Tommy Hilfiger Corp. (Hong Kong) has named Joel Horowitz chairman of the company, replacing Tommy Hilfiger, who will remain principal designer and resume the role of honorary chairman, a role which he gave up in October after being named chairman. In addition, Horowitz will continue as ceo and president.
In their new positions, Hilfiger will concentrate on the creative aspects of the business, including design and marketing, while Horowitz will be responsible for governance and strategic planning. The company is also looking for someone to succeed Horowitz as ceo.
“The apparel industry is facing many challenges but we have the building blocks to move ahead with a strong global brand, an excellent cash position and numerous opportunities to extend our reach worldwide,” said Horowitz.
Horowitz said his top three priorities will be to continue improving operations, using cash to pay down debt and seeking opportunities to further diversify the company's revenue and earnings base.
Tommy Hilfiger Corp. markets men's and women's sportswear, jeanswear and childrenswear under the Tommy Hilfiger trademarks, as well as a range of licensed related apparel, accessories, footwear, fragrance and home furnishings. It operates 181 stores, an increase of 31 stores from a year ago. For the three months ended Dec. 31, 2002, the company reported a net revenue of $477.3 million, compared to $474.8 million during the same period last year.