Hilfiger takes control in Japan
American casual wear, sportswear, jeans, children's wear and footwear company The Tommy Hilfiger Group has entered into an agreement to acquire majority control of licensee Tommy Hilfiger Japan Corporation (THJC), which is currently owned by Itochu Corporation. No financial details of the deal have been disclosed.
Set up in 1996, the Japanese company is the exclusive licensee of Tommy Hilfiger products in Japan and operates 105 free-standing retail stores and 60 department store concessions in the Asian country, generating annual net sales of ¥15.1 billion ($129 million).
Commenting on the deal, chief executive of Tommy Hilfiger, Fred Gehring, said: "We believe that there is potential for substantial continued growth in Japan for Tommy Hilfiger. Under Itochu's leadership, THJC has done an outstanding job in positioning the brand and building a very meaningful business. The integration of THJC will help to build upon the success that has already been achieved.”
