Tommy Hilfiger, the fashion mogul responsible for all those sporty clothes we can’t afford, recently sold his company to Apax Partners in a deal for $1.6 billion. He is leaving the world of clothing behind and putting a large chunk of change into another outlet: movies.

According to Hollywood Reporter, Hilfiger has invested $20 million in the original feature film Rags, under his Tommy Hilfiger Entertainment banner. It is the first of many movies he plans to produce.

Want more info? The billionaire explains, "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. 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 world of New York Fashion. It offers an inside peek into the ups and downs of the industry, seen from the perspective of a fashion publicist, veteran model, a manager, an aspiring fashion designer, and others. Since his reality TV show “The Cut” failed to, er, make the cut, here’s hoping the big screen will treat him more kindly. And if not, he has more than enough bags of money to cry into.

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