Tommy Hilfiger to reposition in US
- Published: 03 May 2008 15:29
- Last Updated: 07 May 2008 16:00
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Sales at Tommy Hilfiger soared 10% to a record €1.37 billion (£1bn) for the year to March 31, prompting the US lifestyle brand to kick-start a repositioning in its domestic market.
The business, which ditched plans for a €3bn (£2.35bn) floatation in Europe earlier this year due to turmoil in the markets, said it would open up to 10 stores a year in the US to help address brand perception by showcasing the whole range. Its European sales leapfrogged its home market two years ago after the brand focused on shifting the label away from its denim roots in Europe and Asia. At the same time it fell out of favour with US young fashion shoppers.
Tommy Hilfiger has more than 550 stores worldwide but only six in the US. It is due to open a flagship store in New York in November.
Chief executive Fred Gehring said like-for-like retail sales in the fourth quarter were up by double digits, but the company declined to disclose profits.
The brand, owned by private equity group Apax Partners, said it would look again at European stock market flotation in the autumn of 2009.
