Home / Knowledge / News / Apparel/Garments / Apparel marketer PVH to close down all Izod retail stores
Apparel marketer PVH to close down all Izod retail stores
10
Jan '15
Apparel marketer and NYSE listed, PVH Corp said it will close its Izod retail division, with the closing expected to be completed by the end of fiscal 2015.

“However, the closure of the retail business is not expected to impact the company’s growing Izod wholesale business,” PVH said.

PVH plans to convert several of the best Izod locations into Calvin Klein and Tommy Hilfiger stores and hopes that this should result in significantly higher operating margins in these stores.

The Izod retail division currently operates approximately 120 stores and around 20 stores will be converted to store formats under Calvin Klein and Tommy Hilfiger, with the remaining to be closed.

The Company expects to record pre-tax charges in connection with the closure of approximately $40 million, half of which is expected to be non-cash.

The charges relate principally to asset impairments, severance, inventory markdowns and lease exit costs.

CEO Emanuel Chirico said, “The Izod retail business model can no longer achieve acceptable return metrics as a result of the increasingly competitive environment driven by more premium brands.”

“The closing of our Izod retail division has no bearing on our Izod wholesale business strategy, which has shown great growth with our most recent launch at Kohl’s for the Fall 2014 season,” he added.

PVH Corp is the world’s largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, Izod, Arrow, Warner’s and Olga.

Its licensed brands include Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, Chaps, Donald J. Trump Signature Collection, DKNY, Ike Behar and John Varvatos. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Clash over monetary payment by UK at Brexit talks

Textiles | On 18th Oct 2017

Clash over monetary payment by UK at Brexit talks

The European Union (EU) and the United Kingdom (UK) are clashing over ...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search