Dickson Concepts Ltd., which sells Ralph Lauren clothing and other luxury goods in Asia, said it will buy Tommy Hilfiger Asia Pacific Ltd. for $51 million from Dickson Chairman Dickson Poon. Tommy Hilfiger Asia has rights to the U.S. brand in Hong Kong, Taiwan, Singapore, Malaysia, Macau and China, Hong Kong- based Dickson said in a statement to the city’s stock exchange.
Retail sales are rising across Asia on accelerating economic growth and increased employment. Sales rose 14 percent in May in China and by 5.3 percent in Hong Kong, and by 6.7 percent in April in Singapore. The Malaysian Retailers Association said in May it expects 7 percent growth in 2006.
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Dickson Concepts is making the purchase to tap the region’s growth, the statement said. Tommy Hilfiger Asia has 89 retail outlets in Hong Kong, Taiwan, China, Singapore and Malaysia and has distribution rights in its territory, it said. Poon may be selling Tommy Hilfiger to his listed company because he’s underwriting a 42 million euro sale of new shares by ST Dupont SA, a French maker of luxury pens and lighters that he also controls, the JPMorgan report said.