PVH to move Tommy Hilfiger men’s tailored license to Peerless
PVH on Tuesday announced that it has entered into an agreement to acquire the Tommy Hilfiger men’s tailored business for North America from Marcraft Clothes, Inc., which will be consolidated under Peerless Clothing International, Inc.
As part of the transactions, PVH’s license agreement with Marcraft will be terminated, effective December 31, 2017, and the license agreement with Peerless will begin on January 1, 2018. The terms of all licenses were amended to run through at least December 31, 2022, and the terms of the transactions were not disclosed.
The new license agreements are an effort for PVH to consolidate its North American tailored men’s businesses for all of its brands under one partner.
Tommy Hilfiger is one of PVH's better performing brands, alongside Calvin Klein. The brand's North America business has struggled as of late, but the brand has remained positive due to its International business. Tommy Hilfiger in January presented its men's fall 2017 collection at Pitti Uomo in an effort to boost its menswear business.
“We are excited to expand our relationship with PVH to include the Tommy Hilfiger brand,” added Ronny Wurtzburger, President, Peerless Clothing International. “We believe that the brand’s rich American heritage and preppy with a twist designs will be a great addition to our offerings under PVH’s brands and will allow us to better serve all of PVH’s businesses and consumer tastes.”
Founded in 1919, Peerless Clothing is one of the largest manufacturers and distributors of tailored clothing in North America. The company has been the licensee for Calvin Klein, Van Heusen, and Izod for several years.
“We believe our longstanding relationship with Tommy Hilfiger and PVH has allowed us to drive the growth of the Tommy Hilfiger men’s tailored business in North America and our overall business over the last eight years,” said Gary Brody of Marcraft. “We believe the expertise we have developed will serve us well as we continue to operate our other existing businesses and identify future opportunities for growth,” added Marcraft’s Jeffrey Brody.
Marcraft Apparel Group is a privately held men’s tailored clothing company in the US that has licenses with Kenneth Cole, Ben Sherman, Karl Lagerfeld, Bruno Magli, GH Bass and Jones New York.
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