PVH (PVH) Goldman Sachs 32nd Annual Global Retailing Conference 2025 summary

Brand strategy and consumer engagement

• Focused on leveraging the global appeal of Calvin Klein and Tommy Hilfiger, each representing about half of the business, with strong positions in Europe, the U.S., and growth potential in APAC.

• Enhanced brand relevance by connecting iconic brand DNA to current culture, using high-profile talent and innovative product launches in key categories like underwear and denim.

• Strategic partnerships, such as with Apple Studios for the Formula One movie and Cadillac, have amplified Tommy Hilfiger's cultural presence and attracted Gen Z consumers.

• Consistent quarter-over-quarter growth achieved through product innovation, consumer engagement, and disciplined marketplace execution.

• Store experiences and flagship openings, such as in Harajuku and Soho, are used to create brand halos that drive performance across all channels.

Regional performance and outlook

• Europe remains the largest market, with strong wholesale order books and sequential D2C improvement, supporting a path to high single-digit growth.

• North America faces tariff uncertainty but shows resilience through strong DTC and wholesale performance, with a focus on building consumer offerings and maintaining pricing power.

• APAC, especially China and Japan, has stabilized, with significant growth during major events and successful flagship launches driving brand momentum across the region.

• Investments in marketing and talent in APAC are yielding quick, positive results, with a ripple effect across markets.

Operational improvements and margin expansion

• Centralization of Calvin Klein's global product creation initially caused margin pressure, but corrective actions have restored operational and margin stability for fall and spring 2026.

• Improved forward-looking planning and coordination between brands and regions have enhanced product launches and margin outcomes.

• Margin expansion is driven by product innovation, disciplined cost management, and SG&A efficiency, with 200 basis points of improvement expected by Q4 and further gains next year.

• Tariff impacts are being mitigated through vendor negotiations, supply chain adjustments, and ongoing execution of the PVH Plus plan.

• The medium-term target of 15% operating margin is considered achievable, with key building blocks already executed or in place.