Can Tommy Cut It?

First, there was Donald Trump. Then, word came that Virgin rich-guy Richard Branson was interested. And, not to be outdone, Mark Cuban decided that it was time for him to give it a go.

I'm talking about the fad of business tycoons climbing aboard the bandwagon of reality shows. Networks such as Fox (NYSE: FOX), Disney's (NYSE: DIS) ABC, and Time Warner's (NYSE: TWX) WB have found that there is a market for these shows and are making sure their programming portfolios are appropriately weighted with such fare.

Tommy Hilfiger, the style icon whose name became a fashion brand unto itself and begat the Tommy Hilfiger (NYSE: TOM) company, will be teaming up with Viacom's (NYSE: VIA) CBS broadcaster to deliver a reality contest show titled The Cut. The program will involve a competition to see who'll win the chance to create a clothing collection for the Hilfiger brand. My guess is that it will be pretty much like any other show in the genre -- cast a group of interesting amateurs with a flair for the melodramatic and hope that a lot of good source material can be generated for the editing workstations. And by that I mean we should hope for a lot of vitriolic backstabbing invective among the participants and a generous serving of humiliating hegemonic diatribes directed at those same people by Mr. Hilfiger himself.

If I were a shareholder of Tommy Hilfiger, I'd be pleased at this bit of publicity, especially considering the lackluster time Tommy has had as of late. I don't like this chart. Considering that the stock doesn't carry a yield, such volatility doesn't do me any good, and the fact that the S&P 500 held rather steady throughout Tommy's turmoil (with arguably much less risk involved) only hammers the point home further.

Seth Jayson took a look at the latest earnings report and noted something that Wall Street finds unfashionable at any time: declining revenues accompanied by a net loss. Not good. And checking the Investors Business Daily rating on the quality of the company's sales, margins, and ROE, I see a grim letter D. I don't think I'll be buying any Tommy stock off the rack at this time.

Tommy, I hope you can hear me: You've got to raise the profile of your brand. It's tough to do, but maybe this reality show gimmick can help if it becomes a catalyst. I'll be honest, though, I'm not counting on it. The climate for execs-turned-network-stars can go out of style at any moment.

Fool contributor Steven Mallas owns shares of Disney but none of the other companies mentioned.