Retailers, consumers and prices
Check out apparel company Phillips-Van Heusen’s deal to buy fashion brand Tommy Hilfiger for about $3 billion.
Phillips-Van Heusen, also owner of the Calvin Klein label, is making the cash and stock deal, expected to close in the second quarter, to boost its presence in markets like Europe and Asia. Tommy Hilfiger is currently owned by private equity firm Apax Partners.
“Tommy Hilfiger fits all of our acquisition criteria: a strong brand, superior management, highly profitable, immediately accretive to earnings, and focused on international growth,” Phillips-Van Heusen CEO Emanuel Chirico said.
After the deal, Hilfiger (pictured with actress Hayden Panettiere during New York Fashion Week in February) will remain in his role as principal designer and visionary for the namesake brand, and Fred Gehring will continue as CEO of Tommy Hilfiger. Gehring also will take on role as CEO of PVH’s international operations and join the PVH board.
from Fan Fare:
Listen up, all you Oscar fashion watchers.
Black is back in a big way because "it's practical," New York designer Francisco Costa told Reuters after his fall Calvin Klein Women's runway show at New York Fashion Week, which ended on Friday. Black is also among the "in" colors for gowns on the red carpet this year and will very likely make a major appearance at the Oscars on Sunday. Kate Winslet already has been showing a penchant for black during Hollywood's awards season.
Actress Kate Beckinsale, in a skintight black leather dress, was among the celebrities who packed the Calvin Klein showroom this week to see Costa's fall collection of tailored coats and sculptured dresses. Many had asymmetrical hems. The horsehair boots and shoes featured high rectangular heels that were open in the middle.
Clothing company Warnaco got to boast about the strength of its Calvin Klein jeans and underwear business last week when it reported much better-than-expected earnings and raised its full-year outlook.
Now the company, whose stock rose 6 percent yesterday to a new 52-week high, says it is feeling “the Phelps factor” as U.S. Olympian swimmer Michael Phelps racks up the gold medals in Beijing, at times while wearing the company’s new Speedo LZR suit.