Source: Hollywood Reporter

According to The Hollywood Reporter, The sportswear mogul, Tommy Hilfiger, who sold Tommy Hilfiger Corp. to Apax Partners in a deal worth $1.6 billion this week, has invested $20 million in the original feature film RAGS, set to go into production in the summer in New York.

"Now that I closed the deal to sell my fashion company, I plan to invest more personal time and capital in productions within my own entertainment company," Hilfiger said Thursday. "I opened Tommy Hilfiger Entertainment six years ago -- we've been involved in the music business and we've done some television -- but now I'd like to become more serious about media."

RAGS is an ensemble piece set in the fast-paced, competitive world of the New York fashion industry and provides an insider's look at the highs and lows of the business as seen through the eyes of a fashion publicist, a veteran model, a manager and an aspiring fashion designer, among others.

The idea for the film was inspired during production of CBS' "The Cut," Hilfiger's reality show that gave talented unknowns a chance to design streetwear for his fashion firm.