Calvin Klein to close its flagship store in New York
The brand, a wholly owned subsidiary of PVH Corp., said in a statement that the 654 Madison Avenue store will be closed as a result of Calvin Klein's ongoing assessment of its omni-channel strategy.
The company is evaluating options for future retail locations, and will also be unveiling new consumer experiences both online and offline.
According to the statement, the brand's leadership team has adopted a digital-first approach and would begin reorganize its North American division, combining operations in sportswear and jeans.
"These strategic initiatives will enable us to run a more modern, dynamic and effective business, as well as allow us to reinvest in the brand," said Steve Shiffman, chief executive officer of Calvin Klein, in the statement.
Talking about the reason behind its strategic changes, Shiffman said the apparel industry is witnessing a historic transformation in consumer behavior which presents a significant growth opportunity.
He said the company looks to grow the brand to 12 billion U.S. dollars in global retail sales over the next few years.
"Now more than ever, we must double down on meeting consumer demands by creating culturally relevant products and experiences that engage communities by pushing fashion and culture forward," Shiffman added. ■