PVH Corp. PVH, +3.93% ,, the parent company of Tommy Hilfiger, Calvin Klein and other brands, announced Tuesday that it plans to reduce the cost of its employees at its global offices to about 10% by 2023. The company is also investing in digital, supply chains and consumer engagement. In a filing with the SEC, PVH Corp. said it aims to save more than $100,000,000 in costs. PVH has already recorded pretax costs of 20 million dollars in 2022 for severance related initial actions. Now, PVH expects to record another $50 million of severance, with the majority of that in the second quarter. According to the filing, these charges were not part of its previous guidance. The company anticipates taking additional actions in the third quarter 2023 under these plans, for which the severance cost cannot be estimated yet. According to the filing, the company expects that substantially all of these actions will be completed by the third quarter 2023. The stock rose 1% in premarket trading and has risen 23% year-to-date, while the S&P500 SPX +0.24% is up 15%.