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

Courtesy: Kai Pilger from Pexels

Textiles | On 24th Apr 2018

Pakistan’s textile exports up 7.77% in July-March FY18

The value of textile and garment exports from Pakistan increased by...

Alliance to form joint entity for safety in factories

Apparel/Garments | On 24th Apr 2018

Alliance to form joint entity for safety in factories

On the 5th anniversary of the Rana Plaza Collapse, The Alliance for...

China’s Alibaba partners with Thailand for digital trade

Textiles | On 24th Apr 2018

China’s Alibaba partners with Thailand for digital trade

China’s Alibaba Group recently signed an agreement with the Thai...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Siddharth Biyani
Mangalam Industries Pvt Ltd

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

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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