Tommy Hilfiger Corporation and Karl Lagerfeld have announced an agreement under which Tommy Hilfiger Corporation will acquire the trademarks of Karl Lagerfeld, for an undisclosed cash amount. The transaction includes Lagerfeld Galleries and other Lagerfeld collections. In connection with the transaction, the parties have also entered into a long-term contract with Mr. Lagerfeld to continue to design and provide creative direction for Mr. Lagerfeld's brands. The acquisition does not include Mr. Lagerfeld's agreements with Chanel and Fendi.

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