PVH Corp. (PVH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

PVH Corp. está a la vanguardia de la moda global, entrelazando magistralmente marcas icónicas como Calvin Klein y Tommy Hilfiger en un ecosistema comercial dinámico que trasciende las fronteras minoristas tradicionales. Al navegar estratégicamente por la transformación digital, los mercados globales y la innovadora participación del consumidor, PVH ha creado un modelo de negocio sofisticado que combina perfectamente la moda premium, la tecnología de vanguardia y las estrategias adaptativas del mercado para capturar la imaginación de los consumidores conscientes de la moda en todo el mundo.

PVH Corp. (PVH) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con minoristas de moda globales y grandes almacenes

PVH Corp. mantiene asociaciones estratégicas con los principales minoristas globales:

Detallista	Detalles de la asociación	Volumen de ventas anual
Macy's	Acuerdo de distribución exclusivo	$ 287 millones en 2023
Nordstrom	Asociación mayorista de múltiples marcas	$ 214 millones en 2023
Amazonas	Colaboración minorista digital	$ 172 millones en 2023

Acuerdos de licencia con Calvin Klein y Tommy Hilfiger Brands

Asociaciones de licencia en múltiples categorías de productos:

• Ropa interior de Calvin Klein: 37 acuerdos de licencia global
• Accesorios de Tommy Hilfiger: 22 socios internacionales de licencia
• Ingresos totales de licencia: $ 643 millones en 2023

Asociaciones de fabricación en Asia y mercados emergentes

País	Socios de fabricación	Volumen de producción anual
Vietnam	6 socios de fabricación primarios	42 millones de prendas
Bangladesh	4 instalaciones de fabricación estratégica	28 millones de prendas
Porcelana	3 instalaciones de producción especializadas	19 millones de prendas

Colaboración de plataforma digital con proveedores de tecnología de comercio electrónico

Asociaciones clave de tecnología digital:

• Shopify: integración de plataforma de comercio electrónico
• Google Cloud: soporte de infraestructura digital
• SAP: colaboración de planificación de recursos empresariales
• Inversión de asociación digital: $ 87 millones en 2023

PVH Corp. (PVH) - Modelo de negocio: actividades clave

Diseño y desarrollo de ropa y accesorios de moda

PVH Corp. invirtió $ 75.2 millones en diseño y desarrollo de productos en 2022. La compañía opera centros de diseño en:

Ubicación	Enfoque de diseño primario
Nueva York	Diseño global de Calvin Klein
Amsterdam	Diseño europeo de Tommy Hilfiger
Hong Kong	Desarrollo de productos de Asia-Pacífico

Estrategias de gestión de marca y marketing

El gasto de marketing para PVH Corp. en 2022 fue de $ 456 millones, lo que representa el 4.8% de los ingresos totales.

• Presupuesto de marketing digital: $ 187.3 millones
• Compromiso de las redes sociales: 12.5 millones de seguidores en todas las marcas
• Inversión de marketing de influencia: $ 42.6 millones

Gestión de la cadena de suministro global

PVH opera relaciones de fabricación en:

País	Número de proveedores	Volumen de producción
Bangladesh	87	38% de la producción total
Vietnam	62	27% de la producción total
Porcelana	45	18% de la producción total

Operaciones de distribución minorista y mayorista

Desglose de los canales de distribución para 2022:

• Tiendas minoristas: 1.287 a nivel mundial
• Asociaciones al por mayor: 42 países
• Plataformas de comercio electrónico: 24 mercados activos

Transformación digital y experiencias minoristas omnicanal

Métricas de inversión digital para 2022:

Iniciativa digital	Inversión	Índice de crecimiento
Plataforma de comercio electrónico	$ 98.7 millones	22% año tras año
Desarrollo de aplicaciones móviles	$ 24.5 millones	15% año tras año
Experiencia digital del cliente	$ 62.3 millones	18% año tras año

PVH Corp. (PVH) - Modelo de negocio: recursos clave

Fuerte cartera de marcas de moda icónicas

PVH Corp. posee y administra las siguientes marcas clave:

• Calvin Klein
• Tommy Hilfiger
• Van Heusen
• Izod
• Flecha
• Warner's
• Olga

Marca	Ingresos globales (2022)	Presencia en el mercado
Calvin Klein	$ 3.7 mil millones	Más de 130 países
Tommy Hilfiger	$ 3.4 mil millones	Más de 120 países

Diseño global y equipos creativos

PVH emplea aproximadamente 40,000 asociados A nivel mundial en roles de diseño, creativos y operativos.

