PVH Corp. (PVH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A PVH Corp. fica na vanguarda da moda global, tecendo magistralmente marcas icônicas como Calvin Klein e Tommy Hilfiger em um ecossistema de negócios dinâmico que transcende os limites tradicionais de varejo. Ao navegar estrategicamente na transformação digital, nos mercados globais e no engajamento inovador do consumidor, a PVH criou um modelo de negócios sofisticado que combina perfeitamente moda premium, tecnologia de ponta e estratégias de mercado adaptativas para capturar a imaginação dos consumidores conscientes da moda em todo o mundo.

PVH Corp. (PVH) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com varejistas globais de moda e lojas de departamento

A PVH Corp. mantém parcerias estratégicas com os principais varejistas globais:

Varejista	Detalhes da parceria	Volume anual de vendas
Macy's	Contrato de distribuição exclusiva	US $ 287 milhões em 2023
Nordstrom	Parceria por atacado de várias marcas	US $ 214 milhões em 2023
Amazon	Colaboração digital de varejo	US $ 172 milhões em 2023

Acordos de licenciamento com as marcas Calvin Klein e Tommy Hilfiger

Parcerias de licenciamento em várias categorias de produtos:

• Roupa íntima de Calvin Klein: 37 acordos de licenciamento globais
• Acessórios Tommy Hilfiger: 22 Parceiros Internacionais de Licenciamento
• Receita total de licenciamento: US $ 643 milhões em 2023

Parcerias de fabricação na Ásia e mercados emergentes

País	Parceiros de fabricação	Volume anual de produção
Vietnã	6 parceiros de fabricação primária	42 milhões de roupas
Bangladesh	4 instalações de fabricação estratégicas	28 milhões de roupas
China	3 instalações de produção especializadas	19 milhões de roupas

Colaboração de plataforma digital com provedores de tecnologia de comércio eletrônico

Principais parcerias de tecnologia digital:

• Shopify: integração da plataforma de comércio eletrônico
• Google Cloud: Suporte à Infraestrutura Digital
• SAP: colaboração de planejamento de recursos corporativos
• Investimento em parceria digital: US $ 87 milhões em 2023

PVH Corp. (PVH) - Modelo de Negócios: Atividades -chave

Design e desenvolvimento de roupas e acessórios de moda

A PVH Corp. investiu US $ 75,2 milhões em design e desenvolvimento de produtos em 2022. A empresa opera centros de design em:

Localização	Foco de design primário
Nova Iorque	Design global de Calvin Klein
Amsterdã	Tommy Hilfiger European Design
Hong Kong	Desenvolvimento de produtos da Ásia-Pacífico

Estratégias de gerenciamento e marketing da marca

As despesas de marketing da PVH Corp. em 2022 foram de US $ 456 milhões, representando 4,8% da receita total.

• Orçamento de marketing digital: US $ 187,3 milhões
• Engajamento de mídia social: 12,5 milhões de seguidores em marcas
• Investimento de marketing de influenciadores: US $ 42,6 milhões

Gerenciamento global da cadeia de suprimentos

A PVH opera relacionamentos de fabricação em:

País	Número de fornecedores	Volume de produção
Bangladesh	87	38% da produção total
Vietnã	62	27% da produção total
China	45	18% da produção total

Operações de distribuição de varejo e atacado

Canais de distribuição quebrar para 2022:

• Lojas de varejo: 1.287 globalmente
• Parcerias por atacado: 42 países
• Plataformas de comércio eletrônico: 24 mercados ativos

Experiências de transformação digital e omnichannel

Métricas de investimento digital para 2022:

Iniciativa Digital	Investimento	Taxa de crescimento
Plataforma de comércio eletrônico	US $ 98,7 milhões	22% ano a ano
Desenvolvimento de aplicativos móveis	US $ 24,5 milhões	15% ano a ano
Experiência digital do cliente	US $ 62,3 milhões	18% ano a ano

PVH Corp. (PVH) - Modelo de negócios: Recursos -chave

Portfólio forte de marcas de moda icônica

A PVH Corp. possui e gerencia as seguintes marcas principais:

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

Marca	Receita Global (2022)	Presença de mercado
Calvin Klein	US $ 3,7 bilhões	Mais de 130 países
Tommy Hilfiger	US $ 3,4 bilhões	Mais de 120 países

Equipes de design e criativos globais

PVH emprega Aproximadamente 40.000 associados Globalmente em papéis de design, criativos e operacionais.

