olivLaw · US equity research
PVH Corp. PVH
Men's & Boys' Furnishgs, Work Clothg, & Allied Garments · SIC 2320 · Vertical: Men's & Boys' Furnishgs, Work Clothg, & Allied Garments (SIC 2320)
PVH Corp. is one of the largest global apparel groups, building the TOMMY HILFIGER and Calvin Klein brands through wholesale, owned stores, digital commerce and licensing. The company is under pressure now: revenue fell slightly in the second quarter of 2026, and tariffs and the Middle East conflict complicate the outlook.
At the close of 04 Nov 2026, PVH Corp. (PVH) stock was 97.30 USD (+6.81% on the day), with market capitalisation 4.5 bn USD, dividend yield 0.15%, beta 1.30, 52-week range 60.87–98.81 USD. Latest reported quarter (Q2 2027): revenue of 2.1 bn USD (−3.2% YoY), net income of -102.9 m USD (−145.9% YoY), diluted EPS -2.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 77.85 – 94.17
- above the upper band · %B 1.19 · band width 19.0%
- SMA 50 / 200
- 78.89 / 78.07
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.89 / 3.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +29.9% | −1.1% | +31.0 pp | — |
| 3 months | +11.7% | −0.5% | +12.2 pp | — |
| 6 months | +5.9% | +4.4% | +1.5 pp | — |
| Year to date | +45.2% | +12.3% | +32.9 pp | — |
| 1 year | +29.7% | +13.5% | +16.1 pp | +12.2% |
| 3 years | +26.0% | +76.4% | −50.4 pp | +49.1% |
| 5 years | −20.8% | +63.7% | −84.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 02 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 2.4 bn | 2.0 bn | 2.2 bn | 2.3 bn | 2.5 bn | 2.0 bn | 2.1 bn |
| Cost of revenue | 938.5 m | 990.3 m | 821.9 m | 916.4 m | 1.0 bn | 1.1 bn | 838.9 m | 775.2 m |
| Gross profit | 1.3 bn | 1.4 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.2 bn | 1.3 bn |
| SG&A | 1.2 bn | 1.2 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.1 bn | 1.1 bn |
| Operating income | 183.1 m | 210.2 m | -332.2 m | 133.2 m | 180.8 m | 248.8 m | 124.3 m | -190.9 m |
| Depreciation & amortisation | 69.7 m | 70.6 m | 67.7 m | 68.7 m | 69.4 m | 66.5 m | 62.6 m | 57.3 m |
| Interest expense | 23.0 m | 20.7 m | 22.4 m | 25.8 m | 23.2 m | 22.8 m | 22.7 m | 22.3 m |
| Pre-tax income | 167.0 m | 196.5 m | -349.6 m | 111.2 m | 160.3 m | 229.4 m | 108.5 m | -202.6 m |
| Income tax | 35.1 m | 39.3 m | -304.8 m | -113.0 m | 156.1 m | 387.7 m | 20.5 m | -99.7 m |
| Net income | 131.9 m | 157.2 m | -44.8 m | 224.2 m | 4.2 m | -158.3 m | 88.0 m | -102.9 m |
| Diluted EPS | 2.34 | 2.83 ≈ | -0.88 | 4.63 | 0.09 | -3.43 ≈ | 1.90 | -2.23 |
| Operating cash flow | 28.7 m ≈ | 486.5 m | -71.4 m | 213.1 m ≈ | -44.5 m ≈ | 583.2 m | -46.5 m | 382.9 m ≈ |
| Capex | 40.0 m ≈ | 43.3 m | 26.7 m | 31.2 m ≈ | 40.6 m ≈ | 43.5 m | 39.5 m | 36.5 m ≈ |
| Dividends paid | 2.1 m ≈ | 2.2 m | 1.9 m | 2.0 m ≈ | 1.8 m ≈ | 1.8 m | 1.8 m | 1.7 m ≈ |
| Share repurchases | 34.8 m ≈ | 244.6 m | 572.2 m | 4.8 m ≈ | 200.0 k ≈ | 500.0 k | 14.9 m | 2.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.7 bn | 9.9 bn | 7.1 bn | 9.2 bn | 9.0 bn | 9.2 bn | 8.7 bn | 9.0 bn |
| Revenue YoY | +8.3% | +2.6% | −28.0% | +28.4% | −1.4% | +2.1% | −6.1% | +3.4% |
| Net income | 746.4 m | 417.3 m | -1.1 bn | 952.3 m | 200.4 m | 663.6 m | 598.5 m | 25.3 m |
| Net income YoY | +38.8% | −44.1% | −372.3% | unavailable | −79.0% | +231.1% | −9.8% | −95.8% |
| Diluted EPS | 9.65 | 5.60 | -15.96 | 13.25 | 3.03 | 10.76 | 10.56 | 0.52 |
| Diluted EPS YoY | +41.1% | −42.0% | −385.0% | unavailable | −77.1% | +255.1% | −1.9% | −95.1% |
| net % | 7.7% | 4.2% | -15.9% | 10.4% | 2.2% | 7.2% | 6.9% | 0.3% |
| Free cash flow | 473.0 m | 675.1 m | 471.1 m | 803.3 m | -250.9 m | 724.7 m | 582.2 m | 538.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 01 Feb 2026
- Cash
- 701.5 m USD
- Financial debt
- 2.3 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 4.8 bn USD
- Total assets
- 11.7 bn USD
- Debt / equity
- 0.48x
- Current ratio
- 1.52x
- ROE
- 0.5%
- ROA
- 0.2%
- FCF margin
- 6.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.1 bn | 9.2 bn | 9.0 bn | 9.2 bn | 8.7 bn | 9.0 bn | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 3.4 bn | 3.8 bn | 3.9 bn | 3.9 bn | 3.5 bn | 3.8 bn | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 3.8 bn | 5.3 bn | 5.1 bn | 5.4 bn | 5.1 bn | 5.1 bn | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 4.0 bn | 4.5 bn | 4.4 bn | 4.5 bn | 4.4 bn | 4.5 bn | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -1.1 bn | 1.1 bn | 470.7 m | 928.8 m | 772.3 m | 230.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 325.8 m | 313.3 m | 301.5 m | 298.6 m | 282.2 m | 272.3 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -745.9 m ≈ | 1.4 bn ≈ | 772.2 m ≈ | 1.2 bn ≈ | 1.1 bn ≈ | 502.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 125.5 m | 108.6 m | 89.6 m | 99.3 m | 89.8 m | 94.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -1.2 bn | 972.7 m | 388.2 m | 841.0 m | 705.7 m | 151.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -55.5 m | 20.7 m | 187.8 m | 177.4 m | 107.2 m | 126.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -1.1 bn | 952.3 m | 200.4 m | 663.6 m | 598.5 m | 25.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -15.96 | 13.25 | 3.03 | 10.76 | 10.56 | 0.52 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 71.2 m | 71.9 m | 66.2 m | 61.7 m | 56.7 m | 48.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividend per share | 0.04 | 0.04 | 0.15 | 0.15 | 0.15 | 0.15 | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 1.2 bn | 550.7 m | 707.6 m | 748.0 m | 701.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 641.5 m | 745.2 m | 923.7 m | 793.3 m | 851.2 m | 994.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 1.4 bn | 1.3 bn | 1.8 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 3.9 bn | 3.7 bn | 3.6 bn | 3.3 bn | 3.5 bn | 3.6 bn | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 942.7 m | 906.1 m | 904.0 m | 862.6 m | 741.0 m | 673.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 3.0 bn | 2.8 bn | 2.4 bn | 2.3 bn | 2.3 bn | 2.0 bn | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.5 bn | 3.3 bn | 3.2 bn | 3.1 bn | 3.0 bn | 3.1 bn | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 13.3 bn | 12.4 bn | 11.8 bn | 11.2 bn | 11.0 bn | 11.7 bn | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 1.1 bn | 1.2 bn | 1.3 bn | 1.1 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 0 | 10.8 m | 46.2 m | 0 | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 3.5 bn | 2.3 bn | 2.2 bn | 1.6 bn | 1.6 bn | 2.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 2.6 bn | 2.8 bn | 2.8 bn | 2.8 bn | 2.7 bn | 2.4 bn | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 4.7 bn † | 5.3 bn † | 5.0 bn † | 5.1 bn † | 5.1 bn † | 4.8 bn † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 697.7 m | 1.1 bn | 39.2 m | 969.4 m | 740.9 m | 680.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 226.6 m | 267.9 m | 290.1 m | 244.7 m | 158.7 m | 142.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 471.1 m ≈ | 803.3 m ≈ | -250.9 m ≈ | 724.7 m ≈ | 582.2 m ≈ | 538.4 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -59.1 m | -45.0 m | -278.2 m | -85.1 m | -137.7 m | -140.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 477.4 m | -1.4 bn | -428.2 m | -721.8 m | -550.4 m | -605.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Dividends paid | 2.7 m | 2.7 m | 10.1 m | 9.4 m | 8.6 m | 7.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | 117.3 m | 361.3 m | 418.6 m | 570.3 m | 524.8 m | 577.7 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 33 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet36
- Growth0
- Quality13
- Returns45
- Valuation73
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.97 – 388.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)216.04 – 388.91 (Mid 278.52)WACC 7.9% · starting FCFF 791.4 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA87.37 – 202.46 (Mid 119.52)4 companies used · median multiple 11.0x · quartiles 8.6x – 17.1xCTAS, KTB, OXM, VFC
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.97 – 2.65 (Mid 2.26)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 33/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.7% | 20 (vs peers) | 13% |
| Net margin · Quality | -1.9% | 0 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -44.4% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 2.1x | 20 (vs peers) | 13% |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 71 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 9.3x | 52 (on a fixed band) | 13% |
| FCF yield · Valuation | 15.9% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 1.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns45/100 · 2/2 factors with a value
- Valuation73/100 · 2/3 factors with a value
Memo
PVH CORP. (PVH). Latest full fiscal year: 2026; data up to 2026-08-02.
