PVH Corp. (PVH): Business Model Canvas

PVH Corp. steht an der Spitze der globalen Mode und verbindet meisterhaft ikonische Marken wie Calvin Klein und Tommy Hilfiger zu einem dynamischen Geschäftsökosystem, das über die traditionellen Einzelhandelsgrenzen hinausgeht. Durch die strategische Steuerung digitaler Transformation, globaler Märkte und innovativer Verbrauchereinbindung hat PVH ein ausgeklügeltes Geschäftsmodell entwickelt, das Premium-Mode, Spitzentechnologie und adaptive Marktstrategien nahtlos miteinander verbindet, um die Fantasie modebewusster Verbraucher weltweit anzuregen.

PVH Corp. (PVH) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Modehändlern und Kaufhäusern

PVH Corp. unterhält strategische Partnerschaften mit großen globalen Einzelhändlern:

Einzelhändler	Einzelheiten zur Partnerschaft	Jährliches Verkaufsvolumen
Macys	Exklusive Vertriebsvereinbarung	287 Millionen US-Dollar im Jahr 2023
Nordstrom	Mehrmarken-Großhandelspartnerschaft	214 Millionen US-Dollar im Jahr 2023
Amazon	Digitale Zusammenarbeit im Einzelhandel	172 Millionen US-Dollar im Jahr 2023

Lizenzvereinbarungen mit den Marken Calvin Klein und Tommy Hilfiger

Lizenzpartnerschaften über mehrere Produktkategorien hinweg:

• Calvin Klein Unterwäsche: 37 globale Lizenzvereinbarungen
• Tommy Hilfiger Accessories: 22 internationale Lizenzpartner
• Gesamter Lizenzumsatz: 643 Millionen US-Dollar im Jahr 2023

Fertigungspartnerschaften in Asien und aufstrebenden Märkten

Land	Fertigungspartner	Jährliches Produktionsvolumen
Vietnam	6 primäre Produktionspartner	42 Millionen Kleidungsstücke
Bangladesch	4 strategische Produktionsstätten	28 Millionen Kleidungsstücke
China	3 spezialisierte Produktionsstätten	19 Millionen Kleidungsstücke

Zusammenarbeit digitaler Plattformen mit E-Commerce-Technologieanbietern

Wichtige digitale Technologiepartnerschaften:

• Shopify: Integration der E-Commerce-Plattform
• Google Cloud: Unterstützung digitaler Infrastruktur
• SAP: Zusammenarbeit bei der Unternehmensressourcenplanung
• Investition in digitale Partnerschaft: 87 Millionen US-Dollar im Jahr 2023

PVH Corp. (PVH) – Geschäftsmodell: Hauptaktivitäten

Design und Entwicklung von Modebekleidung und Accessoires

PVH Corp. investierte im Jahr 2022 75,2 Millionen US-Dollar in Design und Produktentwicklung. Das Unternehmen betreibt Designzentren in:

Standort	Primärer Designschwerpunkt
New York	Globales Calvin Klein-Design
Amsterdam	Europäisches Tommy Hilfiger-Design
Hongkong	Produktentwicklung im asiatisch-pazifischen Raum

Markenführung und Marketingstrategien

Die Marketingausgaben für PVH Corp. beliefen sich im Jahr 2022 auf 456 Millionen US-Dollar, was 4,8 % des Gesamtumsatzes entspricht.

• Budget für digitales Marketing: 187,3 Millionen US-Dollar
• Social-Media-Engagement: 12,5 Millionen Follower über alle Marken hinweg
• Investition in Influencer-Marketing: 42,6 Millionen US-Dollar

Globales Supply Chain Management

PVH unterhält Produktionsbeziehungen in:

Land	Anzahl der Lieferanten	Produktionsvolumen
Bangladesch	87	38 % der Gesamtproduktion
Vietnam	62	27 % der Gesamtproduktion
China	45	18 % der Gesamtproduktion

Einzelhandels- und Großhandelsvertriebsbetriebe

Aufschlüsselung der Vertriebskanäle für 2022:

• Einzelhandelsgeschäfte: 1.287 weltweit
• Großhandelspartnerschaften: 42 Länder
• E-Commerce-Plattformen: 24 aktive Märkte

Digitale Transformation und Omnichannel-Einzelhandelserlebnisse

Digitale Investitionskennzahlen für 2022:

Digitale Initiative	Investition	Wachstumsrate
E-Commerce-Plattform	98,7 Millionen US-Dollar	22 % im Jahresvergleich
Entwicklung mobiler Apps	24,5 Millionen US-Dollar	15 % im Jahresvergleich
Digitales Kundenerlebnis	62,3 Millionen US-Dollar	18 % im Jahresvergleich

PVH Corp. (PVH) – Geschäftsmodell: Schlüsselressourcen

Starkes Portfolio ikonischer Modemarken

PVH Corp. besitzt und verwaltet die folgenden Schlüsselmarken:

• Calvin Klein
• Tommy Hilfiger
• Van Heusen
• IZOD
• Pfeil
• Warner's
• Olga

Marke	Globaler Umsatz (2022)	Marktpräsenz
Calvin Klein	3,7 Milliarden US-Dollar	Über 130 Länder
Tommy Hilfiger	3,4 Milliarden US-Dollar	Über 120 Länder

Globale Design- und Kreativteams

PVH beschäftigt rund 40.000 Mitarbeiter weltweit in den Bereichen Design, Kreativität und Betrieb.

