×
38 909
Fashion Jobs
H&M
Retail Flagship Visual Manager
Permanent · Chicago
ESTÉE LAUDER COMPANIES
Manager, Solution Architect- Omni Retail
Permanent · New York
TOM FORD BEAUTY
Vice President, Marketing, Tom Ford Beauty North America
Permanent · New York
ESTÉE LAUDER COMPANIES
Category Insights Manager - Supply Chain
Permanent · New York
ESTÉE LAUDER COMPANIES
Senior Account Coordinator, Estee Lauder Travel Retail – Americas
Permanent · Los Angeles
ESTÉE LAUDER COMPANIES
Manager, Product Manager
Permanent · New York
ALICE AND OLIVIA
Sales Supervisor - Town Center at Boca Raton
Permanent · Boca Raton
TIFFANY & CO
Coordinator, Human Resources
Permanent · New York
ROSS STORES
District Manager
Permanent · San Diego
ESTÉE LAUDER
Retail Beauty Sales Manager - Estee Lauder - (Henry Town) - Mcdonough, ga
Permanent · McDonough
BOBBI BROWN
Manager, Marketing - jo Malone London & Editions de Parfum Frédéric Malle, Travel Retail Worldwide
Permanent · New York
OLD NAVY
Loss Prevention Agent - Four Flaggs
Permanent · Niles
OLD NAVY
Unassigned Assistant Manager, Merchandising - The Plaza at Citrus Park
Permanent · Tampa
OLD NAVY
Assistant Manager, Customer Operations - Towne Ctr @ Laurel
Permanent · Laurel
OLD NAVY
Assistant Manager, Customer Operations - Memorial City Mall
Permanent · Houston
OLD NAVY
Assistant Manager, Merchandising - Freeport Vlg Station
Permanent · Freeport
OLD NAVY
Assistant Manager, Merchandising - sf Premium Outlet
Permanent · Livermore
OLD NAVY
Assistant Manager, Customer Operations - Arrowhead Crossing
Permanent · Peoria
OLD NAVY
Assistant Manager, Merchandising - Vintage Oaks
Permanent · Novato
OLD NAVY
Assistant Manager, Merchandising - Marketplace @ Hamden
Permanent · Hamden
OLD NAVY
Assistant Manager, Customer Operations - Lancaster Tanger
Permanent · Lancaster
OLD NAVY
Assistant Manager, Product Operations - Market at Birdcage
Permanent · Citrus Heights

PVH CEO says group is looking to make another acquisition

Translated by
Nicola Mira
Published
today Oct 31, 2019
Reading time
access_time 3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

US group PVH is a fashion giant, the owner among others of Calvin Klein and Tommy Hilfiger. In 2018, PVH generated a revenue of over $9.7 billion, equivalent to an 8% increase. And above all, according to its chairman and CEO Emanuel Chirico, PVH is ready to buy new brands.


Emanuel Chirico, CEO of PVH - PVH


“I’ve been CEO for 14 years and we’ve done three major acquisitions: Calvin Klein, Tommy Hilfiger and the Warnaco Group, which owns the Calvin Klein Jeans and Underwear licenses. Currently, we’ve paid all the debts associated with these acquisitions,” said Chirico talking to Bloomberg TV on Wednesday, adding that “we are looking to make another acquisition. We’re looking at a brand, or portfolio of brands, that we can layer on to our operating platform. We are looking for a company that has a strong brand portfolio and a great workforce that can come together with ours.”

The kind of acquisition that could be worth billions of dollars, as Warnaco’s was, but which doesn't seem to faze Chirico. “Given valuations in the apparel and retail sectors, which have been under pressure in the last few months, I think that, for a strategic buyer, this is a great time to be looking at acquisitions and potentially making an acquisition.”

On another topic, PVH’s latest quarterly figures reflected the group’s concern about the trade war between the USA and China. The group revised its guidance downwards and also underlined it had imported approximately $400 million (€361 million) worth of Chinese products last year, and that the new customs duties could slice approximately 20 cents per share off its profitability for the 2019 financial year.

Chirico stated that the group has cut the share of its production that comes from China to the US market: “If you look back to three to four years ago, probably 35% of our production for the US was coming out of China. For next year, we’re looking at something that’s closer to 10%.” Chirico didn't however rule out the possibility of raising the price of certain products to compensate for inflationary pressures. But another aspect of the commercial tensions between China and the USA seems to be worrying Chirico.

Risk of damaging relationship with Chinese consumers



“Everyone is focused on tariffs and trade issues, and those are important issues. But I think that we are potentially exposed to the risk of significant damages with Chinese consumers. Consumers in that part of the world love Western brands, and they love American brands. But with this idea of ‘America First’, instead of negotiating behind closed doors we’ve done it on the public square, and I think we’ve created some level of bad will with those consumers, that will put some pressure on American brands in particular. I don’t think it's a long-term issue, but we do have to be concerned about it going forward.”

PVH’s business is strongly anchored in the USA, where in 2018 it generated 46% of its sales, but the group is reorganising itself on the US market. And Asia is a land of opportunities. Tommy Hilfiger, which staged a catwalk show with F1 world champion Lewis Hamilton, has notably been working to boost its appeal in China, engineering double-digit growth in the country in 2018. In PVH's latest financial year, Asia accounted for 12% of the group’s sales.
 

Copyright © 2019 FashionNetwork.com All rights reserved.