Young people’s favorite The affordable luxury brands Calvin Klein and Tommy Hilfiger can’t hold on anymore…
American clothing giant PVH Group said on Tuesday night that due to the severe damage caused by the new crown epidemic to the clothing industry, it plans to expand sales in North America. It will lay off 450 office employees, equivalent to 12% of its total white-collar workforce in North America, and close 162 retail stores.
The company said the cuts, which cover its brand businesses and functional departments, should result in annual cost savings of approximately US$80 million.
This move was welcomed by investors, and PVH’s stock price rose rapidly during the session, once rising by more than 4%. As of the close, PVH closed at $46.51 per share, with the increase narrowing to 2.47%.
CK and Tommy Hilfiger sales plummet
Parent company PVH suffered huge losses 7.7 billion
PVH is one of the world’s largest apparel companies, owning many well-known brands, including CalvinKlein, Tommy Hilfiger, VanHeusen, IZOD, ARROW, Speedo, Warner’s, Olga and GeoffreyBeene wait.
Among them, CalvinKlein and Tommy Hilfiger contributed most of the sales. Taking 2019 as an example, the apparel giant had total revenue of $9.9 billion last year and non-GAAP net profit of $711 million. Traditional brands other than CK and Tommy Hilfiger contributed US$3.3 billion in 2019, which was only 33% of total sales.
On June 11, Eastern Time, PVH announced its first quarter financial report.
The financial report shows that as of May 3, the company’s revenue fell 43% to US$1.3 billion, of which Tommy Hilfiger’s sales fell 39% in the first quarter. Calvin Klein’s sales fell 46%.
The sudden drop in sales of CK and Tommy Hilfiger caused PVH to suffer a heavy blow in the first quarter, with a net loss of US$1.1 billion (approximately RMB 7.7 billion).
On that day, the company’s stock suffered a sharp sell-off in the market, falling 11.6%. In after-hours trading, investors pushed the company’s shares even lower, down 8.9%.
The CEO was infected with COVID-19
In April 2020, according to foreign Media reports indicate that PVH CEO Emanuel Chirico has been diagnosed with COVID-19.
Emanuel Chirico, 62, revealed to foreign media that he was shocked when he learned that he was infected. However, he has not shown any symptoms and is currently in good condition. His wife is also likely to be infected.
The report pointed out that Emanuel Chirico is a board member of the Montefiore Medical Center in New York. Since the center received more than 1 million N95 and other medical equipment, he was invited to check the quality of this batch of masks. According to regulations, all people staying at the medical center must be tested for the virus, so Emanuel Chirico was tested and the result was positive.
One in every 100 people in the United States is infected with the new crown
At least 22 states have suspended economic restart
The epidemic situation in the United States has repeatedly hit new highs. As of 09:00 on July 15, the cumulative number of confirmed cases of new coronavirus pneumonia in the United States exceeded 3.54 million, the cumulative number of cured cases was 1.6 million, and the cumulative number of deaths was nearly 140,000.
This means that on average, about one in 100 Americans will be diagnosed with the infection, and this is even when the scope of virus testing is still limited compared to the entire population.
In the past two weeks, about 40 of the 50 states in the United States have seen a surge in the number of people infected with the new coronavirus. The southern states of Florida, California, and Texas are the latest cases of the epidemic in the United States. “Epicenter”, the number of confirmed cases in these three states alone exceeds 880,000.
In addition, the spread of the epidemic in nearly 70 immigration detention centers across the United States has caused concern. On the 13th local time, the head of a private contractor operating immigration detention centers in the United States testified before Congress that nearly a thousand employees had tested positive for the new coronavirus.
In view of the record high number of new confirmed cases of the epidemic in the United States, California Governor Gavin Newsom announced on the 13th that in view of the “alarming rate” increase in the number of new crown cases in the state, the state will From now on, most indoor commercial activities will be suspended, including dine-in restaurants, movie theaters, wineries, family entertainment centers, zoos and museums.
New Mexico, Oregon and other places also announced new restrictions on indoor commercial activities and crowd gathering activities on the 13th.
According to “USA Today”, at least 22 states have suspended plans to restart their economies or adopted new measures to control the spread of the epidemic. </p
