Inbrands S.A.,a publicly held company with no shares registered for trade,and The Tommy Hilfiger Group,which is wholly owned by PVH Corp.,announced that they have formed a joint venture,Tommy Hilfiger do Brasil S.A.,which will hold the rights to operate,manage and distribute certain Tommy Hilfiger branded products in Brazil.The partnership,which also includes American Sportswear S.A.(ASSA)as a minority partner,will begin its wholesale and retail operations on January 4,2013.ASSA is the current distributor for the Tommy Hilfiger brand in Brazil,and will continue to operate its Tommy Hilfiger businesses in all other countries in South America,Central America and the Caribbean.Terms of the joint venture were not disclosed.
The move permits Tommy Hilfiger to be directly involved in the stewardship of the Tommy Hilfiger brand in Brazil,and reflects its strategy of acquiring direct interests in the Tommy Hilfiger businesses in key markets globally.
"This move allows us to directly support the development and expansion of our retail and wholesale business in Brazil,"said Fred Gehring,CEO of The Tommy Hilfiger Group."Similar to our expansion strategy in other markets,this partnership will allow for accelerated growth in one of the world's most exciting,high growth emerging markets."
Inbrands markets and manages global lifestyle and premium fashion brands in Brazil,including a strong portfolio of iconic global and local Brazilian brands.Inbrands'extensive multichannel distribution network includes brand-owned stores,franchises,multi-brand retail stores and e-commerce retailers.Their outstanding performance in the market confirms Inbrands'position as a key player in the Brazilian retail landscape.Inbrands will handle the day-to-day operations of the joint venture.
"I look forward to growing and developing the Tommy Hilfiger business in Brazil with The Tommy Hilfiger Group and ASSA,"said Alexandre Brett,Brand Director of Inbrands S.A."The Tommy Hilfiger brand is a market leader in the premium designer fashion sector,and there is a tremendous level of consumer interest for the brand.Brazil is one of the world's most dynamic and growing retail landscapes,and we are very excited to begin this joint venture."
"We have established a strong partnership with Inbrands and ASSA with this joint venture,"added Mr.Gehring."Their expertise in the country's apparel market is essential as we continue to firmly establish Tommy Hilfiger as a premium lifestyle brand in the region."
