According to media reports, PVH Corp, the owner of the Calvin Klein and Tommy Hilfiger brands announced job cuts due to the rising inflation.
The fashion giant said in a statement that it is planning to reduce people costs in its global offices by approximately 10%” by the end of next year to improve efficiency.
“We will significantly improve our ability to execute the PVH+ Plan by splitting these roles and bringing on leaders with different skill sets who can devote their full attention to these important roles,” Stefan Larsson, CEO of PVH Corp said in a statement.
“In the current environment, it is critical to redouble our focus on execution to unlock the full potential of the Americas region and also to continue to grow the Calvin Klein brand globally”, Stefan Larsson, added.
PVH CEO Stefan Larsson said in a statement that Covid-19 impacts and supply chain pressures offset strong performances in Europe and areas of Asia without Covid restrictions.
Due to Covid pandemic the clothing firms are dealing with a surplus of stock. Due to this pandemic and strict lockdowns, the firms had to accumulate stocks which are causing them to sell off products at reduced rates. Hence, this results in reduced profits.
PVH Corp., formerly known as the Phillips-Van Heusen Corporation. Its headquarter is in Manhattan, New York City. The company owns brands such as Tommy Hilfiger, Calvin Klein, Warner’s, Olga, and True & Co.
