PVH Corp. (PVH): History, Ownership, Mission, How It Works & Makes Money

How does PVH Corp., the global apparel giant behind iconic brands like Calvin Klein and Tommy Hilfiger, navigate an increasingly volatile consumer market while delivering a rebound in growth?

The company's strategic PVH+ Plan is defintely gaining traction, evidenced by Q2 2025 revenue hitting $2.167 billion, a 4% year-on-year increase, and a reaffirmed full-year non-GAAP earnings per share (EPS) guidance of $10.75 to $11.00.

You need to understand the mechanics of this resilience-specifically, how the Calvin Klein brand delivered $980 million in Q2 revenue and what the recent $500 million accelerated share repurchase means for shareholder value.

We will break down the history, ownership, and complex revenue streams to show you precisely where PVH Corp. makes its money and what the near-term risks are.

PVH Corp. (PVH) History

You're looking for the bedrock of PVH Corp., the story behind the global apparel giant that owns Calvin Klein and Tommy Hilfiger. Honestly, it didn't start with runway shows or global ad campaigns. It began with two immigrants sewing shirts by hand. The company's trajectory is a masterclass in strategic acquisition, transforming a simple shirt-making business into a powerhouse with a projected non-GAAP operating margin of approximately 8.5% for the full fiscal year 2025. That's a huge shift from its humble origins.

PVH Corp.'s Founding Timeline

Year established

The company's origins trace back to 1881, making it one of the longest-standing apparel companies in the world.

Original location

The business started in Pottsville, Pennsylvania, where the founders initially sold shirts to local anthracite coal miners.

Founding team members

The company was founded by Moses Phillips and his wife, Endel Phillips. They started by mending and sewing shirts by hand.

Initial capital/funding

Precise initial capital is not recorded, but the venture began as a small, family-run, home-based shirt-sewing operation, with Moses and Endel selling their products directly from pushcarts.

PVH Corp.'s Evolution Milestones

PVH Corp.'s Transformative Moments

The company's history isn't just a list of dates; it's a story of decisive, brand-focused pivots. The shift from a manufacturer of functional men's shirts to a curator of global lifestyle brands is defintely the most important part of the narrative. The key was recognizing that brand equity (the commercial value derived from consumer perception) was the real asset, not just the factory floor.

The acquisitions of Calvin Klein in 2003 and Tommy Hilfiger in 2010 were the true game-changers. These weren't just new product lines; they were a complete re-platforming of the company's business model, moving toward higher-margin designer licensing and global distribution. The subsequent acquisition of Warnaco Group in 2013 was a strategic cleanup, ensuring PVH had full control over the two biggest profit centers-Calvin Klein's denim and underwear-which is where the big, consistent money is made.

The near-term focus, as of November 2025, is on executing the PVH+ Plan, which is the company's blueprint for sustainable, profitable growth. It's a multi-pronged strategy that includes:

• Win with product: Focusing on core, high-demand items.
• Win with consumer engagement: Driving brand desirability through digital-first marketing.
• Win in the digitally-led marketplace: Expanding e-commerce and digital channels.
• Develop a demand- and data-driven operating model: Improving supply chain efficiency.
• Drive efficiencies and invest in growth: A clear focus on margin improvement.

Here's the quick math on the current environment: PVH Corp. reported a first-quarter 2025 revenue of $1.984 billion, a 2% increase over the prior year, so the top-line is holding steady. However, the full-year 2025 outlook includes an estimated net negative impact of approximately $70 million to Earnings Before Interest and Taxes (EBIT) due to tariffs, which is a real headwind you have to factor in. The company is managing this by projecting full-year 2025 non-GAAP Earnings Per Share (EPS) to be between $10.75 and $11.00, showing they are confident in mitigating external pressures through operational discipline.

This history provides the context for their current strategy. You can dive into the specifics of their forward-looking strategy here: Mission Statement, Vision, & Core Values of PVH Corp. (PVH).

PVH Corp. (PVH) Ownership Structure

PVH Corp. is a publicly traded company on the New York Stock Exchange (NYSE: PVH), and its ownership is heavily concentrated among large institutional investors, which is typical for a company of its size and status as a large accelerated filer. This structure means that while the company is governed by a board, major strategic decisions are heavily influenced by the interests of a small number of massive asset managers like BlackRock and Vanguard.

