tommy_hilfiger_flagshipDALLAS, Mar 15, 2010 / FW/ — Just when fashionistas were finally taking a much needed break after the fashion season madness, Phillips-Van Heusen announces that it is buying Tommy Hilfiger!

According to the New York Times, Phillips-Van Heusen (PVH) will pay about €2.2 billion, or $3 billion, in cash and stock to acquire the Tommy Hilfiger which is known for its preppy style.

If the sale goes through, Phillips-Van Heusen, which already owns Calvin Klein, will own two major American labels. Currently, PVH also owns Arrow and Izod and licenses brands like Geoffrey Beene and Kenneth Cole New York,