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Tommy Hilfiger cuts staff to lower costs
08 Oct '05
1 min read
Fashionable clothing marketer Tommy Hilfiger Corporation announced that it is reducing staff by approximately 135 U.S. employees as part of its ongoing initiatives to rightsize the cost structure of its U.S. Wholesale business.
The Company has approximately 6,000 employees worldwide. The Company had previously stated that although it is experiencing growth in other businesses, particularly its Retail and International Wholesale segments, its U.S.
Wholesale segment remained challenged, and it intended to strive for improved financial performance in that segment through product initiatives and cost reductions. The Company believes that today's action was necessary to better align its cost structure with the size of its business and its financial goals. The financial impact of this action on the current fiscal year is expected to be neutral.
Fragrance and home furnishings seller Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear.
The Company's brands include Tommy Hilfiger and Karl Lagerfeld. Through a range of strategic licensing agreements, the Company also offers a broad array of related apparel, accessories and footwear.
The Company has approximately 6,000 employees worldwide. The Company had previously stated that although it is experiencing growth in other businesses, particularly its Retail and International Wholesale segments, its U.S.
Wholesale segment remained challenged, and it intended to strive for improved financial performance in that segment through product initiatives and cost reductions. The Company believes that today's action was necessary to better align its cost structure with the size of its business and its financial goals. The financial impact of this action on the current fiscal year is expected to be neutral.
Fragrance and home furnishings seller Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear.
The Company's brands include Tommy Hilfiger and Karl Lagerfeld. Through a range of strategic licensing agreements, the Company also offers a broad array of related apparel, accessories and footwear.
Tommy Hilfiger Corporation
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