PVH Corp.'s Current Status

The company is a major American clothing firm and a public entity, which means its shares are freely traded and subject to the strict reporting requirements of the U.S. Securities and Exchange Commission (SEC). Its status as a large accelerated filer, confirmed in the 2025 fiscal year filings, confirms its substantial market capitalization and high trading volume. For investors, this public status provides high transparency and liquidity, but it also means the stock is subject to broader market volatility.

You can dig deeper into the major players and their investment theses by Exploring PVH Corp. (PVH) Investor Profile: Who's Buying and Why?

PVH Corp.'s Ownership Breakdown

As of late 2025, institutional investors hold the vast majority of PVH Corp.'s common stock, reflecting a strong belief in the company's long-term strategy, the PVH+ Plan. This high institutional ownership, over 80%, is a defintely a stabilizing force but also means the stock price can be sensitive to large block trades by these key holders.

PVH Corp.'s Leadership

The executive team steering PVH Corp. is focused on executing the multi-year PVH+ Plan, which centers on unlocking the full potential of the Calvin Klein and Tommy Hilfiger brands. The leadership structure reflects a focus on brand-specific growth and operational efficiency.

The company is currently navigating a key financial transition, which is something to watch.

• Stefan Larsson: Chief Executive Officer (CEO). He drives the overall strategy and the PVH+ Plan.
• Melissa Stone: Interim Chief Financial Officer (CFO). Appointed in November 2025, she stepped in following the departure of Zachary Coughlin, who will leave by the end of 2025.
• David Savman: Global Brand President, Calvin Klein. His focus is on the global performance and strategy of the Calvin Klein brand.
• Lea Rytz Goldman: Global Brand President, Tommy Hilfiger. She leads the worldwide strategy for the Tommy Hilfiger brand.
• Patricia Gabriel: Chief Supply Chain Officer and Global Head of Operations. Her role, which she takes on in the fourth quarter of 2025, is crucial for optimizing logistics and cost efficiencies.
• Amba Subrahmanyam: Chief People Officer. She oversees human resources and talent strategy, a vital component for a global consumer-facing business.

PVH Corp. (PVH) Mission and Values

PVH Corp.'s mission is a clear, brand-focused mandate to elevate its two biggest assets, Calvin Klein and Tommy Hilfiger, into globally desirable lifestyle brands, which is the core driver of their financial strategy, the PVH+ Plan. This focus is grounded in values like Individuality and Integrity, which are defintely necessary to navigate the complex, trend-driven apparel market.

PVH Corp.'s Core Purpose

You need to see a company's mission not as a fluffy statement, but as its strategic constitution-it tells you where capital and focus are going. For PVH Corp., that means doubling down on their two global powerhouses, Calvin Klein and Tommy Hilfiger, to drive sustainable, profitable growth.

Official Mission Statement

The company's mission is explicitly tied to its multi-year strategy, the PVH+ Plan, which aims to accelerate performance by leveraging its iconic brands. This isn't just about selling clothes; it's about building a global lifestyle presence that commands a premium.

• Build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands globally.
• Position PVH Corp. as a top-performing brand group in the apparel sector.

To put a number on that performance, the initial PVH+ Plan targeted a total revenue of approximately $12.5 billion by the end of 2025, though the current full-year guidance is more conservative, reflecting a dynamic global environment.

Vision Statement

The vision is the long-term aspiration, the 'North Star' for the entire organization. PVH Corp.'s vision is essentially an elevated restatement of its mission, aiming for industry leadership and superior financial results. It's a commitment to being a high-performing enterprise, which is what we, as analysts, are looking for.

• Be one of the highest performing brand groups in the sector.
• Create the foundation for sustainable, profitable, and brand-accretive growth.

The execution of this vision is visible in their recent financial results. For example, the second quarter of 2025 saw a revenue increase of 4% to $2.167 billion, a tangible sign of their strategic plan working against a challenging macroeconomic backdrop. For a deeper dive into the market's reaction to this strategy, you should check out Exploring PVH Corp. (PVH) Investor Profile: Who's Buying and Why?

PVH Corp. Core Values and Guiding Principle

A company's core values are the cultural guardrails that dictate how they pursue their mission. PVH Corp.'s five core values are what power the PVH+ Plan's growth drivers, like 'win with product' and 'win with consumer engagement.'

