A fashion conglomerate much like Capri Holdings, but with a portfolio built around iconic global brands such as Calvin Klein and Tommy Hilfiger.

Consider it a more focused LVMH or Kering, specializing in a powerful collection of global apparel and lifestyle brands like Calvin Klein and Tommy Hilfiger.

• Apparel: Designs, markets, and sells a wide range of branded clothing for men, women, and children under its iconic labels like Calvin Klein and Tommy Hilfiger.
• Footwear: Offers branded shoes, boots, and sandals to complement its apparel collections.
• Accessories: Provides various complementary items such as handbags, belts, wallets, eyewear, and watches, often through licensing agreements.
• Fragrances: Develops and markets branded perfumes and colognes, primarily through licensing partnerships, extending its brands into the beauty sector.

PVH Corp. (PVH) sells primarily to other companies through its wholesale channels, which consistently represent a larger portion of its revenue compared to its direct-to-consumer (company-operated retail stores and digital commerce) sales. Its major customers are global retailers, including department stores, off-price retailers, and online fashion platforms.

While PVH's financial disclosures do not name individual customers that account for more than 10% of its net sales, its products are widely distributed through major players in the retail industry. Examples of prominent customer companies, representing key retail categories for PVH's brands (such as Calvin Klein and Tommy Hilfiger), include:

• Macy's, Inc. (M) - A leading U.S. department store chain.
• The TJX Companies, Inc. (TJX) - The parent company of major off-price retailers like TJ Maxx and Marshalls, which are significant distributors of PVH's brands.
• Zalando SE (ZAL.DE) - A major European online fashion and lifestyle platform.

Stefan Larsson, Chief Executive Officer

Stefan Larsson has served as Chief Executive Officer of PVH Corp. since February 1, 2021, and is also a member of its Board of Directors. He joined PVH as President in June 2019. Prior to PVH, Larsson was CEO of Ralph Lauren Corporation from 2015 to 2017, where he refocused the company. He also served as Global President of Old Navy, a division of Gap Inc., leading the brand to three consecutive years of profitable growth. Earlier in his career, he spent nearly 15 years at H&M, holding key leadership roles and helping to expand the company's annual revenues from $3 billion to $17 billion and operations from 12 to 44 countries.

Zac Coughlin, Chief Financial Officer

Zac Coughlin was appointed Executive Vice President and Chief Financial Officer of PVH Corp. in April 2022, overseeing all finance functions. Before joining PVH, he served as Group CFO and Chief Operating Officer at DFS Group Limited, a luxury travel retail subsidiary of LVMH Group. He also held the position of CFO at Converse, Inc., a division of Nike, Inc. Coughlin began his career at Ford Motor Company, where he held multiple global financial leadership roles, including CFO for Ford Taiwan and CFO at Ford Sollers Holding LLC, a joint venture.

David Savman, Global Brand President, Calvin Klein

David Savman is the Global Brand President for Calvin Klein and a member of PVH's Executive Leadership Team. He joined PVH in 2022 as Executive Vice President and Chief Supply Chain Officer, a role in which he led the company's global operations and supply chain. In 2024, he also served as interim CEO for PVH Europe. Prior to PVH, Savman spent nearly two decades at H&M Group, where his positions included Head of Global Supply Chain.

Lea Rytz Goldman, Global Brand President, Tommy Hilfiger

Lea Rytz Goldman is the Global Brand President for Tommy Hilfiger, reporting directly to PVH CEO Stefan Larsson. She assumed this leadership role following the departure of Martijn Hagman.

Amba Subrahmanyam, Chief People Officer

Amba Subrahmanyam has served as the Chief People Officer and Executive Vice President of PVH Corp. since February 2024. Previously, she was the Executive Vice President of People for PVH Americas and Calvin Klein Global. Her background also includes holding HR leadership roles at Tapestry, Tory Burch, and Coach Inc.

The clear emerging threat to PVH is the accelerating adoption of the circular fashion economy, specifically through apparel rental and resale platforms. This growing trend enables consumers to access clothing through renting or purchasing pre-owned items, thereby reducing the demand for new apparel sales, which is PVH's core business model. This shifts consumer spending away from new products and towards alternative consumption models.

PVH Corp. (PVH) operates in the global apparel and accessories market through its portfolio of iconic brands, primarily Calvin Klein and Tommy Hilfiger. The company's main products and services encompass a wide range of apparel, including sportswear, denim, underwear, dress shirts, and various accessories and footwear.