Internationales Vertriebsnetz

Vertriebskanal	Anzahl der Punkte
Einzelhandelsgeschäfte	1,200+
Großhandelspartner	40,000+
E-Commerce-Plattformen	Über 20 Länder

Digitale Technologieinfrastruktur

Investition in digitale Technologien:

• Digitale Handelsplattformen
• Fortschrittliche Bestandsverwaltungssysteme
• KI-gesteuerte Trendprognose

Herstellungs- und Beschaffungsbeziehungen

Region	Anzahl der Fertigungspartner
Asien	250+
Mittelamerika	50+
Afrika	30+

Gesamter jährlicher Beschaffungsaufwand: 4,2 Milliarden US-Dollar bei globalen Fertigungspartnern.

PVH Corp. (PVH) – Geschäftsmodell: Wertversprechen

Premium- und zeitgenössische Mode verschiedener Marken

PVH Corp. besitzt und betreibt 21 globale Modemarken, einschließlich:

Markenkategorie	Spezifische Marken	Marktposition
Ikonische Marken	Calvin Klein, Tommy Hilfiger	Globale Premium-Mode
Traditionsmarken	Van Heusen, Arrow, Warner's	Traditionelle Kleidung

Hochwertige, trendorientierte Kleidung und Accessoires

Umsatzaufschlüsselung für Modekategorien im Jahr 2022:

Produktkategorie	Umsatz (Mio. USD)	Prozentsatz
Bekleidung	8,456	65%
Zubehör	3,214	25%
Schuhe	1,630	10%

Vielfältige Produktlinien für unterschiedliche Verbrauchersegmente

• Altersgruppen: 18–35, 35–50, 50+
• Einkommensniveaus: Premium, mittleres Marktsegment, preisbewusst
• Geografische Märkte: Nordamerika, Europa, Asien-Pazifik

Starke Markenbekanntheit und globale Anziehungskraft

Kennzahlen zur globalen Markenpräsenz:

Metrisch	Nummer
Länder mit Markenpräsenz	40+
Globale Einzelhandelsstandorte	1,200+
E-Commerce-Märkte	25

Innovative und anpassungsfähige Modeangebote

Innovationsinvestition im Jahr 2022:

Innovationsbereich	Investition (Mio. USD)
Digitale Transformation	124
Nachhaltige Modetechnologien	87
KI/Maschinelles Lernen	56

PVH Corp. (PVH) – Geschäftsmodell: Kundenbeziehungen

Personalisierte digitale Kundenbindung

PVH Corp. nutzt digitale Plattformen, um personalisierte Kundenerlebnisse für seine Marken zu schaffen, darunter Calvin Klein und Tommy Hilfiger. Im Jahr 2022 erzielte das Unternehmen 36,3 % des Gesamtumsatzes über digitale Kanäle.

Digitale Engagement-Metrik	Leistung 2022
Prozentsatz des digitalen Umsatzes	36.3%
Mobile App-Downloads	2,5 Millionen
Durchschnittliche digitale Kundeninteraktionszeit	7,2 Minuten

Treueprogramme für Stammkunden

PVH unterhält in seinem gesamten Markenportfolio robuste Treueprogramme mit gezielten Kundenbindungsstrategien.

• Calvin Klein Rewards-Programm: 4,7 Millionen aktive Mitglieder
• Tommy Hilfiger-Mitgliedschaft: 3,2 Millionen registrierte Kunden
• Durchschnittliche Wiederholungskaufrate: 42,5 %

Interaktionen mit sozialen Medien und digitalem Marketing

Soziale Plattform	Anzahl der Follower	Engagement-Rate
Instagram	15,6 Millionen	3.8%
Facebook	12,3 Millionen	2.9%
TikTok	5,7 Millionen	4.2%

Nahtlose Online- und Offline-Einkaufserlebnisse

PVH investierte im Jahr 2022 87,4 Millionen US-Dollar in die Omnichannel-Infrastruktur, um digitale und physische Einzelhandelserlebnisse zu integrieren.

