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About Pvh Corp.

PVH has the buttoned-up look down. A top global apparel player, PVH is the world's largest dress shirt and neckwear company. The company owns three titans of the apparel industry: Calvin Klein, Tommy Hilfiger, and Heritage Brands. The former two are multi-billion dollar global lifestyle brands, while Heritage Brands is a luxury apparel wholesaler that owns the brands Van Heusen, IZOD, ARROW, Warner's, Olga, and True&Co. PVH is also has licenses for third-party brands such as DKNY, Speedo, Kenneth Cole Reaction, Michael Kors Collection, and others. The company generates sales from multiple channels, including about 1,600 company-operated retail stores as well as retailers and licensees. It also charges royalty and advertising fees.

Operations

PVH organizes its business into three main areas: Calvin Klein, Tommy Hilfiger, and Heritage Brands.

Calvin Klein accounts for over 35% of revenue and runs a number of sub-brands alongside its Calvin Klein "master" brand: Calvin Klein By Appointment, Calvin Klein Jeans, CK Calvin Klein, Calvin Klein Jeans, and Calvin Klein 205 W39 NYC (the unusual name relates to its New York address). Together they fill various product niches, categories, and price points.

Tommy Hilfiger, split into Tommy Hilfiger North America and Tommy Hilfiger International, contributes some 45% to PVH's revenue. The brand makes everyday and formalwear for the upper-middle class, characterized by its classic American preppy stylings. As with Calvin Klein, it runs a number of sub-brands: Hilfiger Collection, Tommy Hilfiger Tailored, Tommy Hilfiger, and Hilfiger Denim. It sells its products wholesale to third party retailers and at retail via a network of owned outlets, and has around 25 license agreements with third parties in Australia, Brazil, India, and Mexico, among other countries.

Heritage Brands accounts for around 20% of revenue and makes shirts, neckwear, sportswear, swimwear, intimates, underwear, and accessories through a range of owned brands and licensed brands. Its licensed brands are Speedo, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, MICHAEL Michael Kors, Michael Kors Collection, and Chaps. It sells wholesale and through Heritage Brands retail outlets across the United States and Canada. Some of its stores stock IZOD Golf, Warner's, and Speedo products. Heritage Brands also licenses its products to 35 US and 40 international companies.

PVH also completes e-commerce sales through its various brand websites.

The company's products are made in more 1,600 factories in more than 50 countries worldwide. In addition to the more than 1,900 retail stores that it operates, PVH maintains wholesale and retail warehousing and distribution centers in the US, Canada, Japan, and the Netherlands. The centers inspect, sort, pack, and ship goods to customers.

Geographic Reach

The company sells products in the US, Canada, Europe, Asia, Mexico, and Brazil. Its US business accounts for over 50% of sales.

Sales and Marketing

Macy's is PVH's largest Calvin Klein and Tommy Hilfiger wholesale customer. Heritage Brands sells wholesale to department stores such as Bon-Ton Stores, J. C. Penney, Kohl's, and Sears. Each of the Calvin Klein, Tommy Hilfiger, and Heritage Brands businesses have a number of licensing partners domestically and abroad, who have the right to manufacture and wholesale specified products under one or more brands or are granted the right to open retail stores under the licensed brand name.

PVH targets the marketing of its brands at distinct consumer demographics. The company advertises its brands through digital media (including its e-commerce and social media sites), national print media, television, outdoor signage, special events, promotions, and store locations. It also advertises through product tie-ins and sport sponsorships (Calvin Klein/basketball, Van Heusen/football, and IZOD/golf). The Tommy Hilfiger marketing team also coordinates appearances by the designer himself, Tommy Hilfiger, at runway shows, special events, and flagship store openings.

PVH's five largest customers account for more than a fifth of total revenues.

Financial Performance

After several years of steady revenue growth, sales dipped in 2015 before bouncing back in fiscal 2016: sales climbed 2% to $8.2 billion.

PVH's revenue growth in fiscal 2016 was uneven, with solid gains in Calvin Klein (International and North America) and Tommy Hilfiger International offset by falls in Tommy Hilfiger North America and Heritage Brands. Growth came from the Calvin Klein domestic wholesale business and the Tommy Hilfiger International business in Europe. The business was impacted across the board by the strong US dollar.

