Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Apax Partners Said Planning to Sell Hilfiger China Stake to PVH

Apax Partners, one of Europe’s largest private equity firms, plans to sell its stake in Tommy Hilfiger’s China operations to joint-venture partner PVH Corp., people with knowledge of the matter said.
By
  • Bloomberg

NEW YORK, United States — Apax Partners, one of Europe's largest private equity firms, plans to sell its stake in Tommy Hilfiger's China operations to joint-venture partner PVH Corp., people with knowledge of the matter said.

Apax, which owns about half of the China venture, is exercising an option to sell its holding to PVH and should complete the transaction by the end of the year, according to the people. The terms of the deal would give the China venture an equity value of about $500 million, the people said, asking not to be identified because the information is private.

PVH, the owner of the Tommy Hilfiger brand, is considering an initial public offering of the China operations as early as next year after buying Apax’s stake, one of the people said.

An agreement would end Apax’s nine-year association with fashion brand Tommy Hilfiger. The firm took the company private in May 2006 in a deal valued at about $1.6 billion. In March 2010, the buyout firm sold most of the company to PVH, a deal valued at $3 billion, while retaining a stake in the China operations.

ADVERTISEMENT

PVH, which also owns consumer brands including Calvin Klein and Speedo, reported $8.24 billion of sales in the most recent financial year, according to data compiled by Bloomberg. Global revenue from Tommy Hilfiger was $3.58 billion last year, accounting for about 43 percent of PVH sales, the data show.

A spokesman for Apax declined to comment, while representatives for PVH didn’t immediately respond to requests for comment.

By Kiel Porter, Vinicy Chan; editors: Elizabeth Fournier, Ben Scent, Elizabeth Wollman, Timothy Sifert.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from China
On-the-ground intelligence and insights from the world’s largest fashion market.

Where to Engage Shoppers This Chinese New Year

While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.


Why Chinese Brands Excel at Down Jackets

Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections