PVH Corp (NYSE: PVH) is an apparel company that designs, sources, and sells clothing and accessories under the Tommy Hilfiger and Calvin Klein brands. Revenue comes from three channels: wholesale distribution to department stores, specialty retailers, pure-play digital commerce operators, and off-price retailers; direct-to-consumer retail through owned stores and brand e-commerce sites; and licensing fees paid by third-party licensees authorized to sell products under PVH's brands. The direct-to-consumer channel represented a larger proportion of total revenue in FY2024 than in FY2023, per the 10-K filed March 31, 2026. SG&A expenses were $4.411 billion, or 51.0% of total revenue, in FY2024. The company sources finished, fully assembled products from a global supplier network, with purchase commitments made two to six months before production. Stefan Larsson serves as CEO, and Melissa Stone serves as Interim CFO as of the filing date. PVH is headquartered in the United States and operates across the Americas, EMEA, and APAC regions.

Revenue model

Transactional wholesale sales to retailers and distributors, direct-to-consumer retail sales through owned stores and brand websites, and royalty-based licensing fees from third-party licensees. Licensing revenue is earned somewhat evenly throughout the year, with the third quarter generating the highest level due to licensee sales ahead of the holiday season, per the FY2025 10-K filed March 31, 2026.

Products and services

Apparel and accessories sold under the Tommy Hilfiger and Calvin Klein brands across wholesale, retail, and licensing channels. Products are sourced as finished goods from external manufacturers. Distribution includes full-price stores, outlet stores, concession locations, and brand e-commerce sites in EMEA, Americas, and APAC.

Customers and end markets

Wholesale customers include department stores, specialty stores and their digital commerce operations, pure-play digital commerce retailers, distributors, franchisees, warehouse clubs, and off-price retailers. End consumers are the ultimate buyers of Tommy Hilfiger and Calvin Klein branded apparel. No individual customer concentration figures were disclosed in the excerpts provided.

Value-chain role

Brand owner and retailer. PVH owns the Tommy Hilfiger and Calvin Klein trademarks, manages brand strategy and marketing, sources finished products from third-party manufacturers via purchase orders, and distributes through wholesale and direct-to-consumer channels. The company does not manufacture internally and maintains long-term strategic partnerships with finished goods suppliers and component suppliers.

Geographic exposure

Americas, EMEA, and APAC. Operations include wholesale distribution, owned retail stores, outlet stores, concession locations, and e-commerce sites across all three regions, per the 10-K filed March 31, 2026.

Source: SEC 10-K, filed 2026-03-31

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