PVH (Tommy Hilfiger) cuts jobs in Amsterdam office

PVH, the holding company behind Calvin Klein and Tommy Hilfiger, is implementing layoffs at its regional headquarters in Amsterdam. The reorganisation follows a 300 million euro loss in the first quarter.

Recovery strategy

PVH is restructuring its EMEA headquarters in Amsterdam, British trade magazine Drapers reports. In that region (Europe, the Middle East and Africa), a number of positions have been eliminated and others changed – but the number of positions involved remains unclear for now. The reorganisation is said to be part of a broader strategy to boost the region.

In the first quarter, PVH reported a pre-tax loss of 349 million dollars (300 million euros), a significant deterioration compared to the profit of 187 million dollars recorded during the same period last year. Revenue did increase by 2 %, but write-downs on goodwill and intangible assets heavily impacted the results.