Tommy Hilfiger (US) Expands Retail Footprint in Riyadh
11 Jun 2021 - While Tommy Hilfiger’s parent company is laying off staff and closing stores in the US, the American premium fashion brand is expanding in Saudi Arabia.
The company, which is now headquartered in Amsterdam, launched a new footwear and accessories shop in Riyadh, the second such outlet in the region after the first outlet opened in Dubai Mall in May.
The store features the brand’s latest bags, accessories, and footwear ranges. The franchise in the region is operated by the Dubai-based Apparel Group, which manages stores in the UAE, Saudi Arabia, Kuwait, Bahrain and Qatar. Tommy Hilfiger has over 2,000 stores worldwide and is owned by Manhattan-based PVH Corp., which also owns other fashion brands such as Calvin Klein, Van Heusen, IZOD, ARROW, Warner’s and Olga.
PVH Corp. in July last year announced it was to cut 450 jobs and close 162 retail outlets, with Van Heusen and IZOD impacted the most. The company said it aimed to save $80 million dollars by laying off around 12 percent of its office staff.
“The COVID-19 crisis is dramatically reshaping the retail landscape in ways that we believe will be long term in nature and far-reaching in terms of consumer purchasing behavior,” president Stefan Larsson said in a report by Reuters.
According to its latest quarterly report released in May, PVH Corp. reported total revenue of $2.079 billion in the quarter, compared to $1.334 billion during the quarter leading up to May 2020. As a result, it made a net profit of $99.9 million for the quarter in May 2021, compared to a loss of $1.096 billion in the quarter leading up to May 2020.