Tommy Hilfiger Net Worth 2022 – Salary, Income, Earnings

Tommy Hilfiger Net Worth 

Tommy Hilfiger has an estimated net worth of $50 million. American fashion designer Tommy Hilfiger created a brand of clothing that was extremely popular in several different communities in the 1990s. He earns most of his income from his fashion business. 

Tommy Hilfiger has built his brand around his signature red, white, and blue tag, which has become popular among both the upper class and the casual buyer. He opened several stores in the 1970s before creating his immensely popular product.

It wasn’t until 1984, when he was approached to design a men’s sportswear line bearing his name, that he shot to fame and fashion stardom.

To calculate the net worth of Tommy Hilfiger, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Tommy Hilfiger
Net Worth: $50 Million
Monthly Salary: $300 Thousand
Annual Income: $5 Million
Source of Wealth: Businessperson, Fashion designer

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Early Life

Tommy Hilfiger was born in Elmira, New York, on March 24, 1951, the second of nine children to a working-class Irish-American family. His mother, Virginia, was a nurse, and his father, Richard, worked as a watchmaker at a local jewelry store.

In high school, Tommy Hilfiger attended Elmira Free Academy, where he was neither a star athlete (he was so small, he had to sneak 15-pound weights in his pockets to make the football team) nor a star student (he suffered from undiagnosed dyslexia).

First Entrepreneurial Venture

However, Hilfiger’s entrepreneurial abilities were evident from a young age. As a teenager, he began buying jeans in New York City that he remade and resold in Elmira for a profit. When he was 18, he opened The People’s Place in Elmira, New York, selling hippie supplies like bell-bottoms, incense, and records.

Despite his initial success—Hilfiger soon had a chain of stores and a six-figure income—an economic downturn hit his business hard, and he filed for Chapter 11 bankruptcy in 1977.

Susie Carona, an employee at one of Hilfiger’s stores, fell in love with him in 1976. Shortly after the bankruptcy, the couple married and relocated to Manhattan. Jordache hired them as a husband-and-wife design team, but they were fired after only a year.

Hilfiger rose to prominence as a hardworking young designer, and he was considered for positions at Perry Ellis and Calvin Klein. But what he really desired was his own label.

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Commercial Success

In 1984, Hilfiger was approached by Indian entrepreneur Mohan Murjani, who was looking for a designer for a men’s sportswear line. Murjani allowed Hilfiger to design the label under his own name, sealing the deal.

The two announced Hilfiger’s arrival on the scene with a blitz marketing campaign that included a bold billboard in New York’s Times Square announcing Hilfiger as the next big thing in American fashion. “I think I am the next great American designer,” Hilfiger told a reporter in 1986. “The next Ralph Lauren or Calvin Klein.”

The pair’s tactics angered the fashion establishment, which viewed Hilfiger’s nude self-promotionwith suspicion – Calvin Klein even got into a war of words with the poster’s creator in a New York restaurant.

Even though Hilfiger was embarrassed by the consequences, the bold tactic worked. Hilfiger’s chic clothing line with its red, white and blue trademark soon became very popular.

By the early 1990s, the hip-hop world was getting excited about oversized versions of Hilfiger’s clothing, and the brand was eagerly courting rap stars and celebrities. When Snoop Dogg wore a giant Tommy Hilfiger T-shirt during an appearance on Saturday Night Live in March 1994, sales reached an all-time high.

Despite Hilfiger’s commercial success, however, he continued to be snubbed by the fashion elite. In 1994, the year Hilfiger was considered a top contender for the prestigious Council of Fashion Designers of America Menswear Designer of the Year, the CFDA decided not to give the award at all. Later they relented and awarded him the prize in 1995.

Hard Times

Hilfiger divorced his wife of 20 years, with whom he had four children, in 2000. His professional fortunes had also crumbled. His clothing fell out of favor with the hip-hop crowd, and sales dropped by up to 75%.

Worse than bad sales, the Tommy Hilfiger brand had lost its cool. “The big logos and big red, white, and blue theme became ubiquitous,” Hilfiger explained. “It got to the point where both the urban and preppy kids didn’t want to wear it.” Hilfiger examined his company’s mistakes and reworked the brand. In 2007, he agreed to sell the company’s best-selling lines exclusively at Macy’s stores.

Learn More: Top 30 Richest People In The World

Personal Life and Career Rebound

Hilfiger divorced his wife of 20 years, with whom he had four children, in 2000. His professional fortunes had also crumbled. His clothing fell out of favor with the hip-hop crowd, and sales dropped by up to 75%.

Worse than bad sales, the Tommy Hilfiger brand had lost its cool. “The big logos and big red, white, and blue theme became ubiquitous,” Hilfiger explained. “It got to the point where both the urban and preppy kids didn’t want to wear it.”

Hilfiger examined his company’s mistakes and reworked the brand. In 2007, he agreed to sell the company’s best-selling lines exclusively at Macy’s stores.

Further Reading

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