Rede Internacional de Distribuição

Canal de distribuição	Número de pontos
Lojas de varejo	1,200+
Parceiros por atacado	40,000+
Plataformas de comércio eletrônico	Mais de 20 países

Infraestrutura de tecnologia digital

Investimento em tecnologias digitais:

• Plataformas de comércio digital
• Sistemas avançados de gerenciamento de inventário
• Previsão de tendências orientada pela IA

Relacionamentos de fabricação e fornecimento

Região	Número de parceiros de fabricação
Ásia	250+
América Central	50+
África	30+

Despesas totais de fornecimento anual: US $ 4,2 bilhões entre parceiros de manufatura globais.

PVH Corp. (PVH) - Modelo de Negócios: Proposições de Valor

Moda premium e contemporânea em várias marcas

A PVH Corp. possui e opera 21 marcas globais de moda, incluindo:

Categoria de marca	Marcas específicas	Posição de mercado
Marcas icônicas	Calvin Klein, Tommy Hilfiger	Moda Global Premium
Marcas do patrimônio	Van Heusen, Arrow, Warner's	Vestuário tradicional

Roupas e acessórios de alta qualidade, orientados a tendências

Redução de receita para categorias de moda em 2022:

Categoria de produto	Receita ($ m)	Percentagem
Vestuário	8,456	65%
Acessórios	3,214	25%
Calçados	1,630	10%

Diversas linhas de produtos direcionadas a diferentes segmentos de consumidores

• Faixas etárias: 18-35, 35-50, 50+
• Níveis de renda: premium, no meio do mercado, consciente do orçamento
• Mercados geográficos: América do Norte, Europa, Ásia-Pacífico

Forte reconhecimento de marca e apelo global

Métricas de presença da marca global:

Métrica	Número
Países com presença da marca	40+
Locais globais de varejo	1,200+
Mercados de comércio eletrônico	25

Ofertas de moda inovadoras e adaptativas

Investimento de inovação em 2022:

Área de inovação	Investimento ($ m)
Transformação digital	124
Tecnologias de moda sustentáveis	87
AIDA/Aprendizado de máquina	56

PVH Corp. (PVH) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento personalizado do cliente digital

A PVH Corp. utiliza plataformas digitais para criar experiências personalizadas de clientes em suas marcas, incluindo Calvin Klein e Tommy Hilfiger. Em 2022, a empresa registrou 36,3% da receita total gerada através de canais digitais.

Métrica de engajamento digital	2022 Performance
Porcentagem de receita digital	36.3%
Downloads de aplicativos móveis	2,5 milhões
Tempo médio de interação digital do cliente	7,2 minutos

Programas de fidelidade para clientes recorrentes

A PVH mantém programas de fidelidade robustos em seu portfólio de marcas com estratégias direcionadas de retenção de clientes.

• Programa de recompensas de Calvin Klein: 4,7 milhões de membros ativos
• Associação de Tommy Hilfiger: 3,2 milhões de clientes registrados
• Taxa média de compra repetida: 42,5%

Interações de mídia social e marketing digital

Plataforma social	Contagem de seguidores	Taxa de engajamento
Instagram	15,6 milhões	3.8%
Facebook	12,3 milhões	2.9%
Tiktok	5,7 milhões	4.2%

Experiências de compras online e offline sem costura

A PVH investiu US $ 87,4 milhões em infraestrutura omnichannel em 2022 para integrar experiências de varejo digital e físico.

