Tommy Hilfiger buys 50% in Arvind’s JV with Murjani Group

Tommy Hilfiger buys 50% in Arvind’s JV with Murjani Group

Moneycontrol Bureau

International fashion brand Tommy Hilfiger has bought a 50% stake in apparel retailer  Arvind s joint venture Arvind Murjani Brands (AMB) from Murjani Group.

The move will help it accelerate the business in India, Tommy Hilfiger said. Tommy Hilfiger products are presently distributed through over 80 stores in India.

“The transaction includes the buyout of the Murjani Groups license for the Tommy Hilfiger trademarks in India and the acquisition of its 50% interest in AMB,” the company said in a release on Thursday.

The financial terms of the deal were not disclosed.

AMB has been the sub-licensee of Tommy Hilfiger since it was introduced in India in 2004.

“India is an important market for Tommy Hilfiger and we are fully committed to the continued growth and development of our business here. The transaction allows us to integrate India into our global platform for design and sourcing, ensuring consistency of the brand, while providing dedicated regional expertise where needed,” said Fred Gehring, CEO of Tommy Hilfiger Group.

Tommy Hilfiger will continue its partnership with Arvind going ahead, Gehring said.

Arvind shares were trading up 2.8% at Rs 85 on NSE in afternoon trade.

Nachiket Kelkar
nachiket.kelkar@network18online.com