NEW YORK - They have appeared side by side in high-end department stores for decades, and from now on Tommy Hilfiger and Calvin Klein will be part of the same company.
Tommy Hilfiger, whose preppy American clothing briefly became the uniform for rap stars and their fans in the 90s, has been sold to Phillips-Van Heusen for US$3 billion ($4.3 billion).
The 58-year-old designer will stay with the company as its "principal designer and visionary".
Private equity firm Apax Partners bought the company four years ago for US$1.9 billion. An attempt to refloat the company was scrapped two years later, as the credit crisis spiralled.
Phillips-Van Heusen is doubling in size with the deal. The New York-based shirt company has owned the Calvin Klein designer brand since 2002.
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Tommy now in Calvin's stable
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