Red de distribución internacional

Canal de distribución	Número de puntos
Tiendas minoristas	1,200+
Socios al por mayor	40,000+
Plataformas de comercio electrónico	Más de 20 países

Infraestructura de tecnología digital

Inversión en tecnologías digitales:

• Plataformas de comercio digital
• Sistemas de gestión de inventario avanzado
• Pronóstico de tendencias impulsadas por IA

Relaciones de fabricación y abastecimiento

Región	Número de socios manufactureros
Asia	250+
América Central	50+
África	30+

Gasto total de abastecimiento anual: $ 4.2 mil millones a través de socios de fabricación globales.

PVH Corp. (PVH) - Modelo de negocio: propuestas de valor

Moda premium y contemporánea en múltiples marcas

PVH Corp. posee y opera 21 marcas de moda global, incluido:

Categoría de marca	Marcas específicas	Posición de mercado
Marcas icónicas	Calvin Klein, Tommy Hilfiger	Moda premium global
Marcas de patrimonio	Van Heusen, Arrow, Warner's	Ropa tradicional

Ropa y accesorios de alta calidad y tendencias

Desglose de ingresos para categorías de moda en 2022:

Categoría de productos	Ingresos ($ M)	Porcentaje
Vestir	8,456	65%
Accesorios	3,214	25%
Calzado	1,630	10%

Diversas líneas de productos dirigidas a diferentes segmentos de consumo

• Grupos de edad: 18-35, 35-50, 50+
• Niveles de ingresos: premium, mercado medio, consciente del presupuesto
• Mercados geográficos: América del Norte, Europa, Asia-Pacífico

Reconocimiento de marca fuerte y atractivo global

Métricas de presencia de marca global:

Métrico	Número
Países con presencia de marca	40+
Ubicaciones minoristas globales	1,200+
Mercados de comercio electrónico	25

Ofertas de moda innovadora y adaptativa

Inversión de innovación en 2022:

Área de innovación	Inversión ($ m)
Transformación digital	124
Tecnologías de moda sostenibles	87
AI/Aprendizaje automático	56

PVH Corp. (PVH) - Modelo de negocio: relaciones con los clientes

Compromiso digital personalizado del cliente

PVH Corp. utiliza plataformas digitales para crear experiencias personalizadas de clientes en sus marcas, incluidos Calvin Klein y Tommy Hilfiger. En 2022, la compañía reportó el 36.3% de los ingresos totales generados a través de canales digitales.

Métrica de compromiso digital	Rendimiento 2022
Porcentaje de ingresos digitales	36.3%
Descargas de aplicaciones móviles	2.5 millones
Tiempo promedio de interacción digital del cliente	7.2 minutos

Programas de fidelización para clientes habituales

PVH mantiene programas de lealtad robustos en su cartera de marca con estrategias de retención de clientes específicas.

• Programa de recompensas de Calvin Klein: 4.7 millones de miembros activos
• Membresía de Tommy Hilfiger: 3.2 millones de clientes registrados
• Tasa promedio de compra repetida: 42.5%

Las redes sociales y las interacciones de marketing digital

Plataforma social	Recuento de seguidores	Tasa de compromiso
Instagram	15.6 millones	3.8%
Facebook	12.3 millones	2.9%
Tiktok	5.7 millones	4.2%

Experiencias de compras en línea y fuera de línea sin problemas

PVH invirtió $ 87.4 millones en infraestructura omnicanal en 2022 para integrar experiencias minoristas digitales y físicas.

