Pvh Corp. (PVH): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Pvh Corp. est à l'avant-garde de la mode mondiale, tissant magistralement des marques emblématiques comme Calvin Klein et Tommy Hilfiger en un écosystème commercial dynamique qui transcende les frontières de vente au détail traditionnelles. En parcourant stratégiquement la transformation numérique, les marchés mondiaux et l'engagement innovant des consommateurs, PVH a conçu un modèle commercial sophistiqué qui mélange de manière transparente la mode premium, la technologie de pointe et les stratégies de marché adaptatives pour saisir l'imagination des consommateurs conscients de la mode dans le monde entier.

PVH Corp. (PVH) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les détaillants de la mode mondiale et les grands magasins

Pvh Corp. entretient des partenariats stratégiques avec les principaux détaillants mondiaux:

Détaillant	Détails du partenariat	Volume des ventes annuelles
Macy	Contrat de distribution exclusif	287 millions de dollars en 2023
Nordstrom	Partenariat en gros multi-marques	214 millions de dollars en 2023
Amazone	Collaboration numérique au détail	172 millions de dollars en 2023

Accords de licence avec les marques Calvin Klein et Tommy Hilfiger

Partenariats de licence dans plusieurs catégories de produits:

• Calvin Klein Souswear: 37 accords de licence mondiale
• Accessoires de Tommy Hilfiger: 22 partenaires internationaux de licence
• Revenu total des licences: 643 millions de dollars en 2023

Partenariats de fabrication en Asie et marchés émergents

Pays	Partenaires de fabrication	Volume de production annuel
Vietnam	6 partenaires de fabrication principaux	42 millions de vêtements
Bangladesh	4 installations de fabrication stratégiques	28 millions de vêtements
Chine	3 installations de production spécialisées	19 millions de vêtements

Collaboration de plate-forme numérique avec les fournisseurs de technologies de commerce électronique

Partenariats clés de la technologie numérique:

• Shopify: Intégration de la plate-forme de commerce électronique
• Google Cloud: support d'infrastructure numérique
• SAP: Collaboration de planification des ressources d'entreprise
• Investissement de partenariat numérique: 87 millions de dollars en 2023

PVH Corp. (PVH) - Modèle d'entreprise: Activités clés

Conception et développement de vêtements de mode et d'accessoires

Pvh Corp. a investi 75,2 millions de dollars dans la conception et le développement de produits en 2022. La société exploite des centres de conception dans:

Emplacement	Focus de conception primaire
New York	Calvin Klein Global Design
Amsterdam	Tommy Hilfiger European Design
Hong Kong	Développement de produits en Asie-Pacifique

Stratégies de gestion de la marque et de marketing

Les dépenses de marketing pour Pvh Corp. en 2022 étaient de 456 millions de dollars, ce qui représente 4,8% des revenus totaux.

• Budget de marketing numérique: 187,3 millions de dollars
• Engagement des médias sociaux: 12,5 millions de followers à travers les marques
• Investissement marketing d'influence: 42,6 millions de dollars

Gestion mondiale de la chaîne d'approvisionnement

PVH exploite des relations de fabrication dans:

Pays	Nombre de fournisseurs	Volume de production
Bangladesh	87	38% de la production totale
Vietnam	62	27% de la production totale
Chine	45	18% de la production totale

Opérations de distribution de vente au détail et de gros

Répartition des canaux de distribution pour 2022:

• Magasins de détail: 1 287 dans le monde entier
• Partenariats en gros: 42 pays
• Plateformes de commerce électronique: 24 marchés actifs

Transformation numérique et expériences de vente au détail omnicanal

Métriques d'investissement numérique pour 2022:

Initiative numérique	Investissement	Taux de croissance
Plate-forme de commerce électronique	98,7 millions de dollars	22% d'une année à l'autre
Développement d'applications mobiles	24,5 millions de dollars	15% d'une année à l'autre
Expérience client numérique	62,3 millions de dollars	18% d'une année à l'autre

PVH Corp. (PVH) - Modèle d'entreprise: Ressources clés

Portfolio solide de marques de mode emblématiques

Pvh Corp. possède et gère les marques clés suivantes:

• Calvin Klein
• Tommy Hilfiger
• Van Heusen
• Izod
• Flèche
• Warner
• Olga

Marque	Revenus mondiaux (2022)	Présence du marché
Calvin Klein	3,7 milliards de dollars	130+ pays
Tommy Hilfiger	3,4 milliards de dollars	120+ pays

Conception mondiale et équipes créatives

PVH emploie Environ 40 000 associés À travers le monde à travers des rôles de conception, de création et opérationnels.