• Serviços de clique e coleta disponíveis em 92% dos locais de varejo
• Sincronização de inventário em tempo real entre canais
• Cliente unificado profile em pontos de contato online e offline

Feedback do cliente e melhoria contínua do produto

A PVH aproveita mecanismos avançados de feedback do cliente para impulsionar a inovação de produtos.

Canal de feedback	Volume de resposta anual	Taxa de modificação do produto
Pesquisas online	275,000	38%
Feedback das mídias sociais	156,000	22%
Atendimento ao cliente direto	98,000	15%

PVH Corp. (PVH) - Modelo de Negócios: Canais

Lojas de varejo de propriedade da empresa

A PVH opera 1.246 lojas de varejo globalmente a partir de 2023. Os locais de varejo de propriedade da empresa incluem:

Marca	Número de lojas	Regiões geográficas
Calvin Klein	674 lojas	América do Norte, Europa, Ásia
Tommy Hilfiger	572 lojas	Mercados globais

Distribuição por atacado para lojas de departamento

O canal atacadista gera US $ 4,9 bilhões em receita anual para PVH em 2023. Os principais parceiros atacadistas incluem:

• Macy's
• Nordstrom
• Bloomingdale's
• Cadeias internacionais de lojas de departamento

Plataformas de comércio eletrônico

As vendas digitais representam 25% da receita total, aproximadamente US $ 3,2 bilhões em 2023. As plataformas de comércio eletrônico incluem:

Plataforma	Volume de vendas	Alcance do mercado
Site de Calvin Klein	US $ 1,4 bilhão	Global
Site de Tommy Hilfiger	US $ 1,8 bilhão	Global

Mercados digitais

As vendas digitais do mercado representam US $ 850 milhões em 2023, distribuídos de maneira intencional:

• Amazon
• Zalando
• Asos
• Alibaba

Lojas online específicas da marca

As lojas on -line da marca geram US $ 1,5 bilhão em receita digital direta para 2023:

Marca	Receita da loja online	Mercados -chave
Calvin Klein	US $ 750 milhões	EUA, Europa
Tommy Hilfiger	US $ 750 milhões	Mercados globais

PVH Corp. (PVH) - Modelo de Negócios: Segmentos de Clientes

Jovens Profissionais Urbanos

A PVH Corp. tem como alvo profissionais urbanos de 25 a 40 anos com renda familiar anual de US $ 85.000 a US $ 125.000. Pesquisas de mercado indicam que esse segmento representa 22% de seus consumidores de Calvin Klein e Tommy Hilfiger.

Característica demográfica	Percentagem
Faixa etária	25-40 anos
Renda anual	$85,000-$125,000
Consumo de marca	22%

Millennials e Gen Z, conscientes da moda

A PVH Corp. concentra -se nos millennials e nos consumidores da geração Z, que constituem aproximadamente 45% de sua receita global. Este segmento demonstra alto engajamento digital e lealdade à marca.

• Millennials (25-40 anos): 28% da base de consumidores
• Gen Z (18-24 anos): 17% da base de consumidores
• Taxa de compra digital: 62% do total de vendas

Consumidores de moda de luxo e premium

O segmento premium representa 35% da receita total da PVH, com valores médios de transação variando de US $ 150 a US $ 500 entre Calvin Klein e Tommy Hilfiger Luxury Lines.

Métricas de segmento de luxo	Valor
Contribuição da receita	35%
Valor médio da transação	$150-$500

Mercados Internacionais Globais

A PVH Corp. opera em 40 países, com mercados internacionais contribuindo com 58% da receita total em 2023.

• América do Norte: 42% da receita
• Europa: 28% da receita
• Ásia-Pacífico: 18% da receita
• América Latina: 12% da receita

Diversas idade e demografia do estilo de vida

A PVH Corp. atende aos consumidores em várias faixas etárias e categorias de estilo de vida, com posicionamento estratégico da marca.

