Our Company

With a history going back over 130 years, PVH
has excelled at growing brands and businesses
with rich American heritages, becoming one of
the largest global apparel companies.

Our Company

PVH has evolved from its 1881 roots to become a diversified global apparel company with $8.2 billion in 2016 revenues through a combination of strategic acquisitions and by successfully growing our brands globally across the wholesale, retail, digital commerce and licensing channels. Our transformative acquisitions – Calvin Klein in 2003, Tommy Hilfiger in 2010, and Warnaco in 2013 – have redefined PVH's identity, performance and long-term growth potential.

Today, PVH operates a diversified portfolio of iconic lifestyle apparel brands led by CALVIN KLEIN and Tommy Hilfiger, which represent approximately 80% of our revenues and are expected to continue to drive future revenue and profitability growth. PVH's operations have also evolved from a regional perspective; whereas our business was primarily based in North America in the early 2000's, we now operate significant businesses in Europe, the Asia Pacific region and Latin America, and nearly two-thirds of our earnings before interest and taxes(1) is subject to foreign exchange risk. 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.

We see a sustainable path of 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. Combined with our ongoing emphasis on maintaining a strong credit profile and a healthy balance sheet, we believe that we will continue to be able to deliver on our business strategy and create value for our stockholders.

2015 Earnings Before Interest and Taxes Reconciliation

Earnings Before Interest and Taxes (Dollars in Millions)

GAAP Adjustments (†) Non-GAAP
Calvin Klein $413  $(21) $434
Tommy Hilfiger $399 $(3) $402
Heritage Brands $87 $(35) $122
Corporate $(138) $(22) $(116)
       
Total Earnings Before Interest and Taxes $761 $(81) $842
  • (†)Adjustments for 2015 represent the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the operation of and exit from the Izod retail business; (iii) the costs incurred principally in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection with the licensing to G-III of the Tommy Hilfiger womenswear wholesale business in the U.S. and Canada; (v) the gain recorded on the equity investment in Kingdom Holding 1 B.V., the parent company of the Karl Lagerfeld brand; and (vi) the recognized actuarial gain on retirement plans.
{ "title": "TOTAL REVENUE BY BUSINESS", "subtitle" : "2015 REVENUE: $8.0BN", "series" : [{ "name" : "Brands", "data" : [ { "name": "TOMMY HILFIGER", "description":"", "y": 42, "color":"#CB464F", "legendIndex": 0 }, { "name": "CALVIN KLEIN", "description":"", "y": 36, "color":"#808282", "legendIndex": 1 }, { "name": "HERITAGE BRANDS", "description":"", "y": 22, "color":"#214564", "legendIndex": 2 } ] }] }
{ "title": "EARNINGS BEFORE INTEREST AND TAXES BY BUSINESS", "subtitle" : "2015 EARNINGS BEFORE INTEREST AND TAXES: $842MM(2)", "series" : [{ "name" : "Brands", "data" : [ { "name": "TOMMY HILFIGER", "description":"", "y": 42, "color":"#CB464F", "legendIndex": 0 }, { "name": "CALVIN KLEIN", "description":"", "y": 45, "color":"#808282", "legendIndex": 1 }, { "name": "HERITAGE BRANDS", "description":"", "y": 13, "color":"#214564", "legendIndex": 2 } ] }] }
  • (1)Excludes non-recurring and one-time items.
  • (2)Excludes non-recurring and one-time items. See 2015 Earnings Before Interest and Taxes Reconciliation. Business percentages also exclude corporate expenses.