JEDDAH: 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.
Tommy Hilfiger expands retail footprint in Riyadh
https://arab.news/pccvf
Tommy Hilfiger expands retail footprint in Riyadh
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
