PVH Corp. (“PVH”, the “Company,” “we,” “us” or “our”) made several acquisitions over a decade that have redefined the identity, performance and long-term growth potential of the Company – first with the successful acquisition of Calvin Klein in 2003, seven years later with the addition of Tommy Hilfiger, and most recently with the acquisition of The Warnaco Group, Inc. (“Warnaco”) in February 2013. Through these transformative acquisitions, we have secured our position as one of the largest branded lifestyle apparel companies in the world, with a diversified portfolio of iconic lifestyle apparel brands, led by Calvin Klein and Tommy Hilfiger. Together, these two brands represent over 75% of our business and are expected to continue to drive future revenue and profitability growth.
PVH has evolved from its 1881 roots to become a diversified global company with over $8 billion in 2014 revenues through a combination of strategic acquisitions and by successfully growing our brands globally across the wholesale, retail, e-commerce and licensing channels. We have transformed from a primarily North American menswear business to a global organization with significant operations in North America, Europe, Asia and Latin America, and with Asia and Latin America now accounting for over 20%1 of our operating income. As a much larger organization, we continue to operate under our core business principles, which value leaders who hold the highest ethical standards, while also driving results across the business. At PVH, we take great pride in our passion, integrity, individuality, partnership and accountability, and we believe that these attributes will serve as key competitive advantages. Our people are our greatest asset, and we believe that investing in our talent will allow us to continue to grow our business and deliver stockholder value.
We see a path of sustainable long-term growth as we continue to execute on our core business strategies. We believe that we can maximize the potential of our Calvin Klein, Tommy Hilfiger and Heritage Brands businesses as we continue to invest in our global platforms, focus on our talent, pursue strategic global growth opportunities, expand our digital capabilities and enhance our global supply chain to evolve with our growing business needs. Our balance sheet is strong, and we believe that our solid free cash flow generation will enable us to deliver upon these objectives.