Firday, August 30, 2022 – PVH Corp. announced that Trish Donnelly, CEO of PVH Americas & Calvin Klein Global, will leave the company to pursue other opportunities. The company said in a statement that she will stay as a consultant until November 30 to help with the transition.
PVH said that it is looking for people for both jobs worldwide. CEO of PVH Corp. Stefan Larsson will be in charge of the two divisions in the meantime.
When Donnelly leaves, PVH plans to divide her responsibilities into two roles: a regional leadership role for PVH Americas and a global brand leadership role for Calvin Klein. This is to “strengthen” its ability to carry out its PVH+ plan.
Larsson said in a statement, “In the current environment, it is critical to redouble our focus on execution to unlock the full potential of the Americas region and also to continue to grow the Calvin Klein brand globally. We will significantly improve our ability to execute the PVH+ Plan by splitting these roles and bringing on leaders with different skill sets who can devote their full attention to these important roles.”
In February 2021, Donnelly started her two jobs at PVH. She was in charge of the Calvin Klein and Tommy Hilfiger business worldwide in the Americas and the Calvin Klein brand. She was CEO of Urban Outfitters Group for more than seven years before she joined the company. Before joinin UO, Donnelly had top jobs at J.Crew, Ralph Lauren, Steven Alan, and Cole Haan.
On the same day, the company announced its second-quarter results. It also said it would “reduce people costs” in its worldwide offices by about 10% by the end of 2023. The company thinks these cuts will save more than $100 million in costs annually.
In a statement, CFO Zac Coughlin said that the cuts were made to “increase productivity” and “reinvest strategically” in the digital, supply chain, and customer engagement.
Net sales for the second quarter of 2022 were $2.031 billion, less than last year’s $2.221 billion. Last year, Q2 net income was $181.8 million, but this year it was only $115.3 million.
Looking ahead, PVH lowered its outlook for the whole year, citing “elevated” inventory levels in its Nort American wholesale business compared to consumer demand. The company now thinks this year’s sales will be 4% to 3% lover than in 2021.
