**FOR IMMEDIATE RELEASE**

FOR IMMEDIATE RELEASE

CALVIN KLEIN ANNOUNCES GLOBAL BRAND RESTRUCTURING; LAYOFFS AND MARKET REALIGNMENT CONFIRMED

NEW YORK, NY — In a major corporate development, Calvin Klein Inc. has officially announced a comprehensive global restructuring initiative, effective immediately.

Who: Calvin Klein Inc., a subsidiary of PVH Corp.

What: The company confirmed a reduction in its global workforce, specifically citing layoffs affecting approximately 10% of its corporate and retail support staff. This restructuring is designed to streamline operations and refocus the brand’s luxury market positioning. The announcement also includes the consolidation of several regional design and marketing teams.

When: The restructuring was announced earlier today, with immediate implementation. The company expects the layoffs to be completed within the next 30 days.

Where: The primary impact is felt at the brand’s headquarters in New York City, with additional consolidations occurring in regional European and Asian markets.

Why: Calvin Klein leadership cited a strategic pivot away from mass-market discounting towards a more exclusive, high-margin direct-to-consumer model. This shift is in direct response to changing consumer spending habits and increased competition in the premium fashion sector. PVH Corp. stated the move is necessary to “modernize the brand architecture and improve long-term profitability.”

HOW: The company will liquidate select underperforming outlet locations over the next fiscal quarter. Additionally, Calvin Klein will significantly reduce its wholesale distribution to third-party retailers in North America, opting instead to invest heavily in its own digital and flagship brick-and-mortar channels.

This is a developing story. Further details regarding severance packages and specific market exits are expected in the coming hours.