Réseau de distribution international

Canal de distribution	Nombre de points
Magasins de détail	1,200+
Partenaires en gros	40,000+
Plates-formes de commerce électronique	20+ pays

Infrastructure technologique numérique

Investissement dans les technologies numériques:

• Plates-formes de commerce numérique
• Systèmes de gestion des stocks avancés
• Prévision des tendances dirigés par l'IA

Relations de fabrication et d'approvisionnement

Région	Nombre de partenaires de fabrication
Asie	250+
Amérique centrale	50+
Afrique	30+

Dépenses annuelles totales de l'approvisionnement: 4,2 milliards de dollars à travers les partenaires manufacturiers mondiaux.

PVH Corp. (PVH) - Modèle d'entreprise: propositions de valeur

Mode premium et contemporain sur plusieurs marques

Pvh Corp. possède et exploite 21 marques de mode mondiales, y compris:

Catégorie de marque	Marques spécifiques	Position sur le marché
Marques emblématiques	Calvin Klein, Tommy Hilfiger	Mode premium mondial
Marques patrimoniales	Van Heusen, Arrow, Warner	Vêtements traditionnels

Vêtements et accessoires de haute qualité et tendance

Répartition des revenus pour les catégories de mode en 2022:

Catégorie de produits	Revenus ($ m)	Pourcentage
Vêtements	8,456	65%
Accessoires	3,214	25%
Chaussure	1,630	10%

Diverses gammes de produits ciblant différents segments de consommateurs

• Groupes d'âge: 18-35, 35-50, 50+
• Niveaux de revenu: Prime, Mid-Market, consciente du budget
• Marchés géographiques: Amérique du Nord, Europe, Asie-Pacifique

Solide reconnaissance de la marque et attrait mondial

Mesures de présence de la marque mondiale:

Métrique	Nombre
Pays ayant une présence de marque	40+
Emplacements de détail mondiaux	1,200+
Marchés du commerce électronique	25

Offres de mode innovantes et adaptatives

Investissement en innovation en 2022:

Zone d'innovation	Investissement ($ m)
Transformation numérique	124
Technologies de mode durable	87
IA / Machine Learning	56

PVH Corp. (PVH) - Modèle d'entreprise: relations avec les clients

Engagement des clients numériques personnalisés

Pvh Corp. utilise des plates-formes numériques pour créer des expériences client personnalisées à travers ses marques, notamment Calvin Klein et Tommy Hilfiger. En 2022, la société a déclaré 36,3% du total des revenus générés par le biais de canaux numériques.

Métrique de l'engagement numérique	2022 Performance
Pourcentage de revenus numériques	36.3%
Téléchargements d'applications mobiles	2,5 millions
Temps d'interaction du client numérique moyen	7,2 minutes

Programmes de fidélité pour les clients réguliers

PVH maintient des programmes de fidélité robustes à travers son portefeuille de marque avec des stratégies de rétention de clientèle ciblées.

• Programme de récompenses Calvin Klein: 4,7 millions de membres actifs
• Adhésion à Tommy Hilfiger: 3,2 millions de clients enregistrés
• Taux d'achat répété moyen: 42,5%

Interactions sur les réseaux sociaux et le marketing numérique

Plate-forme sociale	Nombre de suiveurs	Taux d'engagement
Instagram	15,6 millions	3.8%
Facebook	12,3 millions	2.9%
Tiktok	5,7 millions	4.2%

Expériences de shopping en ligne et hors ligne sans couture

PVH a investi 87,4 millions de dollars dans l'infrastructure omnicanal en 2022 pour intégrer des expériences de vente au détail numériques et physiques.

