Tommy Hilfiger to invest in Kors?June 30th, 2011 - 2:07 am ICT by IANS
London, June 30 (IANS) Designer Tommy Hilfiger is reportedly planning to invest in “Project Runway” judge Michael Kors, saying it would be “crazy” not to.
Hilfiger is set to join forces with Silas Chou and Lawrence Stroll, Kors’ financial backers, to take a stake in the business, reports femalefirst.co.uk.
While Tommy has refused to confirm speculation, he did say to WWD: “Anybody would be crazy not to invest in it. Michael Kors is the next major global player in my eyes,”
Kors, who is famed for his luxury sportswear, is reportedly hoping to raise $500 million to fund his global expansion plans by selling an equity stake of 25 percent in his company.
Details of the deal are set to be announced next month.
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Tags: backers, company details, designer tommy hilfiger, equity stake, femalefirst, global expansion plans, global player, judge michael, lawrence stroll, london, michael kors, project runway, silas chou, speculation, sportswear