Tommy Hilfiger buys stake in joint venture in India
American fashion retailer PVH Group, which owns Tommy Hilfiger brand or THG, has purchased Murjani Group’s 50 %t stake in Arvind Murjani Brands or AMB for an undisclosed sum, a move that could bring many THG brands into India.
According to a person directly involved in the deal, the American company has paid approximately 100 million dollars. Tommy Hilfiger has a sales of around 50 million dollars in India. Arvind Limited, owned by Sanjay Lalbhai will continue to own the remaining 50 % stake.
The deal includes the purchase of Murjani’s licence for the Tommy Hilfiger trademarks in India. AMB has been the apparel sub-licensee of Tommy Hilfiger after in India since 2004.
adapted from Indian Express