• Services de clics et de collecte disponibles dans 92% des emplacements de vente au détail
• Synchronisation des stocks en temps réel sur les canaux
• Client unifié profile à travers des points de contact en ligne et hors ligne

Commentaires des clients et amélioration continue des produits

PVH exploite les mécanismes de rétroaction des clients avancés pour stimuler l'innovation des produits.

Canal de rétroaction	Volume de réponse annuel	Taux de modification des produits
Enquêtes en ligne	275,000	38%
Rétroaction des médias sociaux	156,000	22%
Service client direct	98,000	15%

PVH Corp. (PVH) - Modèle d'entreprise: canaux

Magasins de détail appartenant à l'entreprise

PVH exploite 1 246 magasins de détail dans le monde en 2023. Les emplacements de détail appartenant à la société comprennent:

Marque	Nombre de magasins	Régions géographiques
Calvin Klein	674 magasins	Amérique du Nord, Europe, Asie
Tommy Hilfiger	572 magasins	Marchés mondiaux

Distribution de gros dans les grands magasins

Le canal de gros génère 4,9 milliards de dollars de revenus annuels pour PVH en 2023. Les principaux partenaires de gros comprennent:

• Macy
• Nordstrom
• Bloomingdale
• Chaînes de grands magasins internationales

Plates-formes de commerce électronique

Les ventes numériques représentent 25% des revenus totaux, environ 3,2 milliards de dollars en 2023. Les plates-formes de commerce électronique comprennent:

Plate-forme	Volume des ventes	Portée du marché
Site Web de Calvin Klein	1,4 milliard de dollars	Mondial
Site Web de Tommy Hilfiger	1,8 milliard de dollars	Mondial

Marchés numériques

Digital Marketplace Les ventes représentent 850 millions de dollars en 2023, réparties:

• Amazone
• Zalando
• ASOS
• Alibaba

Magasins en ligne spécifiques à la marque

Les magasins en ligne de marque génèrent 1,5 milliard de dollars de revenus numériques directs pour 2023:

Marque	Revenus de la boutique en ligne	Marchés clés
Calvin Klein	750 millions de dollars	États-Unis, Europe
Tommy Hilfiger	750 millions de dollars	Marchés mondiaux

PVH Corp. (PVH) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

Pvh Corp. cible les professionnels urbains âgés de 25 à 40 ans avec un revenu annuel des ménages de 85 000 $ à 125 000 $. Les études de marché indiquent que ce segment représente 22% de leurs consommateurs de marque Calvin Klein et Tommy Hilfiger.

Caractéristique démographique	Pourcentage
Tranche d'âge	25-40 ans
Revenu annuel	$85,000-$125,000
Consommation de marque	22%

Millennials conscients de la mode et Gen Z

Pvh Corp. se concentre sur les milléniaux et les consommateurs de la génération Z, qui représentent environ 45% de leurs revenus mondiaux. Ce segment montre un engagement numérique élevé et une fidélité à la marque.

• Millennials (25-40 ans): 28% de la base de consommateurs
• Gen Z (18-24 ans): 17% de la base de consommateurs
• Taux d'achat numérique: 62% du total des ventes

Consommateurs de mode de luxe et de qualité supérieure

Le segment Premium représente 35% des revenus totaux de PVH, avec des valeurs de transaction moyennes allant de 150 $ à 500 $ sur les lignes de luxe de Calvin Klein et Tommy Hilfiger.

Métriques du segment de luxe	Valeur
Contribution des revenus	35%
Valeur de transaction moyenne	$150-$500

Marchés internationaux mondiaux

Pvh Corp. opère dans 40 pays, les marchés internationaux contribuant à 58% des revenus totaux en 2023.

• Amérique du Nord: 42% des revenus
• Europe: 28% des revenus
• Asie-Pacifique: 18% des revenus
• Amérique latine: 12% des revenus

Demographies de l'âge et du style de vie diverses

Pvh Corp. dessert les consommateurs dans plusieurs groupes d'âge et catégories de style de vie, avec un positionnement stratégique de marque.

