Saturday 22 October 2016

Tommy Hilfiger profits hit €672,000 here

Published 16/12/2015 | 02:30

Tommy Hilfiger
Tommy Hilfiger

Profits at clothing retailer Tommy Hilfiger jumped to €672,000 in Ireland last year from €185,000 in 2013, as turnover rose on the back of new store openings.

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Tommy Hilfiger is owned by US firm PVH, whose brands also include Calvin Klein, Van Heusen and Speedo.

The accounts for the Irish Tommy Hilfiger business show that turnover rose to €11.7m in the 12 months to the end of last January, compared to €6.8m in the previous financial year. Last year, PVH bought back six Irish stores from a franchisee, for $3.1m (€2.8m).

That franchisee was Best Menswear, the Irish clothing business owned by David Jones and John Smith.

Best Menswear sought an examiner to be appointed to the group this summer. Poor sales at nine franchised Tommy Hilfiger stores it operated had contributed to the overall tough trading experienced by Best. However, the closure of Clerys, where Best Menswear was a concessionaire, also put pressure on its cash flow. It exited examinership last month. The directors of Hilfiger Stores Ireland also note the challenging trading environment. "But the company has continued to be profitable in the current period," they said, adding that six new Tommy Hilfiger outlets were opened here during the last financial year.

Irish Independent

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