Net income slid 4% to $549 million as selling, general, and administrative expenses were pushed up by acquisition costs and higher marketing costs.

Cash from operating activities increased by $55 million to $955 million due to changes in working capital relating to inventory and accrued expenses.

Strategy

PVH is unifying Calvin Klein under one creative vision. The process began when it took back full control of its jeans and underwear businesses in 2013, and continued in 2016 with the sacking of Francisco Costa and Italo Zucchelli, the women's and men's creative directors, to clear the way for a unified global creative director role. Raf Simons was given the position.

The company focuses on reinvesting in businesses and pursuing strategic acquisitions. PVH's strength lies in the fact that it maintains a strong, diversified brand portfolio. Its portfolio is growing through acquisitions and it is supported by a model that offers multiple brands and product types globally at different price points and across a range of distribution channels. The variety in products and distribution channels allows the company to reach a broad range of consumers in various geographic regions. The move in 2016 to buy full control of TH Asia signaled the start of direct involvement in the Chinese market

Mergers and Acquisitions

In 2017 PVH acquired True&Co, an online retailer specializing in bras.

In 2016 the company bought the remaining 55% of TH Asia Ltd., its joint venture for Tommy Hilfiger in China. With the closing of this transaction, Tommy Hilfiger business now operates directly in its fastest growing market, while leveraging its well-established infrastructure in Asia.

Pvh Corp.

200 MADISON AVE
New York, NY 10016-3913
Phone: 1 (212) 381-3500

Stats

Employer Type: Publicly Owned
Stock Symbol: PVH
Stock Exchange: , NYSE
Chairman and CEO: Emanuel Chirico
EVP and CIO: Eileen Mahoney
EVP, Chief Operating and Financial Officer: Michael A. Shaffer
Employees (This Location): 100
Employees (All Locations): 38,000