• Individuality: Fostering an inclusive workplace where all associates feel valued.
• Partnership: Working collaboratively across brands and with external creators.
• Passion: Driving creativity and consumer desirability in their products.
• Integrity: Upholding ethical business practices and transparency.
• Accountability: Taking ownership for results and performance.

Their guiding principle, often cited in corporate responsibility reports, is to Drive fashion forward for good. This principle connects their commercial goals with their sustainability and human rights commitments, which are crucial for long-term brand equity in today's market. Honestly, if you're not factoring in Environmental, Social, and Governance (ESG) performance, you're missing a key risk factor. The company's full-year 2025 non-GAAP EPS is projected to be in the range of $10.75 to $11.00, a target that must be met while upholding these values.

PVH Corp. (PVH) How It Works

PVH Corp. operates as a global apparel powerhouse by leveraging the iconic status of its two primary brands, Calvin Klein and Tommy Hilfiger, through a brand- and digital-led strategy to drive product desirability and direct-to-consumer sales.

The company generates revenue by designing, sourcing, and marketing a focused portfolio of core apparel products globally, supported by a streamlined, data-driven supply chain and an aggressive push into digital commerce, which is expected to see a compounded annual growth rate (CAGR) beyond 20% by the end of the 2025 fiscal year.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operations are driven by the multi-year PVH+ Plan, which focuses on simplifying the operating model and moving toward a demand- and data-driven approach (a system that uses real-time consumer data to inform product design and inventory). This is a defintely necessary shift to reduce inventory risk.

• Supply Chain Consolidation: PVH is streamlining its North American distribution by consolidating its U.S. warehouse footprint into two centers in Georgia and insourcing its e-commerce fulfillment. This move is projected to increase U.S. warehouse capacity utilization from slightly above 50% to a targeted 85% to 90%, driving significant cost savings in 2025.
• Global Footprint: International business accounts for approximately 70% of total revenue, making Europe, the Middle East, and Africa (EMEA) and Asia Pacific (APAC) critical to the distribution network.
• Distribution Channels: The revenue mix is balanced between wholesale (selling to department stores like Macy's) and direct-to-consumer (DTC), with the latter-including both physical stores and digital commerce-expected to outpace wholesale growth.
• Leadership Focus: The appointment of a new Chief Supply Chain Officer in the fourth quarter of 2025 underscores a commitment to making operational excellence and supply chain optimization a key competitive advantage.

If you want a deeper dive into who is betting on this strategy, you should check out Exploring PVH Corp. (PVH) Investor Profile: Who's Buying and Why?

Given Company's Strategic Advantages

PVH's market success is rooted in the strategic execution of its PVH+ Plan, which focuses on unlocking the full potential of its two global brands.

• Iconic Brand Equity: Calvin Klein and Tommy Hilfiger are globally recognized, highly desirable lifestyle brands, giving the company pricing power and consumer loyalty that smaller competitors lack.
• Digital-First Consumer Engagement: The company drives growth through 360-degree marketing campaigns, such as the viral Bad Bunny campaign for Calvin Klein in Q1 2025, which translates brand heat into sales.
• Financial Discipline and Efficiency: Management is focused on margin expansion, aiming for an operating margin of approximately 15% in the medium term. This is supported by efficiency drives, like the supply chain consolidation, which offset external pressures like the estimated $70 million unmitigated tariff impact.
• Product Centralization: The strategy to centralize Calvin Klein's product creation is designed to ensure a globally consistent brand message and product quality, with expected margin improvements by spring 2026 after initial gross margin pressures in 2025.

Here's the quick math: Q2 2025 revenue was $2.167 billion, a 4% increase year-over-year, showing the PVH+ Plan is gaining traction, especially with Calvin Klein's revenue rising 5% and Tommy Hilfiger's rising 4% in the same period. What this estimate hides is the continued challenge in the Asia Pacific region, which saw a 1% revenue decrease in Q2 2025 due to a tough consumer environment, particularly in China.

PVH Corp. (PVH) How It Makes Money

PVH Corp. primarily makes money by designing, sourcing, and marketing apparel, footwear, and accessories under its two global, iconic lifestyle brands, Calvin Klein and Tommy Hilfiger. Over 90% of the company's total revenue is generated through the sale of these branded products, complemented by a smaller but high-margin stream from brand licensing (royalty revenue).

PVH Corp.'s Revenue Breakdown

PVH Corp.'s financial engine is heavily weighted toward its two main global brands, with the majority of sales coming from outside North America. The company's total revenue for the full fiscal year 2025 is projected to be in the range of a slight increase to up low single-digits compared to the prior year's $8.653 billion. The sales are split between product sales (95.8%) and royalty income (4.2%).

