NEW YORK — The Tommy Hilfiger Group has entered into an agreement that, through a series of steps, will result in its acquiring majority control of Tommy Hilfiger Japan Corp., currently owned by Itochu Corp. Terms were not disclosed.
Established in 1996, THJC is the exclusive licensee of Tommy Hilfiger-branded products in Japan, and operates a network of 105 freestanding retail stores and 60 department store concessions. In calendar year 2006, THJC had net sales of $129 million). For the three years ended 2006, THJC's revenues increased at a compound annual growth rate of over 20 percent, Hilfiger said in a statement Tuesday.
"This acquisition is in line with our strategy to pursue opportunistic buybacks and acquisitions of licensees, consolidating brand management and enhancing our international presence by approaching various markets in an increasingly globally coordinated manner while leaving ample room for local interpretation and adaptation,” said Fred Gehring, CEO of Tommy Hilfiger Group. “We welcome the THJC team into the Tommy Hilfiger Group and we are especially pleased that the existing management team will continue to lead the business into the future."
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