American fashion retailer PVH Group, which owns Tommy Hilfiger brand (THG), has purchased Murjani Group’s 50 per cent stake in Arvind Murjani Brands (AMB) for an undisclosed sum. This is speculated to bring many THG brands into India.
Fred Gehring, Chief Executive Officer of Tommy Hilfiger Group stated, “We are pleased to be continuing the Tommy Hilfiger brand’s partnership with Arvind Limited with this exciting new venture. We believe that continuing the relationship will allow us to benefit from their expertise in the Indian apparel and manufacturing business, both with the Tommy Hilfiger brand, as well as other brands, including our sibling brands, Izod and Arrow.”
Shailesh Chaturvedi, Chief Executive Officer of the joint venture stated, “I look forward to continuing to lead the effort to grow and develop the Tommy Hilfiger business in India, an effort in which I have been involved for the past five years. There is a tremendous level of consumer interest in India for the Tommy Hilfiger brand and even with the extensive network of stores currently in existence, I believe that there are still significant opportunities for further growth and expansion.”
Arvind Limited, owned by Sanjay Lalbhai will continue to own the remaining 50 per cent stake. The deal includes the purchase of Murjani’s licence for the Tommy Hilfiger trademarks in India.