The Tommy Hilfiger Group has acquired Tommy Hilfiger Footwear Europe GmbH, its European licensee based in Osnabruck, Germany.
Hilfiger footwear was launched in the European market in 2002, when the company signed a licensing agreement with Hamm Shoe & Accessories Co. GmbH. In five years, the business, which includes women’s, men’s and children’s footwear, has grown into an $81 million operation.
Financial details of the transaction, which is expected to close by Aug. 15, weren’t disclosed.
“This acquisition is in line with our strategy to consolidate brand management and approach the market in the most coordinated manner possible,” said Fred Gehring, chief executive officer of Tommy Hilfiger Group, in a statement.
Hans-Peter Hamm, president of the Hamm Shoe & Accessories Group, will step down as managing director of Tommy Hilfiger Footwear, and is retiring from the business.
The organization in Osnabruck will remain an independent entity, but will be managed as a division of Tommy Hilfiger Europe BV. Dirk Pues, a member of Hilfiger footwear’s management team since the inception, and recently named one of its managing directors, will remain in his post and report to Daniel Grieder, chief operating officer and president of Tommy Hilfiger Europe BV.