PVH raises profit outlook, unveils restructuring plan for Calvin Klein

Steve Shiffman, Chief Executive Officer of Calvin Klein, Inc., a wholly owned subsidiary of PVH Corp. has unveiled a series of strategic changes to the company in response to, what the company has called, rapidly evolving fashion and retail landscape. As a part of the strategy, Calvin Klein’s the 654 Madison Avenue store will be closing in spring 2019. Meanwhile PVH expects to incur pre-tax costs of approximately 120 million dollars over the next 12 months in connection with the Calvin Klein restructuring, including as a result of the closure of its flagship store on Madison Avenue in New York.