Major Office Locations

New York, NY

Other Locations

Foley, AL
Leeds, AL
Ozark, AL
Brinkley, AR
Anthem, AZ
Glendale, AZ
Tempe, AZ
Alpine, CA
Barstow, CA
Brea, CA
Cabazon, CA
Camarillo, CA
Carlsbad, CA
Commerce, CA
Costa Mesa, CA
El Centro, CA
Folsom, CA
Gilroy, CA
Irwindale, CA
Lake Arrowhead, CA
Lake Elsinore, CA
Livermore, CA
Los Angeles, CA
Milpitas, CA
Napa, CA
Ontario, CA
Orange, CA
Pacific Grove, CA
Petaluma, CA
Pismo Beach, CA
San Ysidro, CA
Torrance, CA
Tulare, CA
Vacaville, CA
Castle Rock, CO
Lakewood, CO
Silverthorne, CO
Clinton, CT
Mystic, CT
Washington, DC
Rehoboth Beach, DE
Destin, FL
Ellenton, FL
Estero, FL
Florida City, FL
Fort Myers, FL
Lakeland, FL
Miami, FL
Miami Beach, FL
Miramar Beach, FL
Naples, FL
Orlando, FL
Saint Augustine, FL
Sunrise, FL
The Villages, FL
Vero Beach, FL
West Palm Beach, FL
Austell, GA
Calhoun, GA
Commerce, GA
Dawsonville, GA
Duluth, GA
Locust Grove, GA
Mcdonough, GA
Pooler, GA
Lahaina, HI
Waipahu, HI
West Des Moines, IA
Williamsburg, IA
Aurora, IL
Gurnee, IL
Rosemont, IL
Schaumburg, IL
Tuscola, IL
Edinburgh, IN
Fremont, IN
Michigan City, IN
Dry Ridge, KY
Simpsonville, KY
Gonzales, LA
Chatham, MA
Dartmouth, MA
Lee, MA
Wrentham, MA
Bethesda, MD
Clarksburg, MD
Hagerstown, MD
Hanover, MD
Queenstown, MD
Freeport, ME
Kittery, ME
Auburn Hills, MI
Birch Run, MI
Byron Center, MI
Holland, MI
Howell, MI
Albertville, MN
Medford, MN
North Branch, MN
Branson, MO
Chesterfield, MO
Osage Beach, MO
Gulfport, MS
Southaven, MS
Asheville, NC
Concord, NC
Jonesville, NC
Mebane, NC
Smithfield, NC
Merrimack, NH
Tilton, NH
Atlantic City, NJ
Bridgewater, NJ
Cranbury, NJ
Elizabeth, NJ
Flemington, NJ
Green Brook, NJ
Jackson, NJ
Lafayette, NJ
Paramus, NJ
Secaucus, NJ
Tinton Falls, NJ
Jean, NV
Las Vegas, NV
Laughlin, NV
Bellport, NY
Brooklyn, NY
Carle Place, NY
Central Valley, NY
Cheektowaga, NY
Corning, NY
Deer Park, NY
Fishkill, NY
Lake George, NY
New Windsor, NY
New York, NY
Niagara Falls, NY
Riverhead, NY
Secaucus, NY
Waterloo, NY
Aurora, OH
Burbank, OH
Jeffersonville, OH
Monroe, OH
Sunbury, OH
Oklahoma City, OK
Bend, OR
Lincoln City, OR
Seaside, OR
Troutdale, OR
Woodburn, OR
Bethlehem, PA
Gettysburg, PA
Grove City, PA
Hershey, PA
King Of Prussia, PA
Lancaster, PA
Philadelphia, PA
Pottstown, PA
Reading, PA
Tannersville, PA
Bluffton, SC
Gaffney, SC
Myrtle Beach, SC
North Charleston, SC
Lebanon, TN
Nashville, TN
Sevierville, TN
Allen, TX
Canutillo, TX
Conroe, TX
Cypress, TX
Dallas, TX
El Paso, TX
Grand Prairie, TX
Grapevine, TX
Katy, TX
Mercedes, TX
Round Rock, TX
San Marcos, TX
Terrell, TX
Texas City, TX
Park City, UT
St George, UT
Leesburg, VA
Williamsburg, VA
Woodbridge, VA
Essex Junction, VT
Auburn, WA
Centralia, WA
North Bend, WA
Quil Ceda Village, WA
Johnson Creek, WI
Kenosha, WI
Oshkosh, WI
Pleasant Prairie, WI
Milano, Italy
Scandicci, Italy
Alexania, Brazil
Camacari, Brazil
Campo Grande, Brazil
Caucaia, Brazil
Cotia, Brazil
Florianopolis, Brazil
Fortaleza, Brazil
Itupeva, Brazil
Niteroi, Brazil
Novo Hamburgo, Brazil
Porto Alegre, Brazil
Recife, Brazil
Rio De Janeiro, Brazil
Salvador, Brazil
Sao Joao Das Duas Pontes, Brazil
Sao Paulo, Brazil
Sao Roque, Brazil
Serra, Brazil
Baie-D'Urfé, Canada
Boucherville, Canada
Brampton, Canada
Bromont, Canada
Brossard, Canada
Burnaby, Canada
Calgary, Canada
Cambridge, Canada
Chicoutimi, Canada
Concord, Canada
Cookstown, Canada
Côte Saint-Luc, Canada
Dartmouth, Canada
Edmonton, Canada
Etobicoke, Canada
Gatineau, Canada
Georgetown, Canada
Hamilton, Canada
Kingston, Canada
London, Canada
Mississauga, Canada
Montréal, Canada
Mont-Royal, Canada
Mont-Tremblant, Canada
Nepean, Canada
New Westminster, Canada
Niagara Falls, Canada
Niagara On The Lake, Canada
North York, Canada
Oakville, Canada
Orleans, Canada
Ottawa, Canada
Pickering, Canada
Pointe-Claire, Canada
Québec, Canada
Richmond, Canada
Rocky View County, Canada
Saint-Bruno, Canada
Saint-Laurent, Canada
Saint-Sauveur, Canada
Scarborough, Canada
Surrey, Canada
Terrebonne, Canada
Thornhill, Canada
Toronto, Canada
Vancouver, Canada
Victoria, Canada
Windsor, Canada
Winnipeg, Canada
Cagnes Sur Mer, France
Coquelles, France
Miramas, France
Paris, France
Pont Sainte Marie, France
Roppenheim, France
Roubaix, France
Serris, France