NEW YORK — Dickson Concepts, an Asian luxury goods retailer, said on Friday that it plans to buy Tommy Hilfiger Asia-Pacific operations for $50.8 million.
Dickson Concepts, which operates Seibu department stores and Asia’s only Harvey Nichols store, said it plans to buy the entire issued capital of THAP from Dickson Concept’s chairman, Dickson Poon.
THAP, which sells lifestyle apparel and accessories bearing the brand name Tommy Hilfiger, operates 89 stores in Hong Kong, Taiwan, China, Singapore and Malaysia. The deal is aimed at strengthening Dickson Concepts’ retail business in the region, the retailer said in published reports. The company plans to expand its business by opening up to 70 THAP stores in these markets by 2014, depending on license rights and market conditions.
“The continued expansion of the store network and economies of scale arising from incorporating the THAP business … will further enhance the Dickson Group’s earnings growth and financial position,” the company said in a statement.
Dickson Concepts is making this purchase as retail sales continue to rise across Asia. In May, the Malaysian Retailers Association said it expects 7 percent growth in 2006.
Dickson Concepts also sells the brands Brooks Bros., Polo Ralph Lauren and Benetton.