PVH,
the parent of the Calvin Klein and Tommy Hilfiger brands, said on Tuesday it is cutting more jobs.
In August 2022, PVH (ticker: PVH) said it would be reducing “people costs” in its global offices by about 10% by the end of 2023. The luxury clothing company said in a filing with the Securities and Exchange Commission on Tuesday that those reductions incurred pretax costs of $20 million in 2022 due to severance payments, but it expects to generate annual cost savings of more than $100 million.
PVH also announced on Tuesday workforce changes that represent further steps toward its planned 10% head count reduction. These cuts are in addition to those already made last fall. The company didn’t specify how many staff it would lay off, but said it expects to incur about $50 million of severance expenses.
Shares of PVH were up 0.8% Tuesday to $87.70. The stock has climbed 24% this year.
Corrections & amplifications: PVH announced layoffs on Tuesday that represent further steps toward its planned 10% head count reduction. An earlier version of this article incorrectly said it was adding to planned job cuts.
Write to Angela Palumbo at [email protected]
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