• Click-and-Collect-Dienste sind in 92 % der Einzelhandelsstandorte verfügbar
• Echtzeit-Inventarsynchronisierung über alle Kanäle hinweg
• Einheitlicher Kunde profile über Online- und Offline-Touchpoints hinweg

Kundenfeedback und kontinuierliche Produktverbesserung

PVH nutzt fortschrittliche Kundenfeedbackmechanismen, um Produktinnovationen voranzutreiben.

Feedback-Kanal	Jährliches Antwortvolumen	Produktmodifikationsrate
Online-Umfragen	275,000	38%
Social-Media-Feedback	156,000	22%
Direkter Kundenservice	98,000	15%

PVH Corp. (PVH) – Geschäftsmodell: Kanäle

Firmeneigene Einzelhandelsgeschäfte

PVH betreibt ab 2023 weltweit 1.246 Einzelhandelsgeschäfte. Zu den unternehmenseigenen Einzelhandelsstandorten gehören:

Marke	Anzahl der Geschäfte	Geografische Regionen
Calvin Klein	674 Geschäfte	Nordamerika, Europa, Asien
Tommy Hilfiger	572 Geschäfte	Globale Märkte

Großhandelsvertrieb an Kaufhäuser

Der Großhandelskanal erwirtschaftet für PVH im Jahr 2023 einen Jahresumsatz von 4,9 Milliarden US-Dollar. Zu den wichtigsten Großhandelspartnern gehören:

• Macys
• Nordstrom
• Bloomingdale's
• Internationale Kaufhausketten

E-Commerce-Plattformen

Digitale Verkäufe machen 25 % des Gesamtumsatzes aus, etwa 3,2 Milliarden US-Dollar im Jahr 2023. Zu den E-Commerce-Plattformen gehören:

Plattform	Verkaufsvolumen	Marktreichweite
Calvin Klein-Website	1,4 Milliarden US-Dollar	Global
Tommy Hilfiger-Website	1,8 Milliarden US-Dollar	Global

Digitale Marktplätze

Der Umsatz auf digitalen Märkten beläuft sich im Jahr 2023 auf 850 Millionen US-Dollar, verteilt auf:

• Amazon
• Zalando
• ASOS
• Alibaba

Markenspezifische Online-Shops

Marken-Onlineshops erwirtschaften im Jahr 2023 einen direkten digitalen Umsatz von 1,5 Milliarden US-Dollar:

Marke	Online-Shop-Umsatz	Schlüsselmärkte
Calvin Klein	750 Millionen Dollar	USA, Europa
Tommy Hilfiger	750 Millionen Dollar	Globale Märkte

PVH Corp. (PVH) – Geschäftsmodell: Kundensegmente

Junge urbane Fachkräfte

PVH Corp. richtet sich an städtische Fachkräfte im Alter von 25 bis 40 Jahren mit einem jährlichen Haushaltseinkommen von 85.000 bis 125.000 US-Dollar. Marktforschungen zeigen, dass dieses Segment 22 % der Konsumenten der Marken Calvin Klein und Tommy Hilfiger ausmacht.

Demografisches Merkmal	Prozentsatz
Altersspanne	25-40 Jahre
Jahreseinkommen	$85,000-$125,000
Markenkonsum	22%

Modebewusste Millennials und Gen Z

PVH Corp. konzentriert sich auf Millennials und Verbraucher der Generation Z, die etwa 45 % ihres weltweiten Umsatzes ausmachen. Dieses Segment weist ein hohes digitales Engagement und eine hohe Markentreue auf.

• Millennials (25–40 Jahre): 28 % der Verbraucherbasis
• Gen Z (18–24 Jahre): 17 % der Verbraucherbasis
• Digitale Kaufquote: 62 % des Gesamtumsatzes

Konsumenten von Luxus- und Premiummode

Das Premium-Segment macht 35 % des Gesamtumsatzes von PVH aus, wobei der durchschnittliche Transaktionswert bei den Luxuslinien Calvin Klein und Tommy Hilfiger zwischen 150 und 500 US-Dollar liegt.

Kennzahlen zum Luxussegment	Wert
Umsatzbeitrag	35%
Durchschnittlicher Transaktionswert	$150-$500

Globale internationale Märkte

PVH Corp. ist in 40 Ländern tätig, wobei die internationalen Märkte im Jahr 2023 58 % des Gesamtumsatzes ausmachen.

• Nordamerika: 42 % des Umsatzes
• Europa: 28 % des Umsatzes
• Asien-Pazifik: 18 % des Umsatzes
• Lateinamerika: 12 % des Umsatzes

Unterschiedliche Alters- und Lebensstildemografie

PVH Corp. bedient Verbraucher verschiedener Altersgruppen und Lifestyle-Kategorien mit strategischer Markenpositionierung.

