• Apparel: Designs, markets, and retails a wide range of clothing for men, women, and children, including dress shirts, sportswear, denim, underwear, and swimwear.
• Accessories: Offers various non-clothing items such as handbags, footwear, watches, jewelry, eyeglasses, and fragrances.
• Home Furnishings: Provides products for home decor, specifically home bed and bath furnishings.
• Luggage Products: Sells luggage and related travel items.

PVH Corp. operates a mixed distribution model, selling both at wholesale to various retailers and directly to individual consumers through its company-operated stores and digital commerce sites. Given the company's explicit mention of designing, marketing, and retailing its products, and the operation of its own full-price, outlet, and digital commerce sites, it serves a broad base of individual customers. The company offers a diverse portfolio of brands catering to different consumer segments.

The major customers of PVH Corp. are primarily **individual consumers**, categorized as follows:

1. Fashion-Conscious & Trend-Driven Consumers: This category includes individuals who seek contemporary styles, brand recognition, and aspirational fashion, often drawn to PVH's premium brands like Tommy Hilfiger and Calvin Klein. They purchase a range of apparel, accessories, and related lifestyle products.
2. Everyday & Value-Oriented Consumers: This segment consists of individuals looking for reliable, comfortable, and often more accessible apparel for daily wear, work, or basic needs. They are served by brands such as Van Heusen, IZOD, ARROW, and Geoffrey Beene, purchasing items like dress shirts, sportswear, and performance apparel.
3. Intimate Apparel & Comfort Seekers: This category targets individuals, predominantly women, seeking undergarments, sleepwear, and loungewear. These consumers prioritize comfort, fit, and design in products offered under brands like Warner's, Olga, and True&Co.

Stefan Larsson, Chief Executive Officer

Stefan Larsson assumed the role of CEO of PVH Corp. in February 2021, having joined the company as President in 2019. He is credited with leading the development of the PVH+ Plan, a strategic initiative focused on transforming Calvin Klein and Tommy Hilfiger into leading lifestyle brands. Prior to PVH, Larsson served as CEO of Ralph Lauren Corporation, where he refocused the company and improved its performance. He was also the Global President of Old Navy, a division of Gap Inc., where he led the brand to profitable growth for 12 consecutive quarters. Before that, he spent nearly 15 years at H&M in various leadership roles, contributing to the company's revenue growth from approximately $3 billion to $17 billion and expanding its operations globally. Larsson holds a Master of Science in Business Administration.

Melissa Stone, Interim CFO | Executive Vice President, Global Financial Planning & Analysis

Melissa Stone was appointed Interim CFO of PVH Corp. in November 2025. She has been with PVH for over two decades, holding several senior finance positions of increasing responsibility, including Executive Vice President of Global Financial Planning & Analysis, SVP Accounting, and Assistant Corporate Controller.

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 and previously served as the company's Chief Supply Chain Officer, leading global operations and supply chain. In 2024, he also served as interim CEO for PVH Europe, where he is credited with repositioning the region for growth. Before joining PVH, Savman spent nearly two decades at H&M Group, including as Head of Global Supply Chain. He has extensive experience leading product-centric organizations and managing key functions like supply chain, production, product development, and innovation across Asia and Europe.

Patricia Gabriel, Chief Supply Chain Officer and Global Head of Operations

Patricia Gabriel joined PVH Corp. in 2025 as Chief Supply Chain Officer and Global Head of Operations. In this role, she oversees global operations from product to consumer, including production, manufacturing, inventory management, purchasing, and strategic sourcing. Gabriel has over 25 years of experience leading supply, manufacturing, and logistics organizations at global consumer-centric companies. Prior to PVH, she was the Chief Supply Chain Officer for Michael Kors, Jimmy Choo, and Versace at Capri Holdings. Her background also includes senior roles at Mondelez International, AB InBev, and Accenture.

Lea Rytz Goldman, Global Brand President, Tommy Hilfiger

Lea Rytz Goldman assumed the role of Global Brand President for Tommy Hilfiger in April 2024. She oversees the Tommy Hilfiger brand and business globally as part of PVH's Executive Leadership Team. Goldman is recognized for her strong track record in growing brands. Most recently, she was the Managing Director of COS, where she led the revitalization and global growth of the brand across over 40 markets. Before her time at COS, she spent 11 years with the H&M Group, where she led the repositioning and growth of Arket. She brings over 20 years of brand leadership experience from various European brand groups.

Here are the key risks to PVH Corp.'s business:

1. Geopolitical and Regulatory Risks, particularly in China: PVH Corp. faces significant geopolitical and regulatory challenges, especially concerning its operations in China. The company's inclusion on China's List of Unreliable Entities could lead to fines, restrictions, and impact its ability to conduct business in this crucial market. Disruptions in China are particularly impactful as the region, despite contributing a smaller percentage to overall revenue, disproportionately contributes to the company's profits. These regulatory hurdles may necessitate shifts in production and operational strategies, affecting revenue and overall business stability.
2. Macroeconomic Uncertainty and Consumer Spending: The apparel industry, in which PVH Corp. operates, is highly susceptible to global macroeconomic conditions. Factors such as inflation, high interest rates, and broader geopolitical tensions can negatively influence consumer confidence and spending habits. A downturn in consumer demand can lead to increased promotional activities, pressure on pricing, and ultimately, a reduction in profit margins across PVH's diverse brand portfolio.
3. Supply Chain and Distribution Vulnerabilities: PVH Corp. is heavily reliant on a complex global supply chain, with approximately 60% of its sourcing originating from Asia. This dependence exposes the company to various risks, including political instability, natural disasters, and changes in trade policies, such as tariffs, which can disrupt production, increase operational costs, and impact the efficiency of its distribution network. Maintaining stringent quality and compliance monitoring across this vast network is also a continuous challenge.

