PVH Corp.

Sector: Apparel and footwear Countries of operation: Australia, China, Japan, the UK, the US and 35 other countries Key product categories: Men’s and women’s accessories, apparel and footwear Annual Metrics [caption id="attachment_150259" align="aligncenter" width="700"] Fiscal year ends on January 31 of the following calendar year
*Trailing twelve months ended on May 1, 2022[/caption]   Summary Founded in 1881 and headquartered in New York City, PVH Corp. is one of the world’s largest apparel companies. Its brands include Calvin Klein and Tommy Hilfiger. PVH Corp. also markets under licensed brands including Chaps, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Michael Kors Collection and Sean John. As of January 31, 2022, PVH Corp. has approximately 31,000 associates operating in more than 40 countries. As of the same date, PVH Corp. operates 1,600 retail stores globally. Company Analysis Coresight Research insight: PVH Corp. completed the sale of its Heritage Brands business (Arrow, Eagle, IZOD, Olga, Van Heusen and Warner’s) to Authentic Brands in August 2021, aiming to optimize its portfolio and focus on its bestselling brands, resulting in an 8% year-over-year decrease in the Heritage Brands business in fiscal 2021. While PVH Corp. has not fully recovered from the Covid-19 pandemic, illustrated by its fiscal year 2021 revenues at 5.2% below pre-crisis levels, we expect the retailer to see long-term sustained growth due to its strong digital capabilities and global expansion efforts. The company has leaned into its best-performing products, in the casual and athleisure categories, and has excised many underperforming styles—leading to improved sell-through rates and indicating that the company is continuously pivoting with shifting consumer trends.

Tailwinds

Headwinds

Global reach and scale will continue to fuel growth Deeply rooted digital penetration with personalized brand and shopping experiences Higher demand for occasion-based apparel as consumers return to attending in-person events

A softening consumer environment due to the Covid-19 pandemic, especially its North American business, which has been under pressure due to a lack of international tourism and increasing resurgence of the virus across the region Pressure from competitive athleisure and private-label brands Industry-wide supply chain headwinds, which are likely to lead to inventory delays of approximately four to six weeks on average and result in additional air freight and other costs

  Strategy On the PVH Corp. Analyst Day on April 13, 2022, the company presented the PVH+Plan—its multi-year strategic plan to drive brand, digital and direct-to-consumer (DTC)-led growth to accelerate financial performance: 1. Win with product

• Play to win in big and growing demand spaces
• Double down on key growth categories
• Utilize hero products as a canvas for seasonal newness, limited editions and collaborations
• Connect to a responsive supply chain
• Become a leader in more sustainable products

2. Win with consumer engagement

• Drive digital-first, 360-degree consumer engagement
• Capitalize on key consumer moments
• Partner with the industry’s best creators
• Grow brand ambassador programs

3. Win in the digitally led marketplace

• Build the company’s distribution strategy around the consumer in a way that will continuously strengthen its premium market positioning and drive pricing power

4. Develop a demand and data-driven operating model

• Connect the planning, buying and selling of inventory closer to demand
• Leverage cross-functional teams to work together around product categories
• Cut lead-times by moving away from the concept of one long lead time, to one with multiple speed drivers

5. Drive efficiencies and invest in growth

• Improve cost competitiveness and significantly lower selling, general and administrative (SG&A) costs as a percentage of revenue

Revenue Breakdown (FY21)   Company Developments

Date	Development
July 18, 2022	PVH Corp. announces the appointment of David Savman as Executive Vice President and Chief Supply Chain Officer.
July 14, 2022	Tommy Hilfiger announces its return to New York Fashion Week for the first time in three years with an experiential runway event that will unveil its “See Now, Buy Now” Fall 2022 collection.
May 26, 2022	PVH Corp. appoints Jonathan Bottomley as Global Chief Marketing Officer.
May 26, 2022	PVH Corp. partners with the Mastercard Center for Inclusive Growth and the Business for Social Responsibility (BSR) HERproject on four digital wage programs with its suppliers in Cambodia and Egypt.
May 12, 2022	PVH Corp. announces its “Play It Forward” partnership with Canadian singer Shawn Mendes, which features a collection made entirely from sustainable materials.
April 13, 2022	PVH Corp. presents the ‘PVH+Plan’, its multi-year strategic plan to drive brand, digital and DTC-led growth to accelerate financial performance.
March 23, 2022	PVH Corp. announces that Michael Calbert, Chairman of the Board of Dollar General Corporation, will join the company’s Board of Directors, effective May 2, 2022.
February 9, 2022	PVH Corp. appoints Zac Coughlin as Chief Financial Officer, effective April 4, 2022.
January 18, 2022	PVH Corp. announces a new beauty and wellness partnership between Tommy Hilfiger and Give Back Beauty, a global beauty group, which will hold the exclusive worldwide license of the beauty and wellness business under the Tommy Hilfiger brand, including fragrance, skincare, hair and body care, cosmetics and home fragrance.
December 16, 2021	PVH Corp. launches Tommy X Roblox Creators Virtual Collection, marking Tommy Hilfiger’s entry into the metaverse.
October 21, 2020	PVH Corp. announces that Manny Chirico, Chairman of the Board of Directors, will retire from the Board effective December 31, 2021. Henry Nasella, who currently serves as Presiding Director, will become the independent, non-executive Chairman at that time.
June 23, 2021	PVH Corp. announces it has entered a definitive agreement to sell its Heritage Brands business to Authentic Brands.
June 2, 2021	PVH Corp. announces that Mike Shaffer and Cheryl Abel-Hodges, who have both played important roles in shaping PVH’s strong foundation, will be leaving PVH Corp. in the coming months.
March 30, 2021	Tommy Hilfiger appoints Alegra O’Hare as Global Chief Marketing Officer.
February 10, 2021	PVH Corp. announces that former CEO of Urban Outfitters Group Trish Donnelly will join the company as CEO of PVH Corp. Americas.
February 1, 2021	PVH Corp. appoints Stefan Larsson as CEO.
November  19, 2020	Tommy Hilfiger appoints Avery Baker as President and Chief Brand Officer.
November 18, 2020	Calvin Klein appoints Jessica Lomax as Global Head of Design.
April 6, 2020	PVH Corp. completes sale of Speedo North America business to Pentland Group.
January 8, 2020	PVH Corp. names Tom Chu Regional President of PVH Corp. Asia Pacific.
December 9, 2019	PVH Corp. announces that the company’s greenhouse gas reduction targets receive approval by the Science Based Target initiative.
October 22, 2019	Calvin Klein and Swatch Group agree to end their licensing agreement.
October 21, 2019	Tommy Hilfiger appoints Michael Scheiner as Global Chief Marketing Officer.

  Management Team

• Stefan Larsson—CEO
• Manny Chirico—Chairman
• Michael Shaffer—Chief Operating Officer and Executive VP
• Zac Coughlin—Chief Financial Officer
• Martijn Hagman—CEO, Tommy Hilfiger Global and PVH Corp. Europe
• Cheryl Abel-Hodges—CEO, Calvin Klein

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Source: Company reports