Calvin Klein closes NY flagship over strategy shift

Bloomberg

Calvin Klein is closing its Madison Avenue flagship store in New York this spring as the fashion label shakes up its strategy.
The apparel maker owned by PVH Corp said it would begin using a “digital-first” approach and reorganise its North American division, combining operations in sportswear and jeans.
Its higher-end Calvin Klein 205W39NYC business will get a makeover as well, relaunching with a new name and creative direction. Designer Raf Simons left in December.
“Our industry is witnessing a historic transformation in consumer behaviour,” Chief Executive Officer Steve Shiffman said. It’s especially important now to meet customers’ desires for “culturally relevant products and experiences.”
The Calvin Klein brand has struggled to draw shoppers with its new initiatives. Emanuel Chirico, CEO of parent company PVH, expressed disappointment in the brand’s 205 collection and jeans business on a call with analysts.