• Servicios de clic y recolección disponibles en el 92% de las ubicaciones minoristas
• Sincronización de inventario en tiempo real en todos los canales
• Cliente unificado profile en puntos de contacto en línea y fuera de línea

Comentarios de los clientes y mejora continua del producto

PVH aprovecha los mecanismos avanzados de comentarios de los clientes para impulsar la innovación de productos.

Canal de retroalimentación	Volumen de respuesta anual	Tasa de modificación del producto
Encuestas en línea	275,000	38%
Comentarios en las redes sociales	156,000	22%
Servicio al cliente directo	98,000	15%

PVH Corp. (PVH) - Modelo de negocio: canales

Tiendas minoristas propiedad de la empresa

PVH opera 1,246 tiendas minoristas a nivel mundial a partir de 2023. Las ubicaciones minoristas de la compañía incluyen:

Marca	Número de tiendas	Regiones geográficas
Calvin Klein	674 tiendas	América del Norte, Europa, Asia
Tommy Hilfiger	572 tiendas	Mercados globales

Distribución mayorista a los grandes almacenes

El canal mayorista genera $ 4.9 mil millones en ingresos anuales para PVH en 2023. Los socios mayoristas clave incluyen:

• Macy's
• Nordstrom
• Bloomingdale's
• Cadenas internacionales de grandes almacenes

Plataformas de comercio electrónico

Las ventas digitales representan el 25% de los ingresos totales, aproximadamente $ 3.2 mil millones en 2023. Las plataformas de comercio electrónico incluyen:

Plataforma	Volumen de ventas	Alcance del mercado
Sitio web de Calvin Klein	$ 1.4 mil millones	Global
Sitio web de Tommy Hilfiger	$ 1.8 mil millones	Global

Mercados digitales

Cuenta de ventas del mercado digital por $ 850 millones en 2023, distribuido en todo:

• Amazonas
• Zalando
• ASOS
• Alibaba

Tiendas en línea específicas de la marca

Las tiendas en línea de marca generan $ 1.5 mil millones en ingresos digitales directos para 2023:

Marca	Ingresos de la tienda en línea	Mercados clave
Calvin Klein	$ 750 millones	Estados Unidos, Europa
Tommy Hilfiger	$ 750 millones	Mercados globales

PVH Corp. (PVH) - Modelo de negocio: segmentos de clientes

Jóvenes profesionales urbanos

PVH Corp. se dirige a profesionales urbanos de 25 a 40 años con ingresos familiares anuales de $ 85,000- $ 125,000. La investigación de mercado indica que este segmento representa el 22% de sus consumidores de la marca Calvin Klein y Tommy Hilfiger.

Característica demográfica	Porcentaje
Rango de edad	25-40 años
Renta anual	$85,000-$125,000
Consumo de marca	22%

Millennials conscientes de la moda y la generación Z

PVH Corp. se centra en los Millennials y los consumidores de la Generación Z, que constituyen aproximadamente el 45% de sus ingresos globales. Este segmento demuestra una alta participación digital y lealtad a la marca.

• Millennials (25-40 años): 28% de la base de consumidores
• Gen Z (18-24 años): 17% de la base del consumidor
• Tasa de compra digital: 62% de las ventas totales

Consumidores de lujo y de moda premium

El segmento premium representa el 35% de los ingresos totales de PVH, con valores de transacción promedio que van desde $ 150- $ 500 en las líneas de lujo de Calvin Klein y Tommy Hilfiger.

Métricas de segmento de lujo	Valor
Contribución de ingresos	35%
Valor de transacción promedio	$150-$500

Mercados internacionales globales

PVH Corp. opera en 40 países, con mercados internacionales que contribuyen con el 58% de los ingresos totales en 2023.

• América del Norte: 42% de los ingresos
• Europa: 28% de los ingresos
• Asia-Pacífico: 18% de los ingresos
• América Latina: 12% de los ingresos

Diversos datos demográficos de edad y estilo de vida

PVH Corp. atiende a los consumidores en múltiples grupos de edad y categorías de estilo de vida, con posicionamiento estratégico de marca.