Altersgruppe	Prozentsatz der Verbraucherbasis
18-24 Jahre	17%
25-40 Jahre	45%
41-55 Jahre	25%
55+ Jahre	13%

PVH Corp. (PVH) – Geschäftsmodell: Kostenstruktur

Produktdesign- und Entwicklungskosten

Im Geschäftsjahr 2022 meldete PVH Corp. Forschungs- und Entwicklungskosten in Höhe von 124 Millionen US-Dollar. Das Unternehmen investiert erhebliche Ressourcen in die Entwicklung innovativer Produkte in seinem gesamten Markenportfolio, darunter Calvin Klein und Tommy Hilfiger.

Ausgabenkategorie	Betrag (USD)
Gehälter für Designteams	42,5 Millionen US-Dollar
Prototypenentwicklung	23,7 Millionen US-Dollar
Technologiedesign-Tools	15,2 Millionen US-Dollar

Globale Herstellungs- und Beschaffungskosten

PVH Corp. gab im Jahr 2022 rund 1,8 Milliarden US-Dollar für Herstellung und Beschaffung aus, wobei ein erheblicher Teil der Produktion in Asien erfolgt.

• Produktionsstandorte: Bangladesch, Vietnam, Kambodscha, China
• Prozentsatz der Herstellungskosten: 28–32 % des Gesamtumsatzes
• Anteil der ausgelagerten Produktion: 85 % der gesamten Fertigung

Investitionen in Marketing und Markenförderung

Die Marketingausgaben für PVH Corp. erreichten im Geschäftsjahr 2022 456 Millionen US-Dollar, was 5,7 % des Gesamtumsatzes entspricht.

Marketingkanal	Zuteilung (%)
Digitales Marketing	42%
Traditionelle Medien	28%
Influencer-Partnerschaften	18%
Event-Sponsoring	12%

Betrieb und Wartung von Einzelhandelsgeschäften

Die Einzelhandelsbetriebskosten für PVH Corp. beliefen sich im Jahr 2022 auf etwa 612 Millionen US-Dollar und deckten 1.200 eigene und betriebene Einzelhandelsstandorte weltweit ab.

• Durchschnittliche Wartungskosten für Geschäfte: 510.000 US-Dollar pro Standort
• Kosten für Ladenmiete: 287 Millionen US-Dollar
• Personalkosten im Laden: 225 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

PVH Corp. investierte im Jahr 2022 92 Millionen US-Dollar in Technologie und digitale Infrastruktur und konzentrierte sich dabei auf E-Commerce und digitale Transformation.

Technologie-Investitionsbereich	Ausgaben (USD)
E-Commerce-Plattform	38 Millionen Dollar
Cybersicherheit	22 Millionen Dollar
Datenanalyse	16 Millionen Dollar
Cloud-Infrastruktur	16 Millionen Dollar

PVH Corp. (PVH) – Geschäftsmodell: Einnahmequellen

Einzelhandelsverkäufe über Firmengeschäfte

Im Geschäftsjahr 2022 meldete PVH Corp. einen Gesamteinzelhandelsumsatz von 9,65 Milliarden US-Dollar. Die unternehmenseigenen Geschäfte erwirtschafteten einen direkten Einzelhandelsumsatz von rund 4,3 Milliarden US-Dollar.

Store-Marke	Jahresumsatz (2022)	Anzahl der Geschäfte
Calvin Klein Einzelhandel	2,8 Milliarden US-Dollar	1.100 Geschäfte
Tommy Hilfiger Einzelhandel	1,5 Milliarden US-Dollar	950 Geschäfte

Einnahmen aus dem Großhandelsvertrieb

Der Großhandelsvertrieb machte im Geschäftsjahr 2022 einen Umsatz von 5,2 Milliarden US-Dollar für PVH Corp. aus.

• Großhandelsumsatz von Calvin Klein: 3,1 Milliarden US-Dollar
• Großhandelsumsatz von Tommy Hilfiger: 2,1 Milliarden US-Dollar

Vertrieb über E-Commerce-Plattformen

Der digitale Umsatz belief sich im Jahr 2022 auf 1,15 Milliarden US-Dollar und machte 12 % des Gesamtumsatzes des Unternehmens aus.

Einnahmen aus Lizenzen und Markenpartnerschaften

Die Lizenzeinnahmen beliefen sich im Geschäftsjahr 2022 auf insgesamt 237 Millionen US-Dollar.

Lizenzkategorie	Einnahmen
Calvin Klein-Lizenzierung	142 Millionen Dollar
Tommy Hilfiger-Lizenzierung	95 Millionen Dollar

Einnahmen aus der internationalen Marktexpansion

Die internationalen Märkte trugen im Jahr 2022 6,4 Milliarden US-Dollar zum Gesamtumsatz von PVH Corp. bei.

