Company Overview and Business Description

General Information

• Name: PVH Corp.
• Founded: Originally started in 1881, incorporated in Delaware in 1976.
• Headquarters: 285 Madison Avenue, New York, NY 10017
• Employees: Approximately 28,000 associates as of February 2, 2025.
• Stock Market: Traded on NYSE under the symbol PVH.
• Market Capitalization: As of August 4, 2024, approximately $5.27 billion.
• Number of Shareholders: About 431 stockholders of record as of March 14, 2025.
• Annual Revenues:
  • 2024: $8.7 billion
  • 2023: $9.2 billion
  • 2022: $9.0 billion
• Income (Net Income):
  • 2024: $599 million
  • 2023: $664 million
  • 2022: $200 million

Core Business Activities

PVH Corp. is a major global apparel company specializing in designing, marketing, sourcing, and distributing branded clothing and accessories. It operates through several brands and business segments.

Key Brands

• Owned Brands:
  • TOMMY HILFIGER: Recognized as one of the most globally iconic premium lifestyle brands since 1985, emphasizing "Prep made Modern" collections inspired by Americana.
  • Calvin Klein: Founded in 1968, characterized by minimalist and sensual aesthetics, offering a range of apparel and accessories.
• Licensed Brands:
  • Van Heusen: Licensed globally for apparel, now directly operated or licensed through third-party agreements.
  • Nike: Used for men’s and women’s intimate apparel under the Heritage Brands segment.
• Previously Owned but Sold or Changed:
  • Warner’s, Olga, and True&Co. (sold in November 2023).

Business Operations

• Segments: As of February 2025, the company shifted from product-based segments to region-focused segments:
  • Americas
  • Europe, Middle East & Africa
  • Asia-Pacific
  • Licensing (licensing agreements for brands and product categories globally)
• Channels of Distribution:
  • Retail Stores: Operates approximately 1,400 company-owned stores worldwide, primarily in premium outlet centers (U.S., Europe, Asia-Pacific, Brazil).
  • Digital Commerce: E-commerce sites like tommy.com and calvinklein.com.
  • Wholesale: Distribution through department stores, specialty stores, off-price retailers, and digital platforms globally.
• Product Categories: Casual wear, jeanswear, performance apparel, intimate apparel, underwear, swimwear, dress shirts, handbags, accessories, footwear, and related products.
• Revenue Composition:
  • Over 90% of revenue from Tommy Hilfiger and Calvin Klein brands.
  • Merchandises sold at various price points and through multiple channels to reduce dependence on specific pricing or regions.

Licenses & Partnerships

• Licensing agreements cover a broad array of product categories (footwear, accessories, fragrances, watches, jewelry) and geographies.
• Key licensees include G-III Apparel Group, Movado, Coty Inc., Marchon, and others.
• Licensing agreements are staggered in expiration (most in 2027), with plans to bring licensed categories in-house.

Strategic Focus

• Grow Tommy Hilfiger and Calvin Klein through innovation, marketing, and expansion.
• Incorporate data analytics to respond quickly to consumer trends.
• Engage in strategic acquisitions and license reversion.
• Simplify operations with multi-year initiatives aimed at cost savings ($200–$300 million annual savings expected by 2026).

Corporate Strategy

• The PVH+ Plan aims to make Calvin Klein and Tommy Hilfiger the most desirable lifestyle brands globally.
• Focus areas include product innovation, consumer engagement, digital growth, operational efficiency, and sustainability.
• The company aims for revenue stability in 2025, with continued effort to grow digital channels and optimize supply chains.

Key Financial Measures

• Revenue (2024): $8.7 billion (decreased from previous years mainly due to asset sales and strategic transformations).
• Net Income (2024): $599 million.
• Employee Count: Approximately 28,000 associates.
• Major Customers: The five largest wholesale customers accounted for 15.1% of revenue in 2024; no single customer exceeded 5%.

Recent Developments

• Sale of Warner’s, Olga, and True&Co. brands in November 2023.
• Ongoing shift toward region-based organizational structure.
• Cost-saving initiatives, including reducing expenses and realigning operations.
• Active share repurchase program with over $1.77 billion of shares bought back as of early 2025.
• Notable legal issues related to China’s investigation could impact future operations.

Summary

PVH Corp. is a leading global apparel company with approximately 28,000 employees, primarily selling iconic brands TOMMY HILFIGER and Calvin Klein. It generates revenues predominantly from owned brands, licensing activities, and retail and wholesale channels worldwide. The company is focused on growth through brand strength, digital expansion, operational efficiency, and strategic acquisitions, while managing risks related to trade, currency, and legal challenges.