In this edition of the Glossy+ Research Briefing, we analyze Tommy Hilfiger’s Olympic-inspired clothing collection and ad campaign, as the brand’s parent company reports weakened sales expectations for 2024.
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Tommy Hilfiger taps sports stars to bring back “Team Tommy”
In the news: Tommy Hilfiger is bringing back archival pieces from its 1996 “International Games” capsule collection to celebrate this year’s Summer Olympic Games. The new collection is modeled by “Team Tommy,” composed of some of today’s most popular sports stars — NFL wide receiver Stefon Diggs, college basketball guard Deja Kelly, Japanese skateboarder Aori Nishimura and F1 driver Mick Schumacher. The collection launches today on the brand’s website.
Sports partnerships have been quite successful for brands that are looking to acquire new customers. Tommy Hilfiger is joining the list of fashion brands partnering with popular young athletes. For last year’s Met Gala, Tommy Hilfiger dressed Diggs and posted the outfit to the brand’s official Instagram account — accruing 4,700 likes for the post. Another recent post on the official Instagram account shows F1 driver George Russell styled in Tommy Hilfiger apparel. That post had accrued over 6,800 likes to date.
Earnings analysis: This week, PVH Corp., the parent company of Tommy Hilfiger and Calvin Klein, reported a slight increase in fourth-quarter 2023 revenue for Tommy Hilfiger (+1%) and for Calvin Klein (+4%), thanks to a boost from holiday sales. Other PVH Corp.-owned entities, like Heritage Brands, didn’t fare as well. Heritage Brands’ IVOD, Van Heusen, Arrow and Geoffrey Beene dropped 41% in the same quarter due to department stores pulling back on orders and wholesalers taking a cautious approach to retail.
This decline in consumer product demand and dip in retail sales doesn’t appear to be ending soon. PVH Corp. is predicting a drop of between 6% and 7% in its fiscal 2024 revenue. To turn around performance and strengthen its brand position, PVH Corp. is cutting back on the amount of online platforms it sells through in Europe.
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