The rapid rise and market dominance of ultra-fast fashion retailers (e.g., Shein, Temu).

These companies leverage sophisticated data analytics, AI-driven design, and agile supply chains to bring hyper-trendy clothing to market at unprecedented speed and exceptionally low price points, primarily through direct-to-consumer digital channels. This business model directly competes with PVH's traditional design cycles, brand positioning, pricing strategies, and established wholesale/retail distribution channels, potentially eroding market share and profitability, particularly among younger, trend-focused consumers.

PVH Corp. operates within several large addressable markets for its main products and services.

• Global Apparel Market: The global apparel market was valued at approximately USD 1.84 trillion in 2025 and is projected to reach USD 2.54 trillion by 2033.
• North America Apparel Market: The U.S. apparel market is projected to reach USD 399.77 billion by 2026.
• Global Intimate Apparel Market: The global intimate apparel market was valued at USD 88.24 billion in 2025 and is poised to grow to USD 116.58 billion by 2035. Another estimate placed the global intimate wear market size at around USD 93.34 billion in 2023, with a projection to reach USD 149.84 billion by 2032.
• North America Intimate Apparel/Lingerie Market: North America held a significant market share in intimate apparel, with one estimate indicating over 40% of the global revenue in 2024, amounting to USD 32.50 billion. The North America intimate lingerie market is expected to reach a projected revenue of USD 7.41 billion by 2030. The North America intimate apparel market size in 2025 was USD 16.25 billion.
• Global Denim Market: The global denim market size was valued at USD 71.14 billion in 2024 and is expected to reach USD 119.51 billion by 2032.
• North America Denim Market: The North America denim market size was valued at USD 45.08 billion in 2024 and is expected to reach USD 70.24 billion by 2032. The North American jeans market was approximately USD 18 billion in 2023.
• Global Fashion Accessories Market: The global fashion accessories market size was estimated at USD 798.81 billion in 2024 and is projected to reach USD 1.25 trillion by 2030. Another source valued it at USD 1.14 trillion in 2025 and projected it to reach USD 2.23 trillion by 2034.
• North America Fashion Accessories Market: The North America fashion accessories market is projected to reach a revenue of USD 440.80 billion by 2030. North America accounted for 35.5% of the global fashion accessories market in 2023.

PVH Corp. (PVH) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives, primarily centered around its "PVH+ Plan." This multi-year roadmap focuses on leveraging its core brands, digital capabilities, and market expansion.

The key drivers of future revenue growth for PVH include:

1. Product Innovation and "Hero Products": PVH aims to invigorate its core brands, Calvin Klein and Tommy Hilfiger, by developing "best hero products" in key growth categories and expanding successful franchises. This strategy includes launching innovative products and collaborations, such as the successful Calvin Klein Icon Cotton Stretch line.

2. Digital and Direct-to-Consumer (DTC) Channel Expansion: The company is accelerating its digital growth and building a comprehensive distribution strategy, with a strong focus on its direct-to-consumer channels, which include e-commerce and company-operated stores. PVH projects a compounded annual growth rate (CAGR) of over 20% for its digital channels and anticipates direct-to-consumer brick-and-mortar sales to outpace wholesale.

3. Targeted Geographic Expansion: PVH is strategically expanding its presence across key global markets. This includes prioritizing international growth, with notable success and focus on the Americas, EMEA (Europe, Middle East, and Africa), and particularly the Asia-Pacific region, which is expected to see mid-teens CAGR.

4. Enhanced Consumer Engagement and Brand Building for Calvin Klein and Tommy Hilfiger: A central element of the PVH+ Plan is to create 360-degree consumer engagement around its "hero products" by partnering with leading creators and implementing impactful marketing campaigns. The goal is to elevate Calvin Klein and Tommy Hilfiger into premier global lifestyle brands, thereby increasing brand desirability and consumer loyalty.

Share Repurchases

• PVH announced its intention to enter into Accelerated Share Repurchase (ASR) agreements to repurchase $500 million of its common stock in March 2025.
• The company subsequently entered into these $500 million ASR agreements in April 2025, with an initial delivery of approximately 4.6 million shares.
• In the first nine months of 2025, PVH repurchased a total of 7.7 million shares for $561 million.
• As of February 2, 2025, $1.8 billion remained available under an existing $5.0 billion stock repurchase authorization, which is authorized through July 30, 2028.

Outbound Investments

• PVH has been strategically bringing a significant portion of product categories, previously licensed to G-III Apparel Group, Ltd., in-house to gain greater brand control.
• The company is directing capital towards its "PVH+ Plan," a multi-year strategy focused on accelerating the growth of its Calvin Klein and Tommy Hilfiger brands, including investments in digital and direct-to-consumer channels.

Capital Expenditures

• PVH's capital expenditures averaged $214.8 million annually from fiscal years ending January 2021 to 2025.
• Approximately $200 million in capital expenditures were planned for 2025, with a primary focus on IT infrastructure and distribution network capabilities.
• The company is making investments in brand-building initiatives, flagship store openings, product innovation, and expanding omnichannel, data analytics, AI-enabled merchandising, and direct-to-consumer capabilities.