SHL TO SELL TOMMY STAKE
NEW YORK — Sportswear Holdings Ltd., the investment company owned by Tommy Hilfiger co-chairmen Silas Chou and Lawrence Stroll, plans to sell up to 7 million of its 12.3 million shares of Hilfiger to help fund other interests.
The sales would reduce SHL’s stake to 5.9 percent from its current level of about 13.6 percent. The privately held investment company said it intends to use the funds generated from the sale as capital for other companies in its portfolio, especially London-based Asprey & Garrard.
At Monday’s New York Stock Exchange closing price of $16.17, the 7 million shares, about 7.7 percent of those outstanding, would fetch about $113.2 million.
SHL intends to “maintain a significant equity interest” in Hilfiger. The sale was disclosed in a filing with the Securities and Exchange Commission.
Joel Horowitz, chief executive officer, noted in a statement, “Mr. Hilfiger and I have no plans to divest any of our holdings in the company at this time, and we remain committed to a program of building greater long-term value for our shareholders.”
In a joint statement, Chou and Stroll noted, “The decision in no way reflects any change in our enthusiasm about the company and its long-term prospects.”