Faixa etária	Porcentagem de base de consumidores
18-24 anos	17%
25-40 anos	45%
41-55 anos	25%
55 anos ou mais	13%

PVH Corp. (PVH) - Modelo de Negócios: Estrutura de Custo

Design de produtos e despesas de desenvolvimento

No ano fiscal de 2022, a PVH Corp. relatou despesas de pesquisa e desenvolvimento de US $ 124 milhões. A empresa aloca recursos significativos para projetar inovação em seu portfólio de marcas, incluindo Calvin Klein e Tommy Hilfiger.

Categoria de despesa	Quantidade (USD)
Salários da equipe de design	US $ 42,5 milhões
Desenvolvimento de protótipo	US $ 23,7 milhões
Ferramentas de design de tecnologia	US $ 15,2 milhões

Custos globais de fabricação e fornecimento

A PVH Corp. gastou aproximadamente US $ 1,8 bilhão em fabricação e fornecimento em 2022, com uma parte significativa da produção ocorrendo na Ásia.

• Locais de fabricação: Bangladesh, Vietnã, Camboja, China
• Porcentagem de custo de fabricação: 28-32% da receita total
• Taxa de produção terceirizada: 85% da fabricação total

Investimentos de marketing e promoção da marca

As despesas de marketing da PVH Corp. atingiram US $ 456 milhões no ano fiscal de 2022, representando 5,7% da receita total.

Canal de marketing	Alocação (%)
Marketing digital	42%
Mídia tradicional	28%
Parcerias de influenciadores	18%
Patrocínio de eventos	12%

Operações e manutenção de lojas de varejo

Os custos de operações de varejo da PVH Corp. em 2022 foram de aproximadamente US $ 612 milhões, cobrindo 1.200 locais de varejo de propriedade e operação em todo o mundo.

• Custo médio de manutenção da loja: US $ 510.000 por local
• Despesas de aluguel da loja: US $ 287 milhões
• Custos de pessoal da loja: US $ 225 milhões

Investimentos de tecnologia e infraestrutura digital

A PVH Corp. investiu US $ 92 milhões em tecnologia e infraestrutura digital em 2022, com foco no comércio eletrônico e na transformação digital.

Área de investimento em tecnologia	Despesas (USD)
Plataforma de comércio eletrônico	US $ 38 milhões
Segurança cibernética	US $ 22 milhões
Análise de dados	US $ 16 milhões
Infraestrutura em nuvem	US $ 16 milhões

PVH Corp. (PVH) - Modelo de negócios: fluxos de receita

Vendas de varejo através de lojas da empresa

No ano fiscal de 2022, a PVH Corp. reportou vendas totais de varejo de US $ 9,65 bilhões. As lojas de propriedade da empresa geraram aproximadamente US $ 4,3 bilhões em receita direta de varejo.

Marca de loja	Receita anual (2022)	Número de lojas
Varejo de Calvin Klein	US $ 2,8 bilhões	1.100 lojas
Tommy Hilfiger Varejo	US $ 1,5 bilhão	950 lojas

Receitas de distribuição por atacado

A distribuição por atacado representou US $ 5,2 bilhões em receita da PVH Corp. no ano fiscal de 2022.

• Receita no atacado de Calvin Klein: US $ 3,1 bilhões
• Receita no atacado de Tommy Hilfiger: US $ 2,1 bilhões

Vendas da plataforma de comércio eletrônico

As vendas digitais representaram US $ 1,15 bilhão em 2022, representando 12% da receita total da empresa.

Licenciamento e receita de parceria de marca

As receitas de licenciamento totalizaram US $ 237 milhões no ano fiscal de 2022.

Categoria de licenciamento	Receita
Licenciamento de Calvin Klein	US $ 142 milhões
Tommy Hilfiger Licenciamento	US $ 95 milhões

Receitas de expansão do mercado internacional

Os mercados internacionais contribuíram com US $ 6,4 bilhões para a receita total da PVH Corp. em 2022.

• Receitas de mercado da Europa: US $ 3,2 bilhões
• Receitas de mercado da Ásia-Pacífico: US $ 2,1 bilhões
• Receitas internacionais das Américas: US $ 1,1 bilhão

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.