PVH Corp. is continuing to trim down as it seeks to simply.
The parent company to Tommy Hilfiger and Calvin Klein set out a plan to streamline operations last August, with an eye toward generating annual cost savings of more than $100 million and reducing its “people costs” globally by about 10 percent.
Those initial cuts led to pre-tax severance costs of $20 million last year.
Now the company is making the next round of layoffs under that streamlining, which is part of chief executive officer Stefan Larsson’s PVH+ strategic plan to reshape operations over several years.
PVH said in a regulatory filing that it was making “additional headcount reductions under these plans” on Tuesday and that it “expects to incur approximately $50 million of severance expense, primarily in the second quarter of 2023.”
That marks the next step in the company’s evolution. PVH expects “substantially all actions under these plans to be completed by the end of the third quarter.”
“Workforce decisions that impact our people are never easy, and we are providing support for our associates through the transition process,” PVH said in a separate statement. “We are confident we are taking the right steps to capture the untapped growth potential of our brands and be competitive for the future.”
While the cuts were expected, their exact costs were not known until now.
The company did not reveal exactly what positions were eliminated or how many people were laid off.
There are several moving parts at PVH right now.
Avery Baker recently resigned as president and chief brand officer of Tommy Hilfiger Corp., leaving Martijn Hagman, CEO of Tommy Hilfiger Global and PVH Europe, to oversee the brand more directly. That change was separate from the newly revealed cuts.
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July 11, 2023 at 09:13PM
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PVH Corp. Rolls Out Next Wave of Layoffs in Effort to Simplify - WWD
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