The addressable markets for PVH's main products and services are substantial across various regions:

• Global Apparel Market:
  • The global apparel market is valued at approximately $1.84 trillion in 2025. It was valued at $1.77 trillion in 2024 and is projected to reach $2.26 trillion by 2030. Another estimate indicates the global apparel market size was $1,749.67 billion in 2024 and is projected to grow to $2,307.04 billion by 2032. The broader global fashion apparel market is estimated at $1,596.41 billion in 2024 and is expected to reach $1,690.95 billion in 2025.
  • The total consumer spending in the apparel industry amounts to $2.4 trillion globally.
• Global Footwear Market:
  • Global footwear sales are worth an estimated $366 billion. This market was estimated to reach $400 billion in 2023 and is projected to reach up to $505.7 billion in 2025.
• North America Apparel Market:
  • The United States apparel market is the largest in the world, with a size of $365.70 billion.
  • The North American apparel retail industry had total revenues of $460.4 billion in 2022.
  • The North America luxury apparel market size was $27.14 billion in 2024 and is projected to reach $40.95 billion by 2033.
  • The North America e-commerce apparel market generated $150,673.8 million in 2021 and is expected to reach a projected revenue of $320,028.8 million by 2030.
• Europe Apparel Market:
  • The Europe apparel market size was valued at €483 billion in 2023.
  • Europe's apparel import market was valued at €176.9 billion in 2023.
  • European clothing expenditure is expected to reach approximately €340 billion by 2028.
  • The Europe fast fashion market is expected to reach a value of $47.5 billion by the end of 2024 and is anticipated to reach $93.4 billion by 2033. Another source states the Europe Fast Fashion market size was valued at US$51.26 billion in 2025 and is expected to reach US$86.16 billion by 2032.
• Asia Pacific Apparel Market:
  • Asia Pacific dominated the global apparel market with a 40.5% revenue share in 2024.
  • The apparel market in Asia-Pacific rose to $764.0 billion in 2023.
  • The Asia Pacific fashion apparel market was $404,437.80 million (approximately $404.44 billion) in 2024 and is expected to grow to $633,415.90 million by 2031.
  • The clothing segment in Asia-Pacific reached a market value of $570 billion in 2021.

PVH Corp. (NYSE: PVH) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on its core brands, geographic expansion, and operational enhancements. These drivers include:

1. Execution of the PVH+ Plan and Brand-Building Initiatives: PVH's multi-year PVH+ Plan is a central pillar for growth, emphasizing product innovation, impactful marketing campaigns, and disciplined execution. This strategy aims to strengthen the global presence and appeal of its two iconic brands, Calvin Klein and Tommy Hilfiger.
2. Targeted Regional Growth and Market Expansion: PVH is focusing on specific regions for revenue growth. Europe is projected to return to growth with a focus on quality of sales, while the Americas are expected to see mid-single-digit revenue increases, partly due to the integration of Calvin Klein's women's sportswear and jeans wholesale business in-house. Asia Pacific is identified as an important growth driver, with increased investments in marketing and new store expansion to capitalize on untapped opportunities in the region.
3. Enhanced Product Innovation and Category-Led Growth: The company is accelerating efforts to scale innovation in its core product categories. Specifically, Calvin Klein has seen growth driven by denim and underwear sales, fueled by successful relaunches and impactful product campaigns. Tommy Hilfiger is also bolstering revenue through product-related partnerships and marketing efforts.
4. Increased Marketing Investments and Consumer Engagement: PVH plans to boost revenue by increasing marketing investments to capitalize on key consumer moments and support brand-building campaigns, often amplified by globally relevant talent. These investments are intended to drive new store expansion and activate the full consumer funnel, particularly in regions like Asia Pacific.

Share Repurchases

• PVH Corp. authorized a $2.0 billion increase to its stock repurchase program on March 27, 2024, extending the program through July 2028.
• The company repurchased approximately $500 million of its common stock in 2024.
• PVH plans to repurchase an additional $500 million in shares during 2025 through accelerated share repurchase agreements.

Outbound Investments

• PVH completed the sale of its Heritage Brands women's intimates businesses (Warner's, Olga, and True&Co. trademarks) in November 2023 for net proceeds of $156 million, with an additional $10 million expected through the first quarter of 2025.
• The company divested its Heritage Brands menswear and retail businesses in 2021.
• In the third quarter of 2024, PVH sold a warehouse and distribution center for net proceeds of $10 million as part of its operational simplification strategy.

Capital Expenditures

• PVH's capital expenditures averaged $214.8 million annually for the fiscal years ending January 2021 to 2025, peaking at $267 million in January 2023.
• Expected capital expenditures for the full year 2024 are approximately $200 million.
• These capital expenditures primarily focus on investments in new stores, store renovations, and the company's information technology infrastructure worldwide, including information security and digital transformation initiatives.