Tommy Hilfiger, the American premium fashion brand is expanding in Riyadh, Saudi Arabia. The parent company of Tommy Hilfiger is laying off staff and closing stores in the United States.
The Amsterdam-based company opened a new footwear and accessories store in Riyadh. The store is the second outlet in the region after opening the first in the Dubai Mall in May.
The store offers the latest in bags, accessories, and footwear from the brand. The franchise in the region is operated by the Dubai-based Apparel Group, which has stores in the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain and Qatar.
Tommy Hilfiger has more than 2,000 stores worldwide and is owned by Manhattan-based PVH Corp .., which also owns additional fashion brands such as Calvin Klein, Van Heusen, IZOD, ARROW, Warner’s and Olga.
PVH Corp. announced last July that it would cut 450 jobs and close 162 stores, and Van Heusen and IZOD beat the company to save $ 80 million by laying off about 12 percent of its office staff.
“The COVID-19 crisis is dramatically changing the retail landscape in ways that we believe will be long-term and far-reaching in terms of consumer buying behavior,” President Stefan Larsson said in a Reuters report. According to the latest quarterly report released in May, PVH Corp. reported total revenue of $ 2,079 billion for the quarter, compared to $ 1,334 billion for the quarter prior to May 2020.
As a result, the company posted net income of $ 99.9 million for the May 2021 quarter, compared to a loss of 1.096 Billion US dollars in the quarter leading up to May 2020.