• Umsatz auf dem europäischen Markt: 3,2 Milliarden US-Dollar
• Umsatz im asiatisch-pazifischen Markt: 2,1 Milliarden US-Dollar
• Internationaler Umsatz Amerikas: 1,1 Milliarden US-Dollar

PVH Corp. (PVH) - Canvas Business Model: Value Propositions

You're looking at the core value PVH Corp. delivers to its customers and stakeholders as of late 2025, grounded in the latest fiscal performance data. It's about balancing global scale with brand-specific relevance, especially through their two main engines: Calvin Klein and Tommy Hilfiger.

Premium, globally recognized lifestyle apparel and accessories for diverse consumers

PVH Corp. maintains its value proposition by driving growth through its two powerhouse brands. For the third quarter of fiscal 2025, reported revenue reached $2.294 billion, a 2% increase year-over-year, even as constant currency revenue decreased less than 1%. Calvin Klein was a strong performer, with revenue increasing 2% year-over-year (flat on a constant currency basis) in Q3 2025. Tommy Hilfiger revenue saw a smaller lift, increasing 1% compared to the prior year period (decreasing 2% on a constant currency basis). To give you a sense of brand scale, Calvin Klein alone posted $980 million in revenue for the second quarter of 2025.

Here's a quick look at how the brands performed in Q3 2025:

Brand/Segment	Reported Revenue Change (YoY)	Constant Currency Revenue Change (YoY)	Key Driver/Category Mention
Tommy Hilfiger	Increased 1%	Decreased 2%	F1® The Movie campaign amplification
Calvin Klein	Increased 2%	Flat	Growth in underwear and fashion denim
Direct-to-consumer	Flat	Decreased 1%	Offset by wholesale strength
Licensing Revenue	Decreased 11%	N/A	Transition of certain women's product categories in-house

Consistent brand experience across wholesale, DTC, and digital channels

Delivering a consistent experience means managing the mix between selling direct to the consumer and through partners. In Q3 2025, the Direct-to-consumer (DTC) revenue was flat compared to the prior year period, while wholesale revenue was up 1% on a constant currency basis. This channel management is key, as the gross margin for Q3 2025 was 56.3%, a decrease of 210 basis points compared to the prior year, partly reflecting an unfavorable shift in channel mix. However, the company has been driving efficiencies; SG&A as a Percentage of Revenue improved by 40 basis points to 47.5% in that same quarter.

The second quarter of 2025 showed a different dynamic, where DTC revenue increased 4% (flat constant currency), and wholesale revenue increased 6% (up 2% constant currency). Honestly, navigating these channel fluctuations while maintaining brand integrity is a constant balancing act.

Fashion-forward product innovation in core categories like underwear and denim

PVH Corp. is definitely leaning into product innovation, especially where Calvin Klein is concerned. Management noted that Calvin Klein drove growth in key categories like underwear and fashion denim during Q3 2025. This innovation is being amplified by major marketing efforts, such as the campaigns featuring global talent like Bad Bunny. For example, Calvin Klein transitioned 100% of its men's underwear boxes from plastic to paper packaging globally as part of its sustainability push, which ties into the product experience.

Commitment to corporate responsibility and sustainability in the supply chain

The commitment here is quantified by several near-term 2025 targets, which you can see the company is actively reporting on in its latest Corporate Responsibility Report covering the fiscal year ending February 2, 2025.

• Sustainably source 100% of PVH's cotton, viscose, and wool by 2025.
• Ensure 100% of workers employed by key suppliers have their voices heard through representative workplace committees by 2025.
• Ensure 100% of migrant workers at Level 1 and key Level 2 suppliers will not pay recruitment fees by 2025.
• Ensure water leaving key wet processors will have zero hazardous chemicals and be filtered for harmful microfibers by 2025.

On packaging, the company has already increased the use of recycled content in its packaging to 62%.

Exclusivity and curated product drops via direct-to-consumer channels

While specific sales figures for exclusive drops aren't broken out, the strategy is evident in the marketing and channel focus. The success of brand-building efforts, which include product innovation and cut-through marketing, is central to the PVH+ Plan execution. For instance, Tommy Hilfiger's summer season was strongly amplified by its partnership around the Formula 1-inspired collection. The DTC channel, which includes owned and operated stores, is the primary vehicle for these curated brand moments, even though Q3 2025 DTC revenue was flat in reported terms.

Finance: draft 13-week cash view by Friday.

PVH Corp. (PVH) - Canvas Business Model: Customer Relationships

You're looking at how PVH Corp. manages its connection with the people buying Calvin Klein and Tommy Hilfiger products as of late 2025. The focus is clearly on driving desirability through targeted, high-impact interactions, even as the global consumer environment remains uneven.

Digital-first engagement model to build loyalty and collect consumer data.

