Fashion brand Tommy Hilfiger is up for sale after the firm's annual income fell to just $1.88 billion (GBP1.04 billion) last year (05).

The fashion house - which has been promoted by LIZZIE JAGGER and KIMBERLY STEWART - is reportedly inviting bids in the region of $2 billion (GBP1.1 billion) from either trade or private firms.

Analysts have described the company as having an "identity crisis" after it tried reinventing itself with its understated H Collection, with profits down more than 5 per cent since 2000.

Retailer J Crew - headed by former Gap executive MICKEY DREXLER - is currently filing for an initial public offering.