Manolo says, one of the Manolo's many internet friends has sent the Manolo the following excerpt from the Crain's Business magazine.
Tommy Hilfiger Corp. announced Monday that it has reached an agreement to purchase German designer Karl Lagerfeld's brands for an undisclosed cash amount.
Currently, Mr. Lagerfeld has a ready-to-wear women's collection and a licensed men's collection, both of which are in the start-up phase and are distributed in certain European and Asian markets. Hilfiger hopes to expand the business globally, with a focus on selling through upscale department stores and specialty stores in the U.S. The deal will not affect Mr. Lagerfeld's contracts with Chanel and Fendi, where he will remain head designer.
In connection with the transaction, which is expected to close in the next 30 days, Mr. Lagerfeld will continue to design for his brands.
The deal is part of an effort by the troubled Hilfiger, which is currently the subject of a federal probe into its tax accounting, to increase the number of brands the company carries. The Hilfiger brand itself has suffered as it has lost ground among teenagers, once its core audience.
Manolo says, all the Manolo he has to say is summed up with this picture of the Tommy Hilfiger, the man the Lagerfeld trusts with his name.
