PVH implements further job cuts in streamlining efforts

PVH, the parent company of Calvin Klein and Tommy Hilfiger, has announced additional job cuts as part of its ongoing streamlining strategy. The group previously revealed plans to reduce "people costs" by 10 percent by the end of 2023.

The new round of cuts is anticipated to incur a severance expense of approximately 50 million dollars. These costs will be excluded from the company's adjusted results and were not factored into the previously provided fiscal 2023 earnings guidance, reported the Wall Street Journal.

PVH intends to take further actions related to the job cut plans in the third quarter, with severance costs yet to be estimated. In premarket trading, shares rose by 1 percent to 87.81 dollars.

In the midst of inflation and global disorder, 2023 has witnessed a series of redundancies and corporate transformations. Leading organizations such as Gap, Stitch Fix, VF Corp, New Look, Lyst, and Pangaia have taken steps to either lay off or make staff redundant as they navigate these challenges and strive to manage their bottom lines.