PVH, holding company of US brand Tommy Hilfiger and funds advised by Apax Partners have reached an agreement to acquire the missing 55% interest in TH Asia Ltd., their joint venture for the brand in China that PVH didn’t already own.

Tommy Hilfiger’s joint venture in China was established in 2010, when PVH bought the brand. The rapid growth of the brand in this market –since 2012, the business has doubled from approximately $70 million in revenue to a projected $140 million in revenue for 2015- prompted PVH to make a move.

The brand stake that PVH acquires is currently owned by various shareholders: an affiliate of Hong Kong textile tycoon Silas Chou, some former and existing management of Tommy Hilfiger and PVH, and founder Tommy Hilfiger. The closing is expected to occur early in the second quarter of 2016 and the purchase price for the transaction is approximately $172 USD million (€155 million).

According to a corporate statement, Tommy Hilfiger plans to increase brand marketing in China, while further investing in new store openings (both company-operated and franchised stores). Currently, the PVH-owned brand runs some 350 stores in the country, of which 65 are directly operated.

Tommy Hilfiger 30th anniversary Beijing fashion show finale
Tommy Hilfiger 30th anniversary Beijing fashion show finale