Tommy Hilfiger is to be sold by its current owner, private equity firm Apax Partners, in a €2.2bn (£2bn) deal. Apax Partners originally bought the brand in 2006.
Emanuel Chirico, chief executive, Phillips-Van Heusen, said it was a "unique opportunity" to bring together two "iconic brands" for the benefit of both shareholders and consumers.
Chirico said: "Tommy Hilfiger fits all of our acquisition criteria - a strong brand, superior management, highly profitable, immediately accretive to earnings, and focused on international growth. We also believe that our cultures are highly compatible."
Brand founder, Tommy Hilfiger, will continue in his role as principal designer and "visionary" for the brand, while Fred Gehring will retain his position as Tommy Hilfiger's chief executive.
In a busy week for mergers and acquisitions, high-street fashion retailer French Connection announced plans to sell its Nicole Farhi brand to private equity group Open Gate Capital for £5m.
Separately, Swiss luxury goods brand Richemont has launched a £350m bid for UK online fashion retailer Net-a-Porter.
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