Business Economics

You need to understand that PVH Corp.'s profitability hinges on its brand equity (the perceived value of Calvin Klein and Tommy Hilfiger) and its ability to manage a complex global supply chain. The core strategy, the PVH+ Plan, is focused on direct-to-consumer (DTC) sales and digital channels, which carry higher gross margins than the traditional wholesale channel. Wholesale still accounts for a significant portion of the business, but the shift is clear.

• Pricing Power: PVH leverages its iconic status to command premium pricing in key categories, like the Calvin Klein Icon Cotton Stretch franchise, which is a $1 billion business.
• Margin Headwinds: The biggest near-term risk is margin pressure. The gross margin fell to 57.7% in Q2 2025, down from the prior year, primarily due to increased promotional activity in markets like the US and China, plus the impact of tariffs.
• Cost Efficiency: To counter these pressures, the company is executing its 'Growth Driver 5' initiative, a multi-year cost-savings program targeting $100 million in annual savings. This is defintely a necessary buffer against external volatility.
• Tariff Impact: US tariffs are a measurable drag on earnings, expected to reduce full-year 2025 Earnings Before Interest and Taxes (EBIT) by approximately $70 million, or about $1.15 per share. Mitigation efforts, like sourcing shifts, will take time to fully kick in.

PVH Corp.'s Financial Performance

The company's financial performance in fiscal year 2025 shows resilience in revenue but notable pressure on profitability, reflecting the challenging macroeconomic environment. You can see the full story of their financial health in Breaking Down PVH Corp. (PVH) Financial Health: Key Insights for Investors.

• Full-Year Revenue: PVH Corp. is guiding for full-year 2025 revenue to increase slightly to up low single-digits from the FY24 total of $8.653 billion.
• Earnings Per Share (EPS) Outlook: The non-GAAP EPS for FY25 is projected to be in the range of $10.75 to $11.00. This is a key metric, and it shows the business is still highly profitable despite the headwinds.
• Operating Margin: The non-GAAP operating margin is projected at approximately 8.5% for the full year 2025, a contraction from the prior year, but a realistic target given the tariff and promotional environment.
• Cash Return: In a sign of management confidence, the company entered into $500 million of accelerated share repurchase agreements in Q1 2025 to return excess cash to stockholders.

PVH Corp. (PVH) Market Position & Future Outlook

PVH Corp. is currently navigating a complex global apparel market with a clear focus on brand elevation through its PVH+ Plan, aiming for a stable, brand-led recovery in 2025. This strategy is expected to deliver a full-year non-GAAP Earnings Per Share (EPS) in the range of \$10.75 to \$11.00, even with significant macroeconomic headwinds.

The company is focused on transforming its two core brands, Calvin Klein and Tommy Hilfiger, into 'desirable global lifestyle brands,' a pivot that helped deliver a Q2 2025 revenue increase of 4% year-over-year to \$2.167 billion, modestly outpacing some of its premium apparel peers.

Competitive Landscape

In the highly fragmented global apparel market, PVH Corp. competes primarily in the premium casual and lifestyle segment. The estimated market share percentage below reflects PVH's scale relative to its key publicly traded peers in this segment, based on recent annual revenues.

Opportunities & Challenges

Industry Position

PVH Corp. is a top-tier global apparel company, positioned in the aspirational-to-premium segment, with a strong emphasis on its two flagship brands following the divestiture of its non-core Heritage Brands.

• The company's revenue base is defintely diversified globally, with international markets accounting for approximately 70% of its business as of Q1 2025, which provides a natural hedge against regional economic softness.
• PVH's Q2 2025 net income surged 41.9% to \$224 million, showcasing that the PVH+ Plan's focus on profitability and brand discipline is yielding results despite modest top-line growth.
• While its revenue scale is smaller than that of activewear behemoths like Nike, Inc. (\$46.3 billion), PVH Corp. is a dominant force in the branded denim, underwear, and premium casual categories globally.
• The strategic move to bring a significant portion of licensed product categories in-house, such as those previously with G-III Apparel Group, is expected to give PVH greater control over product quality and margin.

For a deeper dive into the numbers, check out Breaking Down PVH Corp. (PVH) Financial Health: Key Insights for Investors.