Emanuel Chirico on government policy
From PVH CEO: Retailers must 'plan for the worst and hope for the best' · · CNBC Television
“Where the government could really help is on the liquidity side in one area that just seems so obvious to me is on the deferral of duties. I'm not talking about the political issue about does it make sense that duties and tariffs on certain countries with on me all that money the real issue is inventory comes in today a week later we need to pay our duties. Last week we paid fifteen million dollars in duties than government last year we paid a quarter of a billion dollars PVH to the US government on duties. If we had a deferral of those duties for a period of time 90 days to hunt 20 days just like income tax we could have avoided putting as many people on furlough as we have.”
On , Emanuel Chirico, Former Chairman & Chief Executive Officer at PVH CORP, spoke about government policy during PVH CEO: Retailers must 'plan for the worst and hope for the best' on CNBC Television.
About Emanuel Chirico
Emanuel Chirico, former chairman and CEO of PVH, discussed the company's response to the coronavirus pandemic and social justice issues in a June 2020 CNBC interview. He described the U.S. as being "ripped apart by systemic racism" and said PVH needed to improve in recruiting, training, and representation at leadership levels, stating the company would set "meaningful targets" within three months. Chirico also addressed inventory challenges, noting that 2020 would be "a mess" and that the company aimed to manage cash and inventory to be competitive in 2021. He mentioned that PVH had $1.8 billion in liquidity but had implemented furloughs and salary reductions due to shareholder pain. In earlier appearances, Chirico commented on trade policy and business performance. In December 2019, he said tariffs on apparel would result in higher costs for consumers and criticized the uncertainty of U.S.-China trade policy, noting that PVH had reduced its China sourcing for the U.S. from 35-40% to 10-15% over five years. In 2018, he described the business as the strongest he had seen in 25 years, with strong online growth and robust European performance. At a 2019 Concordia College event, Chirico said profitability was necessary for sustainability and that "made in America" was not practical for the apparel industry, arguing the U.S. should compete in high-tech robotics rather than labor-intensive garment production.