Private equity firm Apax, which owns around 80% of the business, is understood to have appointed investment banks Credit Suisse and Citigroup to investigate the float option.
Apax bought Tommy Hilfiger for US$1.6bn (£800m) in 2005 after sales at the brand dropped off dramatically.
Since then, the Timmy Hilfiger has attempted to become more European-focused and has moved upmarket under chief executive Fred Gehring. European sales are estimated to have doubled to £400m since 2003.
Tommy Hilfiger launched a collection from international footballer Thierry Henry, and opened a London flagship on Regent Street earlier this year.