The company behind Calvin Klein has bought fellow US fashion brand Tommy Hilfiger for €2.2 billion. Hilfiger's current owner, private equity group Apax Partners, announced the deal with Phillips-Van Heusen Corporation.
Apax bought Hilfiger in 2006 for €1.2 billion and said it had since boosted revenues, increased the brand's global presence and lowered its debts.
Phillips-Van Heusen is one of the world's largest clothing companies and owns the Calvin Klein brand worldwide. Its licensed brands include Kenneth Cole, DKNY, Sean John and Timberland.
Tommy Hilfiger is known for its all-American casual and sports clothes, often featuring the preppy look of Ivy League American students, along with fragrances and accessories.
The company was struggling in its main US market when it was bought by Apax. Tommy Hilfiger has more than 1,000 stores worldwide.
