Fashion News

Hilfiger for auction
Posted by Nick

According to recent reports published, the fashion company Tommy Hilfiger Corp is planning to expand its business further through putting itself on the auction block.

The asking price for the Hong Kong-based company is at least $1.82 billion (£995.4 million) although it has the potential to go for as much as $2.16 billion. The companies shares sored on the news.

The news of the auction comes after their 11-month federal investigation came to an end. Hilfiger agreed last week to pay $18.1 million in back taxes and interest. This removing a dark cloud from over the companys heads after an initial drop of $5 a share when news of the inquiry broke out.

Last year the net revenue of the company fell by 5% due to a slow in clothing for men, women and children. Europe sales however are still in growth.