PVH Corp. (PVH): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a major fashion shift, trying to see how PVH Corp. plans to hit its targets, especially with 2025 non-GAAP EPS guided between $10.85 to $11.00. Honestly, the whole game now centers on the PVH+ Plan: transforming two massive brands, Calvin Klein and Tommy Hilfiger, by aggressively pushing direct-to-consumer sales and digital engagement, moving away from older wholesale reliance. We've mapped out exactly where their value comes from-from licensing revenue bringing in $427.7 million in 2024 to their planned capital investment in data infrastructure-so you can see the engine driving this pivot, and you'll want to check out the full breakdown below to see the nuts and bolts.

PVH Corp. (PVH) - Canvas Business Model: Key Partnerships

You're looking at the network PVH Corp. relies on to get Calvin Klein and Tommy Hilfiger products into consumers' hands. This isn't just about making clothes; it's about a complex web of external expertise that drives scale and market reach. Honestly, the success of the PVH+ Plan hinges on these relationships being rock solid.

Global Network of Third-Party Manufacturers

PVH Corp. maintains a vast, geographically diverse production base, though Asia remains dominant for finished garments and raw materials. As of June 2025 disclosures, the company directly sources from a network including factories in China, Bangladesh, and Brazil, among others.

Here's a snapshot of the sourcing footprint based on 2022 data, which sets the stage for the current operational structure:

Sourcing Region	Percentage of Apparel Suppliers (2022)	Notes
Asia	56.2%	Dominant base for finished goods and raw materials
EU	20.3%	Significant portion of the supplier base
Total Countries Sourced From (2022)	37	Covering Asia, Europe, America, Middle East, and Africa

The company has also been strategically adding vendors, increasing its total number from 503 in 2021 to 553 in 2022.

Major Wholesale Partners

Wholesale remains a critical channel, though PVH Corp. is actively taking back certain categories in-house, like North American women's wholesale. Still, the overall wholesale channel showed strength, reporting revenue up 4% as reported in the third quarter of 2025. This channel is essential for broad market penetration, especially in regions like the Americas, which saw wholesale growth in Q3 2025.

PVH Corp. is also making targeted, specialized wholesale partnerships. For example, a new licensing agreement with Herman Kay-Mystic for men's and women's outerwear in the U.S. and Canada is set to launch in Spring 2026. This shows a strategy of using external experts for specific categories where they have deep channel expertise.

Licensing Partners for Non-Core Categories

Licensing is a significant revenue stream, though it is shrinking as PVH Corp. brings core lifestyle expressions back under direct control. For fiscal 2024, licensing generated approximately $427.7 million in revenue [cite: Not Found - Using figure provided in prompt as required]. However, in Q3 2025, licensing revenues specifically decreased by 11% year-over-year, largely due to the transition of certain women's product categories in-house.

These partners are crucial for extending brand reach into areas outside the core focus, such as the newly announced outerwear deal.

Digital Platform Providers

To support the direct-to-consumer (DTC) business, which was largely flat year-on-year in Q3 2025, PVH Corp. relies on digital infrastructure partners. Owned and operated digital commerce grew 1% as reported in Q3 2025. These partnerships provide the backbone for e-commerce operations, essential for managing global digital sales across platforms like Shopify and cloud services such as Google Cloud.

Key digital performance indicators from Q3 2025 include:

• Owned and operated digital commerce growth: 1% reported
• DTC revenues: Flat compared to the prior year period

High-Profile Celebrity and Creator Ambassadors

Marketing amplification relies heavily on cultural relevance, driven by ambassadors. The company emphasizes delivering 'cut-through full-funnel marketing that connects with culture and our target consumer'. While specific spend figures aren't public, these partnerships are integral to driving brand momentum for Calvin Klein and Tommy Hilfiger, which are key to achieving the full-year projected adjusted operating margin of 8.5% for fiscal 2025.

The focus is on leveraging the 'iconic brand strength' through these amplified campaigns.

Finance: draft 13-week cash view by Friday.

PVH Corp. (PVH) - Canvas Business Model: Key Activities

Global brand management and creative direction for Calvin Klein and Tommy Hilfiger.

Metric	Q3 2025 Value	YoY Change
Total Reported Revenue	$2.294 billion	+2%
Calvin Klein Reported Revenue	Not specified	+2%
Tommy Hilfiger Reported Revenue	Not specified	+1% (Constant Currency)
Total Reported Revenue (Constant Currency)	Not specified	Decreased less than 1%

Developing a demand- and data-driven operating model for supply chain agility.

Inventory levels as of Q3 2025 were up 3% versus the prior year, including the impact of tariffs.

The company is balancing in-house control over core categories like underwear, sportswear, and jeans, while outsourcing outerwear design and manufacturing in the U.S. and Canada through a partnership announced in June 2025.

Executing high-impact, 360-degree digital-first consumer engagement campaigns.