Grupo de edad	Porcentaje de base de consumidores
18-24 años	17%
25-40 años	45%
41-55 años	25%
55+ años	13%

PVH Corp. (PVH) - Modelo de negocio: Estructura de costos

Gastos de diseño y desarrollo de productos

En el año fiscal 2022, PVH Corp. reportó gastos de investigación y desarrollo de $ 124 millones. La compañía asigna recursos significativos para diseñar innovación en su cartera de marca, incluidos Calvin Klein y Tommy Hilfiger.

Categoría de gastos	Cantidad (USD)
SALARIOS DE EQUIPO DE DESEJO	$ 42.5 millones
Desarrollo prototipo	$ 23.7 millones
Herramientas de diseño de tecnología	$ 15.2 millones

Costos globales de fabricación y abastecimiento

PVH Corp. gastó aproximadamente $ 1.8 mil millones en fabricación y abastecimiento en 2022, con una porción significativa de producción en Asia.

• Ubicaciones de fabricación: Bangladesh, Vietnam, Camboya, China
• Porcentaje de costo de fabricación: 28-32% de los ingresos totales
• Tasa de producción subcontratada: 85% de la fabricación total

Inversiones de marketing y promoción de la marca

Los gastos de marketing para PVH Corp. alcanzaron $ 456 millones en el año fiscal 2022, lo que representa el 5.7% de los ingresos totales.

Canal de marketing	Asignación (%)
Marketing digital	42%
Medios tradicionales	28%
Asociaciones de influencia	18%
Patrocinios de eventos	12%

Operaciones y mantenimiento de la tienda minorista

Los costos de operaciones minoristas para PVH Corp. en 2022 fueron de aproximadamente $ 612 millones, cubriendo 1,200 ubicaciones minoristas de propiedad y operación a nivel mundial.

• Costo promedio de mantenimiento de la tienda: $ 510,000 por ubicación
• Gastos de alquiler de la tienda: $ 287 millones
• Costos de personal de la tienda: $ 225 millones

Tecnología e inversiones en infraestructura digital

PVH Corp. invirtió $ 92 millones en tecnología e infraestructura digital en 2022, centrándose en el comercio electrónico y la transformación digital.

Área de inversión tecnológica	Gasto (USD)
Plataforma de comercio electrónico	$ 38 millones
Ciberseguridad	$ 22 millones
Análisis de datos	$ 16 millones
Infraestructura en la nube	$ 16 millones

PVH Corp. (PVH) - Modelo de negocio: flujos de ingresos

Ventas minoristas a través de tiendas de empresas

En el año fiscal 2022, PVH Corp. reportó ventas minoristas totales de $ 9.65 mil millones. Las tiendas propiedad de la compañía generaron aproximadamente $ 4.3 mil millones en ingresos minoristas directos.

Marca de la tienda	Ingresos anuales (2022)	Número de tiendas
Calvin Klein Retail	$ 2.8 mil millones	1.100 tiendas
Tommy Hilfiger Retail	$ 1.5 mil millones	950 tiendas

Ingresos de distribución al por mayor

La distribución mayorista representó $ 5.2 mil millones en ingresos para PVH Corp. en el año fiscal 2022.

• Ingresos al por mayor de Calvin Klein: $ 3.1 mil millones
• Ingresos al por mayor de Tommy Hilfiger: $ 2.1 mil millones

Ventas de plataforma de comercio electrónico

Las ventas digitales representaron $ 1.15 mil millones en 2022, lo que representa el 12% de los ingresos totales de la compañía.

Ingresos de licencias y asociación de marca

Los ingresos por licencias totalizaron $ 237 millones en el año fiscal 2022.

Categoría de licencias	Ganancia
Licencias de Calvin Klein	$ 142 millones
Licencias de Tommy Hilfiger	$ 95 millones

Ingresos de expansión del mercado internacional

Los mercados internacionales contribuyeron con $ 6.4 mil millones a los ingresos totales de PVH Corp. en 2022.

• Ingresos del mercado de Europa: $ 3.2 mil millones
• Ingresos del mercado de Asia-Pacífico: $ 2.1 mil millones
• Ingresos internacionales de América: $ 1.1 mil millones

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.