years. By directly integrating the business into the overall Tommy Hilfiger European organization and commercial infrastructure, we feel we can develop further areas of potential throughout the region. In addition we can also take advantage of PVH's status as the world's largest dress shirt company," said Daniel Grieder, Chief Executive Officer of Tommy Hilfiger Europe.
The new in-house Tailored division will be headed by Michael Berngruber, who joins the Tommy Hilfiger Group in the capacity of Vice President Tailored Clothing Europe. Berngruber joins from Hugo Boss were he has worked for the past 10 years in various managerial positions. He will be joined by Marcel Ostwald who takes up the position of the Tailored division's Creative Director.
“Tailored clothing is a specialised product category and, as such, we are excited that we have been able to bring on board a highly experienced management team to lead this new division," added Grieder.