Tommy Hilfiger IPO off

Tommy Hilfiger, the US fashion brand owned by Apax Partners, has shelved plans to list on the Euronext Amsterdam citing market conditions. The business, which has its European headquarters in the Dutch capital, was expected to launch a US$3bn to US$4bn IPO in the Autumn, but scrapped plans just one day before the management was due to meet potential investors according to reports.

In a joint statement, Apax and Tommy Hilfiger management said: “Considering recent volatile market conditions, management and shareholders decided to postpone an IPO process until such time that market conditions have stabilised in the interest of the company. For now it is business as usual.”

Apax bought the clothing brand for US$1.6bn in 2005. Other fashion investments made by the UK firm include CBR, a German ladies’ fashion businesses bought in 2004, and New Look, a UK fashion chain also acquired in 2004.