Recent reports suggest that big brands like Tommy Hilfiger and Calvin Klein are planning to fire 10% of their employees. Read the entire article to learn more about this news piece.
Job Cuts
Big brands like Tommy Hilfiger and Calvin Klein have decided to fire 10% of their employees as high inflation is affecting the revenue of these brands. The company plans “to reduce people costs in its global offices by approximately 10%” by the end of the next year to improve efficiency, its statement mentioned on Tuesday. In addition to lower demand, PVH reportedly said it’s revising its 2022 outlook based on “a more promotional environment, particularly in the North America wholesale business.” This announcement comes after several big companies announced layoffs like Microsoft and Snap. Microsoft fired 1800 of its employees and Snap fired 1200 employees. Even Tesla which is headed by Elon Musk has already fired 10% of its workforce. Coming back, Tommy Hilfiger and Clavin Klein have no other option left than to sell their products at a lower price because their sales are going down.
About Tommy Hilfiger
Tommy Hilfiger is an extremely popular brand all over the world. It is known for its apparel, fragrances, clothes, and many more products. This brand was founded in 1985 and ever since, has been achieving success and fame globally. The main motive of this company is to provide the best style to their customers which is why its products are known to be slightly expensive as well. The brand’s collection has evolved with time and every year, it comes with something which is appropriate to the particular the latest being their new genderless collection. This brand has had big celebrities endorsing their brand like Zendaya in the year 2019.
About Calvin Klein
Calvin Klein is a global brand which is known for its amazing aesthetic and stylish products. It was founded in 1985. Their mission is to help their audience have fun and get excited when they see and wear their clothes. This brand has also been endorsed by many popular celebrities like Hayley Bieber. Acquired by PHV Corp, this company has managed to carve a niche for itself in the market. This brand is also known for its amazing fragrances. Since this brand aspires to deliver the best to its customers, it is also a little expensive and it is a dream for many people to shop from brands like these. In the initial phase, this brand was endorsed by people like Bruce Weber and Richard Avedon.
