Tommy Hilfiger owner PVH cuts roles among head office
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, 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. Gross profit also fell from 3 percent year-on-year to 1.16 billion dollars.
FashionUnited has contacted PVH with a request for more information.
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