Groupe d'âge	Pourcentage de base de consommateurs
18-24 ans	17%
25-40 ans	45%
41-55 ans	25%
Plus de 55 ans	13%

PVH Corp. (PVH) - Modèle d'entreprise: Structure des coûts

Dépenses de conception et de développement des produits

Au cours de l'exercice 2022, Pvh Corp. a déclaré des frais de recherche et de développement de 124 millions de dollars. La société alloue des ressources importantes pour concevoir l'innovation à travers son portefeuille de marque, notamment Calvin Klein et Tommy Hilfiger.

Catégorie de dépenses	Montant (USD)
Salaires de l'équipe de conception	42,5 millions de dollars
Développement de prototypes	23,7 millions de dollars
Outils de conception de la technologie	15,2 millions de dollars

Coûts mondiaux de fabrication et d'approvisionnement

Pvh Corp. a dépensé environ 1,8 milliard de dollars pour la fabrication et l'approvisionnement en 2022, avec une partie importante de la production en Asie.

• Lieu de fabrication: Bangladesh, Vietnam, Cambodge, Chine
• Pourcentage de coût de fabrication: 28-32% du chiffre d'affaires total
• Taux de production externalisé: 85% de la fabrication totale

Investissements de marketing et de promotion de marque

Les dépenses de marketing pour Pvh Corp. ont atteint 456 millions de dollars au cours de l'exercice 2022, ce qui représente 5,7% des revenus totaux.

Canal de marketing	Allocation (%)
Marketing numérique	42%
Médias traditionnels	28%
Partenariats d'influence	18%
Commandites d'événements	12%

Exploitations et entretien des magasins de détail

Les coûts des opérations de vente au détail pour Pvh Corp. en 2022 étaient d'environ 612 millions de dollars, couvrant 1 200 emplacements de vente au détail détenus et exploités dans le monde.

• Coût de maintenance du magasin moyen: 510 000 $ par emplacement
• Dépenses de loyer de magasin: 287 millions de dollars
• Coûts de dotation en magasin: 225 millions de dollars

Investissements technologiques et infrastructures numériques

Pvh Corp. a investi 92 millions de dollars dans la technologie et les infrastructures numériques en 2022, en se concentrant sur le commerce électronique et la transformation numérique.

Zone d'investissement technologique	Dépenses (USD)
Plate-forme de commerce électronique	38 millions de dollars
Cybersécurité	22 millions de dollars
Analyse des données	16 millions de dollars
Infrastructure cloud	16 millions de dollars

PVH Corp. (PVH) - Modèle d'entreprise: Strots de revenus

Ventes au détail dans les magasins de l'entreprise

Au cours de l'exercice 2022, Pvh Corp. a déclaré des ventes au détail totales de 9,65 milliards de dollars. Les magasins appartenant à l'entreprise ont généré environ 4,3 milliards de dollars de revenus de vente au détail directs.

Marque de magasin	Revenus annuels (2022)	Nombre de magasins
Calvin Klein Retail	2,8 milliards de dollars	1 100 magasins
Tommy Hilfiger Retail	1,5 milliard de dollars	950 magasins

Revenus de distribution en gros

La distribution en gros a représenté 5,2 milliards de dollars de revenus pour Pvh Corp. au cours de l'exercice 2022.

• Revenus en gros de Calvin Klein: 3,1 milliards de dollars
• Revenus en gros de Tommy Hilfiger: 2,1 milliards de dollars

Ventes de plate-forme de commerce électronique

Les ventes numériques représentaient 1,15 milliard de dollars en 2022, représentant 12% du total des revenus de l'entreprise.

Licence et revenu de partenariat de marque

Les revenus de licence ont totalisé 237 millions de dollars au cours de l'exercice 2022.

Catégorie de licence	Revenu
Licence Calvin Klein	142 millions de dollars
Licence Tommy Hilfiger	95 millions de dollars

Revenus d'expansion du marché international

Les marchés internationaux ont contribué 6,4 milliards de dollars aux revenus totaux de Pvh Corp. en 2022.

• Revenus du marché de l'Europe: 3,2 milliards de dollars
• Revenus du marché en Asie-Pacifique: 2,1 milliards de dollars
• Americas International Revenues: 1,1 milliard de dollars

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.