PVH Corp. is leaning into its digital channels to build loyalty, which is key for collecting consumer data to feed its supply chain. The company is actively building a data- and demand-driven supply chain, reflecting this digital focus. For the third quarter of fiscal 2025, the performance across direct-to-consumer (DTC) channels showed mixed results globally, but digital strength was evident in key regions.

• Owned and operated digital commerce revenue increased 1% year-over-year in Q3 2025 (reported).
• Owned and operated digital commerce revenue was flat on a constant currency basis in Q3 2025.
• In the Americas during Q3 2025, digital channels continued to outperform, delivering double-digit growth.
• Overall DTC revenue declined 3% year-over-year in Q1 2025.

Personalized marketing and communication via brand ambassador programs.

The strategy heavily involves amplifying product innovation with marketing that connects directly with culture. This is where brand ambassadors and major collaborations come into play to create buzz and drive engagement. For instance, Calvin Klein saw one of its most impactful product launches in years with the Icon Cotton Stretch franchise, which was amplified by the viral Bad Bunny campaign in Q1 2025. Similarly, Tommy Hilfiger tapped into its lifestyle DNA with a rich product storytelling around classics and a collaboration with the biggest movie launch of the summer, F The Movie, in Q1 2025.

Management continues to focus on delivering cut-through full-funnel marketing that connects with the target consumer, supported by disciplined execution of the PVH+ Plan.

Direct interaction and service through company-operated retail stores and e-commerce.

Direct interaction remains a core component, though performance varies by region and channel mix. The company is managing inventory levels carefully; in Q3 2025, inventory was up 3% year-over-year, which included a 2% impact from higher tariffs. This suggests a controlled approach to stocking direct channels.

Here's a quick look at how the directly operated channels performed in Q3 2025 compared to the prior year period:

Channel Metric	Reported Change (YoY)	Constant Currency Change (YoY)
Direct-to-consumer revenue	Flat	Decreased 1%
Owned and operated store revenue	Flat	Decreased 2%

To be fair, the Q2 2025 results showed DTC channels rising +4% in nominal terms, with physical stores slightly outperforming digital commerce, showing that direct interaction can still drive nominal gains.

Managed relationship with wholesale accounts to ensure brand elevation.

The wholesale channel acts as a significant volume driver, often showing growth even when DTC is soft, though this relationship must be managed to prevent brand dilution. In Q3 2025, wholesale revenue growth was positive, driven by the Americas region.

• Wholesale revenue grew 4% year-over-year in Q3 2025 (reported).
• Wholesale revenue was up 1% on a constant currency basis in Q3 2025.
• Wholesale revenue increased 6% in Q1 2025.

The growth in wholesale revenue in Q3 2025 included the transition of previously licensed women's product categories in-house, which is part of the PVH+ Plan to bring more control over brand presentation to PVH Corp. The full-year 2025 revenue outlook is narrowed to low single-digit growth, reflecting confidence in brand execution across both direct and wholesale partners.

Finance: draft Q4 2025 cash flow projection incorporating the full-year non-GAAP EPS guidance of $10.85 to $11.00 by Monday.

PVH Corp. (PVH) - Canvas Business Model: Channels

You're looking at how PVH Corp. gets its Calvin Klein and Tommy Hilfiger products into the hands of customers across the globe as of late 2025. The strategy is clearly a multi-pronged approach, balancing brand control with broad market access, though the mix is definitely shifting based on recent performance.

Company-operated Direct-to-Consumer (DTC) retail stores globally

The physical footprint remains a key part of the Direct-to-Consumer (DTC) channel, though its revenue contribution is under pressure from evolving consumer habits. Historically, as of May 2020, PVH Corp. operated about 1,600 stores worldwide, broken down into roughly 1,000 in Asia, 350 in Europe, 180 in North America, 75 in Australia, and 4 in Brazil. More recently, around April 2023, the company had about 700 outlet stores operating under the Van Heusen, Tommy Hilfiger, and Calvin Klein names. For the third quarter ending November 2, 2025, the revenue from owned and operated stores was flat compared to the prior year period, representing a 2% decline on a constant currency basis. This softness in physical retail contrasts with the overall DTC category performance in that same quarter.

Brand-specific e-commerce websites and mobile applications (accelerating digital growth)

Digital commerce is a critical component of the DTC strategy, showing more resilience than the brick-and-mortar stores in the most recent quarter. In the third quarter of fiscal 2025, owned and operated digital commerce revenue increased by 1% year-over-year, which was flat when measured on a constant currency basis. This follows a 3% increase in owned and operated digital commerce revenue in the second quarter of 2025. The digital channel is where the company sees clear progress under its PVH+ strategy, aiming to strengthen brand relevance.

