<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=PVH+Corp" target="_blank">PVH Corp</a>, the apparel company that owns the Calvin Klein and Tommy Hilfiger brands, said today that it was acquiring the rest of the stake in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=TH+Asia+Ltd" target="_blank">TH Asia Ltd</a>., the joint venture for China, that it did not already own.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=PVH+Corp" target="_blank">PVH Corp</a>, the apparel company that owns the Calvin Klein and Tommy Hilfiger brands, said today that it was acquiring the rest of the stake in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=TH+Asia+Ltd" target="_blank">TH Asia Ltd</a>., the joint venture for China, that it did not already own.
TH Asia is the holding company for Tommy Hilfiger apparel in China. The deal price is about $172 million, out of which $100 million will be paid in cash. It is expected to close by the second quarter of 2016.
Other partners in the JV include funds advised by private equity firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Apax+Partners" target="_blank">Apax Partners</a>, an affiliate of Silas Chou and members of Tommy Hilfiger management at the time of the acquisition in 2010. Such members include PVH vice chairman Fred Gehring, Tommy Hilfiger  CEO Daniel Grieder, and Tommy Hilfiger himself.
The Tommy Hilfiger business in China has doubled from approximately $70 million in revenue to a projected $140 million in revenue for 2015 with over 350 stores, of which 65 are directly operated. The JV had acquired Tommy Hilfiger&#8217;s China business from the former licensee in 2012.
&#8220;This transaction enables the Tommy Hilfiger business to directly operate its fastest growing market, while leveraging our well-established infrastructure in Asia, our regional leadership expertise and strong brand momentum across both our Tommy Hilfiger and Calvin Klein businesses in the region,&#8221; said Emanuel Chirico, chairman and chief executive officer, PVH Corp, in a statement.
&#8220;We plan to invest further in driving the expansion of the brand through new store openings (both company-operated and franchised stores) and improved productivity in existing stores,&#8221; said Daniel Grieder.
PVH Corp. is one of the world&#8217;s largest apparel companies and owns brands such as Van Heusen, Calvin Klein, Tommy Hilfiger, Izod, Arrow and Warner&#8217;s. Its licensed brands include Speedo, Kenneth Cole New York, Kenneth Cole Reaction, and Michael Kors.
Apax Partners, with over $38 billion under management, has previously invested in the fashion and consumer space in brands like Cole Hann and Karl Lagerfeld.
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The Tommy Hilfiger business in China has doubled from approximately $70 million in revenue to a projected $140 million in revenue for 2015.

PVH Corp buys out Tommy Hilfiger JV in China

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PVH Corp buys out Tommy Hilfiger JV in China

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