Double Whammy for Tommy

Tommy Hilfiger Corp. (Kowloon, Hong Kong) announced that co-chairman Lawrence Stroll has resigned “to pursue other interests.” Stroll had been co-chairman since 1998 and ceo of the company's Hong Kong Ltd. subsidiary for the five years prior to that.

The resignation came at a time when the company announced a net loss of $439 million for its fiscal first quarter ending June 30, 2002. However, the apparel designer and manufacturer also reported “strong demand for [our] women's and children's lines as well as a positive response to [our] new men's jeans style.”

“We continue to maintain tight inventory and expense control within the wholesale and corporate areas of the company, positioning it to meet the challenges of the current difficult retailing environment,” said ceo Joel Horowitz.