US fashion company Tommy Hilfiger announced it had bought up the brands of Karl Lagerfeld for an undisclosed amount of money. The long-term deal will include Lagerfeld Galleries and his other collections and sign the German-born couturier as the creative director for the brands without affecting his contracts with Chanel or Fendi.

“In choosing a partner to expand my business, I was looking for a company that has built a business on a global basis and possesses the infrastructure and resources to make our vision of the Lagerfeld brand become a reality, ” Lagerfeld said yesterday. “I have been impressed with Tommy and his team and I look forward to working together on exciting new initiatives.”

Tommy Hilfiger intends to develop the brands in the US and sell Lagerfeld brand clothing through major luxury department stores and specialized shops.

“Karl is a true inspiration,” Hilfiger told British Vogue. “Designing for the world’s most prestigious collections, he has continuously set the benchmark for style, creativity and sophistication. Karl will continue to have autonomy in executing his vision on a global scale, while benefiting from a supportive partner.” “This acquisition is an important first step in our long-term strategy of building a multi-brand portfolio of business,” said in the statement the head of the Tommy Hilfiger Corporation, David Dyer, as reports AFP.

Tommy Hilfiger Corporation provides men’s, women’s and children’s apparel, as well as shoes, perfume and interior furniture and markets the brand in the United States, Canada, Europe, Mexico, Central and South America, Japan, Hong Kong, Australia and elsewhere in Asia.