Figures computed from the financial statements: revenue 9.0 bn USD in 2026; YoY growth 3.4%; net margin -1.9%; ROE -3.5%; net debt/EBITDA 2.1x.
The estimated value range is 87.37–202.46 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 119.52 USD, the price of 97.30 USD leaves a potential of 22.8% (value / price − 1) and a margin of safety of 18.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 33/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.6x
- FCF yield: 15.9%
- Payout ratio (FCF): 1.0%
What contradicts it
- ROIC: 4.7%
- Net margin: -1.9%
- Revenue CAGR 3Y: -0.3%
- EPS CAGR 3Y: -44.4%
- Net debt / EBITDA: 2.1x
- Shareholder yield (distributions): 0.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM).
Versus the vertical median
Men's & Boys' Furnishgs, Work Clothg, & Allied Garments (SIC 2320) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CTASCintas Corporation | 90.9 bn | 45.1 | 41.4% | 17.8% | +8.9% | +23% / +66% |
| VFCV. F. Corporation | 8.2 bn | 22.3 | 21.1% | 3.9% | +1.1% | +20% / +25% |
| PVHPvh Corp. | 4.5 bn | — | -3.5% | -1.9% | +3.4% | +30% / +26% |
| KTBKontoor Brands, Inc. | 4.5 bn | 17.1 | 48.0% | 8.7% | unavailable | +10% / +49% |
| OXMOxford Industries Inc | 456.5 m | — | -1.2% | -0.5% | −2.6% | −20% / −66% |
| RLRalph Lauren Corporation | — | 26.0 | 37.5% | 11.8% | +14.6% | +12% / +218% |
1- and 3-year price returns: for PVH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PVH Corp. is one of the largest global apparel groups, building the TOMMY HILFIGER and Calvin Klein brands through wholesale, owned stores, digital commerce and licensing 1. The company is under pressure now: revenue fell slightly in the second quarter of 2026, and tariffs and the Middle East conflict complicate the outlook 23.
SWOT
Strengths
- TOMMY HILFIGER and Calvin Klein account for almost all revenue, giving a concentrated identity and global recognition 1.
- The company runs a global network of stores, digital channels and licences, which reduces dependence on one region or channel 12.
- Cost and inventory discipline allowed a non-GAAP margin above expectations in the second quarter of 2026 3.
Weaknesses
- Wholesale sales are concentrated in a few large customers, and losing any one could significantly affect revenue 1.
- The company recorded goodwill impairments in 2025 and in the second quarter of 2026, showing pressure on asset values 13.
- Reliance on foreign production exposes the company to tariffs and supply risks 1.
Opportunities
Threats
- US tariffs and trade policy can change quickly, affecting costs and margins 2.
- The Middle East conflict could prolong weak consumer demand in Europe and Turkey 2.
- Measures taken by Chinese authorities against the company, including listing as an unreliable entity, could restrict business in China if enforced 1.
Risks
- Concentration of wholesale customershigh
A small number of large customers generate a significant share of revenue, and without long-term contracts a reduction in orders could affect results 1.
- Tariff riskhigh
Tariffs on US imports are volatile, and mitigation depends on company actions; the impact could grow if new duties apply 12.
- Middle East conflictmedium
The conflict's effects on demand and supply chains remain uncertain and could exceed the company's forecasts 2.
- Asset impairmentmedium
Further goodwill write-downs could follow if brand performance falls short of expectations 13.
- Measures in Chinamedium
If Chinese authorities impose restrictions, the company could lose access to production and sales in China 1.
Investment thesis
What would need to be true (bull case)
- If non-GAAP margins stay near the second-quarter level and digital keeps growing, the company could beat expectations for the rest of the year 3.
- In-house licence transition and cost reduction could improve long-term profitability if PVH+ Plan execution stays disciplined 13.
