PVH Corp, which operates Calvin Klein and Tommy Hilfiger, announced plans to eliminate around 4% of its workforce globally, targeting primarily administrative and corporate roles rather than customer-facing positions.
CEO Stefan Larsson outlined the restructuring in an internal memo distributed to staff on November 12, details of which were later published by US business outlets.
With PVH employing approximately 26,000 workers at the start of its fiscal year, the reductions would affect around 1,040 positions.
The layoffs are set to commence immediately and extend through the first quarter of the following year. The memo highlights three key objectives during this transition: streamlining internal operations, prioritizing high-growth initiatives, and optimizing cost efficiency.
Financial results for the quarter ending August 2 showed mixed performance, with total revenue declining 3% to $2.097 billion. Calvin Klein saw a 7% revenue drop, though 4 percentage points of that was linked to timing issues in American wholesale shipments.
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Tommy Hilfiger maintained stable performance, with a slight 3% revenue increase driven by integrating previously licensed women’s categories in-house within the Americas. Direct-to-consumer sales for key product lines across both brands improved, credited to enhanced products, marketing efforts, and better customer engagement.
Despite these developments, PVH confirmed its annual revenue forecast in September, projecting little change on a reported basis but a slight decline when adjusted for currency fluctuations. The company had previously revised its outlook downward in June, citing weaker demand in the EMEA region.
The workforce reductions follow the appointment of Alexis Rollier, former Sephora Global COO, who joined PVH as CFO two months earlier. She now oversees global finance operations, reporting directly to Larsson.
PVH is also executing a long-term operational overhaul launched in 2024, which consolidates processes and introduces automation. The initiative incurred $93 million in restructuring expenses last year and an additional $17 million in early 2026, primarily covering severance costs. Larsson will lead the operational changes, while Rollier manages the financial implementation.