Tommy Hilfiger brands will continue to go unchanged under its new ownership.

Phillips-Van Heusen (PVH) – the name behind the Calvin Klein brand – is set to buy Tommy Hilfiger for $3 billion (£2bn) in a move that will create one of the world’s largest apparel companies.

PVH is one of the largest clothing corporations in the US and is behind some of the biggest names in upmarket retailing including IZOD, Arrow Bass and Van Heusen – the top selling dress shirt brand in the world.

In 2003, the company acquired Calvin Klein and its latest acquisition looks set to be a substantial coup for PVH. Tommy Hilfiger, which consists of the three brands – Tommy Hilfiger, Tommy Denim and Tommy Sport, is expected to report annual revenue of approximately $2.25bn for the 12 months to 31 March 2010.

PVH also holds key licenses to other world famous brands including Timberland, DKNY, Michael Kors, Kenneth Cole, Nautica and Ted Baker London.

“This is a unique opportunity to bring together two premier companies, each with iconic brands, which will deliver enhanced opportunities for our stockholders, business partners, customers and employees as we leverage a combined global platform in the years ahead,” said Emanuel Chirico, Chairman and CEO of PVH.

Fred Gehring, CEO of Tommy Hilfiger, said that the partnership will be a force to be reckoned with: “The scale of the combined company in the US will deliver obvious benefits for both companies, while Tommy Hilfiger’s significant international presence and infrastructure offers an opportunity for PVH to introduce a number of its brands into the international market.

“We look forward to building on the momentum of the two companies, delivering significant growth for our customers, employees and partners long into the future.”

Tommy Hilfiger said that he will continue to be actively involved in the business going forward. Commenting on the deal he said: “This is the next phase in the global evolution and expansion of the Tommy Hilfiger brand.

“I am confident that Manny Chirico and the PVH organisation will provide Tommy Hilfiger with the support and investment to allow my great partners in the Tommy Hilfiger organisation to do what is necessary to take our brand to new heights.”