- The core brands have strong global recognition, which could support pricing and demand even in a weak economic environment 1.
What would break the thesis
- Falling revenue in EMEA and wholesale could continue if consumer demand stays weak in Europe and Turkey 23.
- The tariff refund benefit is one-off, and without it margins could be much lower in the second half of the year 23.
- Repeated goodwill impairments suggest brand value may be lower than previously assumed 13.
What to watch
- Gross margin trend after tariff effects and refundsQ3 2026
- Whether growth in digital channels continuesQ3 2026
- Completion of the North American licence transitions and their effect on revenue2026
- Any measures by Chinese authorities and their impact on China operationsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PVH Corp. designs and markets sportswear, denim, performance apparel, underwear, swimwear, shirts, handbags, accessories and footwear, selling globally across several price points and channels 1. In fiscal 2025 revenue was 9.0 billion USD, with over 70% generated outside the United States 1. TOMMY HILFIGER and Calvin Klein together accounted for over 95% of revenue in 2025 1.
The distribution model combines wholesale sales to stores, digital retailers and distributors with the company's own store network and e-commerce sites, plus licensing income 1. The company operates in three regions (EMEA, Americas, APAC) and a Licensing segment, structured by region since February 2025 1. Digital channels represented about 20% of revenue in 2025 1.
The PVH+ Plan aims to make the two brands the most desirable lifestyle brands in the world and to reduce reliance on licensees by taking product categories in house 12. The company also ran cost programmes that delivered annualized savings of over 200 million USD 1.
Segments
EMEA
The EMEA segment covers the wholesale and retail activity of both brands in Europe, the Middle East and Africa 1. In the second quarter of 2026, EMEA revenue fell 6% year over year, reflecting weak consumer demand and lower wholesale sales 23.
Americas
The Americas segment covers both brands in North, Central and South America, including joint ventures in Mexico and Brazil 1. In the second quarter of 2026 revenue fell 1%, reflecting the timing shift of Calvin Klein wholesale shipments, partly offset by the in-house transition of TOMMY HILFIGER women's categories 3.
Market context
The premium lifestyle apparel market is competitive and sensitive to consumer spending in developed economies. The company notes that inflation, tariffs, high interest rates and recession risk have created a complex retail environment, particularly in North America 1. Retailer consolidation and store closures reduce the shelf space available to brands 1.
Demand has weakened in several important regions; in Turkey and wider Europe, the effects of the Middle East conflict have reduced store traffic and increased promotional pressure 2. These factors could weigh on margins if they persist 2.
Trends
- US tariffsmixed
Tariffs on goods imported into the United States have changed several times, and part of the IEEPA duties has been refunded 12. The company recorded a 107 million USD benefit in cost of goods sold in the second quarter of 2026, but remaining tariffs could still reduce gross profit in 2026 2.
- Middle East conflictheadwind
The conflict that began in March 2026 raised fuel costs, disrupted supply chains and reduced demand in the Middle East, Turkey and Europe 2. The effects remain uncertain and could continue if tensions persist 12.
- Digital commercetailwind
Online channels grew in the second quarter of 2026, with owned digital commerce revenue up 4%, led by Americas and EMEA 3. This helps offset store weakness if digital performance holds 3.
- In-house licence transitionmixed
Bringing previously licensed women's categories in North America in house adds revenue but lowers gross margin, and the transition is expected to finish in 2026 13. The net effect depends on execution 1.
Competitive position
The company competes in global branded apparel and underwear, where position depends on brand image, retailer partnerships and control of direct channels 1. It relies on strong brands and a diversified distribution network to reduce dependence on a single price point or channel 1.
Competition is intensified by aggressive retailer promotions and tariff-driven price pressure, which can limit margins for premium-positioned brands 23. The analysed sources do not name direct competitors, so the view of their position stays limited to the available information.
- Premium apparel brands
The analysed sources do not name direct competitors, so no ticker can be confirmed for this point.
- Large retailers and digital platforms
Major retailers and digital merchants are both customers and channel competitors for brand bargaining power.
- Regional licensees
Licence partners in some territories could become competitors if they take product or channels in house.
- Underwear and sportswear brands
Brands specialised in underwear and sportswear compete for the same consumer segments.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Current report28 Oct 2026Other events · Financial statements and exhibits
- Quarterly report02 Sept 2026
- Current report02 Sept 2026Results of operations · Financial statements and exhibits
- Current report05 Aug 2026Other events · Financial statements and exhibits
- Current report14 Jul 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report29 Jun 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report24 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report05 Jun 2026
- Current report03 Jun 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-02-01 · SEC / PVH Corp. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-08-02 · SEC / PVH Corp. · 02 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / PVH Corp. · 02 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.