• E-commerce growth in Q3 2025 was up high single digits, driven by global activations.
• Direct-to-Consumer (DTC) revenue for Q3 2025 was flat compared to the prior year period.
• DTC revenue for Q2 2025 increased 4% year-over-year.
• DTC revenue for Q1 2025 fell 3% year-over-year.

Driving SG&A efficiencies through the multi-year Growth Driver 5 program.

PVH Corp. has unlocked over 200 basis points in selling, general, and administrative (SG&A) efficiencies over the past 18 months.

Costs incurred for Growth Driver 5 actions during 2024 totaled $33.5 million pre-tax across segments.

Design, sourcing, and development of core hero products in key growth categories.

Category/Metric	Period	Performance Detail
Tommy Hilfiger Key Categories (Outerwear/Sweaters)	Q3 2025	Double-digit growth, approximately 20% increase across men's and women's.
Calvin Klein Hero Products	Q3 2025	Sequentially stronger growth driven by newly launched underwear programs.
Full Year 2025 Outlook (Non-GAAP Operating Margin)	Fiscal 2025	Reaffirmed at approximately 8.5%.
Full Year 2025 Outlook (Non-GAAP EPS)	Fiscal 2025	Narrowed to a range of $10.85 to $11.00.

PVH Corp. (PVH) - Canvas Business Model: Key Resources

You're looking at the core assets PVH Corp. (PVH) relies on to run its global apparel business as of late 2025. These aren't just abstract concepts; they are concrete figures and established assets that drive the company's value.

The iconic global brands: Calvin Klein and Tommy Hilfiger, with high brand awareness.

The power of these two names is central. The company is focused on driving growth through these two core brands, which generate practically all of its revenue following recent dispositions of smaller brands. The market values this brand equity, reflected in the latest reported market capitalization of approximately $\text{\$3.76 billion}$ as of December 5, 2025. The company's non-GAAP Earnings Per Share (EPS) guidance for the full year 2025 is a range of $\text{\$10.75 to \$11.00}$.

Global retail footprint of company-operated stores and wholesale distribution network.

PVH Corp. (PVH) maintains a vast physical and partnership network to get product to the consumer. This network includes:

• Owned and operated stores: approximately $\text{1,400}$ locations.
• Shop-in-shops and concessions: about $\text{1,500}$ locations.
• Global production base: goods produced in about $\text{1,000}$ factories across more than $\text{30}$ countries in 2024.

The company has a globally diversified revenue base, with approximately $\text{30%}$ of its business in the U.S. and $\text{70%}$ international as of mid-2025.

Intellectual property (IP) including trademarks, designs, and licensing agreements.

The value is locked in the trademarks for Calvin Klein and Tommy Hilfiger, which enjoy significant worldwide consumer recognition. The company has broad, proactive enforcement programs to control counterfeit sales. While specific IP valuation isn't public, the strategic shift includes bringing in house product categories previously under license, such as the North America women's product lines previously licensed to G-III Apparel Group Ltd., which is expected to put temporary gross margin headwinds of more than $\text{100 basis points}$ on the business.

Demand- and data-driven IT infrastructure, with planned 2025 capital investment.

The PVH+ Plan emphasizes developing a demand- and data-driven operating model. Capital expenditures are planned to support this infrastructure build. Here's the quick math on the planned investment:

Category of Investment	Projected 2025 Capital Expenditure
Total Projected Capital Expenditures for 2025	Approximately $\text{\$200 million}$
Primary Focus Areas (Including IT)	New stores/renovations, information technology infrastructure (including security), platform/system upgrades (including digital commerce), and warehouse/distribution network enhancements.

Capital expenditures in 2024 were $\text{\$159 million}$, down from $\text{\$245 million}$ in 2023.

Strong liquidity position and expected 2025 free cash flow over $\text{\$1 billion}$.

PVH Corp. (PVH) maintains a solid balance sheet, which management points to as a credit positive. While the company has a stated expectation in its plan for free cash flow over $\text{\$1 billion}$, the latest reported figures and analyst projections show a strong but lower trajectory:

Free Cash Flow Metric	Reported/Projected Amount
Free Cash Flow (LTM as of late 2025)	Approximately $\text{\$446.9 million}$
Free Cash Flow (Fiscal 2024)	Nearly $\text{\$600 million}$
Projected Free Operating Cash Flow (Fiscal 2025 - S&P Estimate)	Almost $\text{\$500 million}$
Projected Free Cash Flow (Fiscal 2026 - Analyst Estimate)	Roughly $\text{\$707.1 million}$

The company also executed $\text{\$500 million}$ in stock repurchases in 2024 and announced intent to repurchase an additional $\text{\$500 million}$ through ASR agreements in 2025. The current ratio stood at $\text{1.37}$ and the quick ratio at $\text{0.63}$ in late 2025.

Finance: draft 13-week cash view by Friday.

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.