Tommy Hilfiger owner PVH cuts roles among head office

PVH, the parent company of Tommy Hilfiger and Calvin Klein, has cut some of its head office roles, the majority of which reside at its EMEA headquarters in Amsterdam, the Netherlands.

According to a statement to Drapers, issued by a spokesperson for the group, its European, Middle Eastern and African (EMEA) business is “evolving” as the company looks to “unlock our full potential in the region and drive sustainable, profitable, long-term growth”.

The spokesperson continued: “As a result, some associates have experienced a role change, and some roles have been impacted. We will be providing transitional support to impacted associates.”

In its Q1 report for FY25, PVH lowered its profit forecast amid an ongoing challenging economic climate. US customs policies were cited as the primary cause for concern, leading the group to revise its profit target from the initial 12.40 and 12.75 dollars to 10.75 and 11 dollars.

During the quarter to May 5, the company swung into a pre-tax loss of 349 million dollars, down from a pre-tax income of 187 million dollars in the previous year. Such figures include a pre-tax non-cash one-time goodwill and other intangible asset impairment charges. On a non-GAAP basis, PVH reported a pre-tax income of 143 million dollars, down from a pre-tax income of 177 million dollars in the previous year. Gross profit also fell from 3 percent year-on-year to 1.16 billion dollars.

This article was updated 8:45pm CEST with more information on PVH's Q1 financial positioning. A spokesperson for the company shared a statement with FashionUnited, reading as follows: “As we build our brands and business for the future, we are evolving our EMEA organisation to unlock our full potential in the region and drive sustainable, profitable, long-term growth. As a result, some associates have experienced a role change, and some roles have been impacted. We will be providing transitional support to impacted associates.”