Tommy Hilfiger Group and Inbrands S.A. Announce Joint Venture to Operate the Tommy Hilfiger Business in Brazil
SÃO PAULO & NEW YORK--(BUSINESS WIRE)-- Inbrands S.A., a publicly held company with no shares registered for trade, and The Tommy Hilfiger Group, which is wholly owned by PVH Corp. (NYS: PVH) , announced today that they have formed a joint venture, Tommy Hilfiger do Brasil S.A., which will hold the rights to operate, manage and distribute certain Tommy Hilfiger branded products in Brazil. The partnership, which also includes American Sportswear S.A. ("ASSA") as a minority partner, will begin its wholesale and retail operations on January 4, 2013. ASSA is the current distributor for the Tommy Hilfiger brand in Brazil, and will continue to operate its Tommy Hilfiger businesses in all other countries in South America, Central America and the Caribbean. Terms of the joint venture were not disclosed.
The move permits Tommy Hilfiger to be directly involved in the stewardship of the Tommy Hilfiger brand in Brazil, and reflects its strategy of acquiring direct interests in the Tommy Hilfiger businesses in key markets globally.
"This move allows us to directly support the development and expansion of our retail and wholesale business in Brazil," said Fred Gehring, CEO of The Tommy Hilfiger Group. "Similar to our expansion strategy in other markets, this partnership will allow for accelerated growth in one of the world's most exciting, high growth emerging markets."
Inbrands markets and manages global lifestyle and premium fashion brands in Brazil, including a strong portfolio of iconic global and local Brazilian brands. Inbrands' extensive multichannel distribution network includes brand-owned stores, franchises, multi-brand retail stores and e-commerce retailers. Their outstanding performance in the market confirms Inbrands' position as a key player in the Brazilian retail landscape. Inbrands will handle the day-to-day operations of the joint venture.
"I look forward to growing and developing the Tommy Hilfiger business in Brazil with The Tommy Hilfiger Group and ASSA," said Alexandre Brett, Brand Director of Inbrands S.A. "The Tommy Hilfiger brand is a market leader in the premium designer fashion sector, and there is a tremendous level of consumer interest for the brand. Brazil is one of the world's most dynamic and growing retail landscapes, and we are very excited to begin this joint venture."
"We have established a strong partnership with Inbrands and ASSA with this joint venture," added Mr. Gehring. "Their expertise in the country's apparel market is essential as we continue to firmly establish Tommy Hilfiger as a premium lifestyle brand in the region."
About The Tommy Hilfiger Group
With a premium lifestyle brand portfolio that includes Tommy Hilfiger, Hilfiger Denim and Tommy Girl, the Tommy Hilfiger Group is one of the world's most recognized designer apparel groups. Its focus is designing and marketing high-quality menswear, womenswear, children's apparel and denim collections. Through select licensees, the Group offers complementary lifestyle products such as sportswear for men, women, juniors and children; footwear; athletic apparel (golf, swim and sailing); bodywear (underwear, robes and sleepwear); eyewear; sunwear; watches; handbags; men's tailored clothing; men's dress furnishings; socks; small leather goods; fragrances; home and bedding products; bathroom accessories; and luggage. The Hilfiger Denim product line consists of jeanswear and footwear for men, women and children; bags; accessories; eyewear and fragrance. Merchandise under the Tommy Hilfiger brands is available to consumers worldwide through an extensive network of Tommy Hilfiger retail stores, leading specialty and department stores and other select retailers and retail channels.
About PVH Corp.
PVH Corp., one of the world's largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world's largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos.
About Inbrands S.A.
Inbrands is a leading platform for the managing and consolidation of lifestyle and premium fashion brands regarded as "iconic brands" in Brazil. Inbrands´ focus is the acquisition, development and professional and efficient management of high end renowned brands with potential for high returns, innovation and wide distribution and exposure in Brazil. Inbrands has a multichannel distribution network with nationwide presence and a flexible production model.
About The American Sportswear Group
The American Sportswear Group is the distributor of Tommy Hilfiger and Hilfiger Denim products for Latin America and the Caribbean. Since 1986, the company has successfully taken the diversity of products under the Tommy Hilfiger brand to all the countries in the region. As a leader in the industry, The American Sportswear Group represents a range of products including: menswear, womenswear, childrenswear and licensing products that include footwear, accessories and fragrances.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements made in this release, including, without limitation, statements relating to the future plans, strategies, objectives, expectations and intentions of PVH Corp. and its subsidiaries (collectively, "PVH") are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, the following: (i) PVH's plans, strategies, objectives, expectations and intentions are subject to change at any time at its discretion; (ii) PVH uses a significant portion of its cash flows to service its indebtedness, as a result of which PVH might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iii) acquisitions and issues arising with acquisitions and proposed transactions, including without limitation, the ability to integrate an acquired entity, into PVH with no substantial adverse effect on the acquired entity's or PVH's existing operations, employee relationships, vendor relationships, customer relationships or financial performance; and (iv) other risks and uncertainties indicated from time to time in PVH's filings with the Securities and Exchange Commission.
The Company does not undertake any obligation to update publicly any forward-looking statement, whether as a result of the receipt of new information, future events or otherwise.
Dana Perlman, 212-381-3502
Treasurer, SVP - Business Development and Investor Relations
Zach Eichman, 212-548-1978
Tiffin Jernstedt, 31 20 709 8076
KEYWORDS: United States Brazil North America South America New York
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