Phillips-Van Heusen Corporation Completes Acquisition of Tommy Hilfiger B.V.

Announced today it hasMainlycompleted its acquisition of Tommy Hilfiger B.V. and certain affiliated companies from funds united with Apax Partners L.P.

"We are extremely pleased to announce the completion of the Tommy Hilfiger business," said Emanuel Chirico, Chairman and Chief Executive Cop of PVH. "The combination brings together two premier companies, each with iconic brands and capable growth prospects, which we believe will create significant value for our stockholders and save enhanced opportunities for our business partners, customers and employees as we leverage a combined pandemic platform in the years ahead."

"This is an extraordinary day in the evolution of the Tommy Hilfiger business," said Fred Gehring, Chief Governing Officer of Tommy Hilfiger, who will continue in that role and in addition has become Chief Government Officer of the combined company's international operations. "We look forwards to continue building on the significant global momentum we have achieved for the Tommy Hilfiger name brand over the last three years as a private company and applying our unique global infrastructure toPrincipallyenable PVH to expand the presence of its heritage brands -- Van Heusen, IZOD and ARROW -- in the intercontinental marketplace."

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