America's Premium Clothing Company PVH Corp. To Cut 10 Percent Of Its Workforce

The company that owns Tommy Hilfiger and Calvin Klein is trying to cut costs and improve efficiency

PVH Corp. which owns brands such as Tommy Hilfiger and Calvin Klein has decided to cut 10 percent of its workforce to increase efficiency .This will also help company to save annually more than $100 million .

Formerly known as Phillips-Van Heusen Corp., PVH aims to bring down people costs across its offices, globally, as rising prices are adversely affecting consumer demand, especially for clothing and other discretionary products.

Company's revenue is expected to fall  this year .Already, the revenue has dipped to $2.1 billion, that is, eight per cent YOY. That is because, wholesale has dipped about 11 per cent, Tommy Hilfiger has fallen five per cent, Calvin Klein one per cent and Heritage Brands 44 per cent. Gross margin has shrunk a little to 57.2 per cent, Last year, it was 57.7 per cent. While inventory has gone up about 19 per cent, net income has dropped 36.6 per cent to $115.3 million.