Wholesale distribution to department stores, specialty stores, and off-price retailers

Wholesale remains a significant volume driver, though its growth can be lumpy due to timing shifts and inventory management. In Q3 2025, the wholesale channel delivered a reported revenue increase of 4%, translating to a 1% increase on a constant currency basis. This growth follows a strong 6% reported increase in wholesale revenue during the first quarter of 2025. The wholesale channel's reported growth in Q3 2025 demonstrated success in maintaining retail partnerships.

Pure-play digital commerce retailers and partner digital commerce sites

While specific revenue figures for pure-play digital retailers separate from PVH Corp.'s own e-commerce sites aren't explicitly detailed, the overall digital performance suggests strength in these partnerships, especially in the Americas where digital channels continued to outperform. The company's focus on the PVH+ Plan is designed to drive balanced growth across all channels, including these external digital partners.

Franchise and distributor networks, primarily in EMEA and Asia-Pacific (APAC)

The company manages a portion of its global reach through licensing agreements, which is a distinct revenue stream that has been intentionally shrinking as PVH brings product categories in-house for greater control. Licensing revenue saw a significant contraction, falling 11% in the third quarter of 2025. This decline is largely attributed to the deliberate strategic shift to bring previously licensed women's product categories, such as sportswear and jeans for Calvin Klein, in-house. This move temporarily reduces licensing income but is intended to strengthen wholesale and margins long-term. The company operates in over 40 countries globally.

Here's a quick look at the reported revenue performance by channel for the third quarter ending November 2, 2025, based on a total reported revenue of $2.294 billion:

Channel Segment	Reported Revenue Change (YoY)	Constant Currency Change (YoY)
Total Revenue	Increased 2%	Decreased less than 1%
Wholesale Revenue	Increased 4%	Increased 1%
Direct-to-Consumer (DTC) Revenue	Flat	Decreased 1%
Owned and Operated Store Revenue	Flat	Decreased 2%
Owned and Operated Digital Commerce Revenue	Increased 1%	Flat
Licensing Revenue	Decreased 11%	Not specified

Finance: draft 13-week cash view by Friday.

PVH Corp. (PVH) - Canvas Business Model: Customer Segments

You're looking at the core audience for PVH Corp., which is built around the global appeal of its two main pillars: Calvin Klein and Tommy Hilfiger. These are the fashion-conscious consumers worldwide who are drawn to premium, aspirational lifestyle brands. To capture them, PVH Corp. is focusing on developing what they call 'hero products.' For instance, in Q2 2025, Calvin Klein saw revenue increases of 5%, driven by continued growth in key categories like underwear and fashion denim, which they amplified with mega talent like Bad Bunny. Similarly, Tommy Hilfiger advanced in core lifestyle segments, supported by a strong campaign around the F1® The Movie. This focus on product innovation and cultural relevance is how PVH Corp. connects with this broad segment.

The next critical group is the younger, digitally-native consumer. The PVH+ Plan originally set a very aggressive target of a 20%+ CAGR in digital channels through 2025, showing how important this segment is. We see this play out in the recent numbers; for example, in Q2 2025, owned and operated digital commerce revenue increased 3% year-over-year. Still, the direct-to-consumer (DTC) channel overall faced headwinds, with DTC revenue decreasing 3% in constant currency in Q1 2025, though it was broadly stable year-on-year in Q3 2025. The strategy here is high-impact marketing and collaborations to meet these consumers on their terms.

Then we have the wholesale customers, which are the retail chains across the Americas, EMEA, and APAC regions. This channel remains a significant part of the revenue mix, even as PVH Corp. prioritizes Direct-to-Consumer. Wholesale revenue saw a solid increase of 6% in Q2 2025 (or 2% on a constant currency basis), though in Q3 2025, wholesale revenue was up 1% in constant currency. Management is concentrating on the robust quality of sales and winning with its major wholesale partners, rather than just volume. This segment is crucial for global distribution, especially when considering the regional variations in performance.

Finally, we look at consumers in key growth regions, specifically Asia Pacific (APAC). The original PVH+ Plan called for a mid-teens CAGR in APAC to drive overall growth. While the region is a focus, recent performance has been uneven. In Q3 2025, APAC revenue declined 1% reported but was flat on a constant currency basis, with strong D2C performance in China, Japan, and Australia offsetting wholesale declines. This contrasts with the Americas, which saw a 2% revenue increase in Q3 2025, largely driven by wholesale growth. For the full year 2025, PVH Corp. is projecting revenue growth to be flat to a slight increase on a constant currency basis, reflecting a challenging but managed environment across these geographies.

Here's a quick look at how the major geographic segments performed in Q3 2025 revenue compared to the prior year period:

Geographic Segment	Reported Revenue Change	Constant Currency Revenue Change	Key Driver/Context
EMEA	Up 4%	Down 2%	Declines in both DTC and wholesale on a constant currency basis.
Americas	Up 2%	Up 2%	Growth driven by wholesale, partially offset by DTC decrease.
APAC	Down 1%	Flat	Strong D2C performance offset by wholesale decrease.

