PVH Corp.
PVH Corp., together with its subsidiaries, operates as an apparel company in the United States and internationally. The company operates through Tommy Hilfiger North America, Tommy Hilfiger International, Calvin Klein North America, Calvin Klein International, and Heritage Brands Wholesale segments. It designs and markets men's, women's, and children's branded apparel, footwear and accessories, underwear, home furnishings, luggage, dresses, suits and swimwear, activewear, sportswear, socks and accessories, outerwear, golf products, watches and jewelry, eyeglasses and non-ophthalmic sunglasses, jeans wear, performance apparel, intimate apparel, dress shirts, handbags, fragrance, small leather goods, and other related products. The company offers its products under its own brands, such as TOMMY HILFIGER, TOMMY JEANS, Calvin Klein, Calvin Klein Jeans, Calvin Klein Underwear, Calvin Klein collection, and Calvin Klein sport, as well as various other owned, licensed, and private label brands. It distributes its products at wholesale in department, chain, and specialty stores; through warehouse clubs, mass market, and off-price and independent retailers; and through company-operated full-price, outlet stores, and concession locations; and through digital commerce sites. PVH Corp. was formerly known as Phillips-Van Heusen Corporation and changed its name to PVH Corp. in June 2011. The company was founded in 1881 and is based in New York, New York.
What does it do?
PVH Corp. is the company behind two of the most recognizable fashion brands in the world: Calvin Klein and Tommy Hilfiger. If you've ever bought a pair of Calvin Klein underwear or a Tommy Hilfiger polo shirt, you've put money in PVH's pocket. They design, make, and sell clothing, shoes, and accessories for men, women, and kids across over 40 countries. Think of them as the engine quietly running behind those iconic logos you see in shopping malls and department stores everywhere.
PVH sits at the intersection of two big investor questions right now: can legacy fashion brands survive the shift to direct-to-consumer selling online, and how badly will a global economic slowdown hurt spending on non-essential clothing? With $9 billion in annual revenue, PVH is one of the largest apparel companies in the world, so what happens to it reflects what's happening across the entire fashion industry. Investors are watching closely to see if strong brand recognition can hold up when consumers are tightening their belts.
How does it make money?
PVH makes money by selling Calvin Klein and Tommy Hilfiger products through its own stores, its websites, and through wholesale partners like department stores and retailers. Revenue grew from $8.7 billion to $9.0 billion in the latest year, a modest but positive sign. The business is split geographically — Tommy Hilfiger International and Calvin Klein International together generate a significant chunk of sales, meaning Europe and Asia matter enormously to PVH's bottom line. They also license their brand names to other manufacturers, earning fees when those companies sell PVH-branded products like perfume or luggage.
Why do investors care?
The core investment idea is that Calvin Klein and Tommy Hilfiger are powerful global brands that are being undervalued by the market — PVH's $4 billion market cap feels low relative to $9 billion in annual sales. The growth story hinges on expanding direct-to-consumer sales online, where margins (the percentage of each sale PVH keeps) are much higher than selling through department stores. For this to work, PVH needs to keep cutting costs, grow in Asia and Europe, and prove that younger shoppers still want these heritage brands.
Deep Dive
MemberA full investor briefing on PVH Corp. — history, leadership, risks, and outlook.