Tommy Hilfiger sold for € 2, 2 billion

Phillips-Van Heusen is close to buying the American fashion brand Tommy Hilfiger for 2, 2 billion euros. The deal could be announced today. However, sources New York Times notes that negotiations are still ongoing and may result to no avail. Companies Phillips-Van Heusen owns well-known brands in the US, and Izod and Arrow licenses for brands Geoffrey Beene and Kenneth Cole. Adding to his collection of Tommy Hilfiger, the company expects to strengthen its position in the European market. Representatives of Phillips-Van Heusen and Apax, which owns fashion brand, have not commented on the information. The head of Tommy Hilfiger Fred Goering in September 2009 stated that Apax most appropriate strategy is to place Tommy Hilfiger shares on the stock exchange. However, the idea was never implemented because of the crisis.