PVH Corp. (PVH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive PVH Corp.'s operations as they navigate the PVH+ Plan execution. These costs are the necessary outflows to keep Calvin Klein and TOMMY HILFIGER moving globally.

The largest single component of cost remains the direct cost of the product itself. Cost of Goods Sold (COGS), which was reported as $3.5104 billion in fiscal year 2024, represents the expense tied directly to manufacturing and procuring the apparel and accessories sold.

Marketing is a significant, deliberate investment to maintain brand desirability. Significant global marketing and advertising expenses totaled $480.0 million in 2024. This spend is crucial for driving consumer engagement, especially in digital channels, to ensure the brands remain culturally relevant.

Operating expenses cover the infrastructure needed to sell and distribute the product. For the nine months ended November 3, 2024, Selling, General, and Administrative (SG&A) expenses were $3,254.60 million, representing 51.0% of the total revenue for that nine-month period. This SG&A figure bundles several key cost centers you asked about.

The company is actively managing its physical footprint costs as part of its efficiency drive. As of February 2, 2025, total lease liabilities, which include store leases, were $1,300.4 million. Payroll and distribution costs are embedded within the broader SG&A structure, though the PVH+ Plan specifically targets redesigning the global distribution network to drive efficiencies.

The cost structure is also being impacted by strategic transformation and external factors, which are itemized below:

• Restructuring costs for 2025, including $80 million pre-tax for operating model simplification (part of the Growth Driver 5 Actions).
• Tariffs on goods imported into the U.S., with an estimated negative impact of $1.05 per share on full-year 2025 EPS.

Here is a breakdown of the key cost elements and related financial context:

Cost Element	Reported/Estimated Amount	Fiscal Period/Context
Cost of Goods Sold (COGS)	$3.5104 billion	Fiscal Year 2024
Global Marketing & Advertising	$480.0 million	2024
Total SG&A Expenses	$3,254.60 million	Nine Months Ended November 3, 2024
Restructuring Costs (Pre-tax)	$80 million	Total for 2025 (Incurred $13M in Q1, $45M in Q2, $22M in Q3)
Estimated Tariff Impact on EPS	$1.05 per share	Full Year 2025 Estimate (Unmitigated)
Projected Non-GAAP Operating Margin	8.5%	Full Year 2025 Outlook

The company is actively working to offset these costs; for instance, the 2025 restructuring is expected to yield annual cost savings of approximately $200 million to $300 million by 2026. Finance: draft 13-week cash view by Friday.

PVH Corp. (PVH) - Canvas Business Model: Revenue Streams

You're looking at how PVH Corp. brings in the money, which is fundamentally tied to its two powerhouse brands, Calvin Klein and Tommy Hilfiger. The revenue streams flow through three main channels, and the performance of each is quite distinct lately.

The overall expectation for the top line is cautious optimism. Full-year 2025 revenue is guided to be flat to slightly positive compared to 2024's $8.653 billion. On the profitability side, the company is projecting full-year 2025 non-GAAP EPS to be in the range of $10.85 to $11.00.

Here's how the revenue is segmented:

• Direct-to-Consumer (DTC) sales from company-operated stores and e-commerce.
• Wholesale sales to department stores and other retailers, a primary revenue source.
• Licensing revenue from third-party partners using the brands' IP.

The DTC channel shows mixed results depending on the quarter you look at. For instance, in the first quarter of 2025, overall DTC revenue decreased 3% compared to the prior year period. However, by the third quarter of 2025, the DTC revenue was reported as flat compared to the prior year period.

Wholesale is definitely a key driver, often showing growth. In the first quarter of 2025, wholesale revenue increased 6% year-over-year. This momentum carried into the third quarter of 2025, where wholesale revenue increased 4% compared to the prior year period. This channel is critical, especially when DTC faces headwinds.

Licensing revenue has been under pressure lately. For the third quarter of 2025, licensing revenue fell 11% compared to the prior year. This decline is partly attributed to product transitions, like bringing previously licensed women's product categories in-house.

To give you a clearer picture of the recent channel dynamics, here's a quick comparison based on reported quarterly figures:

Revenue Stream	Q1 2025 Change vs. Prior Year	Q3 2025 Change vs. Prior Year
Direct-to-Consumer (DTC)	Decreased 3%	Flat
Wholesale	Increased 6%	Increased 4%
Licensing	Not explicitly stated for Q1	Decreased 11%

The 2024 full-year revenue figure that sets the baseline for the 2025 guidance is $8.653 billion. The non-GAAP operating margin target for the full year 2025 is reaffirmed at approximately 8.5%, down from 10.0% in 2024 on a non-GAAP basis.