PVH CORP.’S UK Tax Strategy

Our Company

PVH Corp. was incorporated in the State of Delaware, USA in 1976 as the successor to a business that was established in 1881. It is one of the largest apparel companies in the world. PVH Corp. and its subsidiaries (collectively, “PVH”) have approximately 33,000 associates operating in over 40 countries, and generated $7.1 billion and $9.9 billion in revenues in 2020 and 2019 respectively. PVH’s brand portfolio is led by the globally iconic TOMMY HILFIGER and Calvin Klein brands.

PVH’s UK Tax Strategy reflects the principles set out in the PVH Code of Business Conduct and Ethics (“PVH Code”), approved by the PVH Corp. Board of Directors (the “PVH Board”). The PVH Code provides a framework of principles in support of PVH’s commitment to uphold the highest moral, legal and ethical standards in all aspects of business.

This PVH UK Tax Strategy document complies with Schedule 19 of the UK Finance Act 2016 and for purposes of the current financial year.

Tax Risk Management

PVH has robust internal financial controls and procedures designed to ensure that mandatory disclosures comply with the local laws and regulations in every jurisdiction in which PVH operates, and that all reports required by law are accurately and timely filed. The PVH Board is responsible for evaluating and supervising the effectiveness of this internal financial control framework, which is also audited by PVH Corp.’s independent auditor.

The tax controls are embedded in this internal control framework, making sure that PVH meets its tax obligations, and appropriately manages its tax risks. The Chief Financial Officer (the “CFO”) and Vice President of Tax for PVH Corp’s European operations (“PVH Europe”) together are accountable for implementing the company’s European tax strategy, and the Senior Director of Finance of PVH Europe, who leads the PVH UK Finance team, is responsible for the company’s UK tax position.

PVH Europe’s Tax team works closely with both the internal tax teams of North America and Asia to ensure effective implementation of PVH’s strategies and policies within Europe.

Furthermore, the PVH Europe Tax team supports the UK Finance team (which also reports to the PVH Europe CFO), in identifying and monitoring the European tax risks in addition to advising and supporting other departments’ business projects to mitigate any tax risks.

In addition, the UK Finance team engages local tax advisors to ensure compliance with the local tax laws and regulations.

Acceptable Tax Risk Levels and Approach to Tax Planning

PVH is committed to paying the correct and fair amount of taxes in every jurisdiction in which it has business operations. PVH’s overall policy is to maintain a low risk profile in tax matters, and to only take positions on tax returns and in financial filings that it believes are supportable and in line with the intent of the relevant regulations in each jurisdiction in which PVH operates. Consistent with PVH’s policy of maintaining a low tax risk profile and complying with the applicable tax laws and regulations, PVH seeks to align its tax strategy with its overall business needs and objectives, as well as commercial reality.

Relationship with the Tax Authorities

PVH cooperates with tax administrations in the tax jurisdictions in which it has operations. PVH may approach local country tax authorities or legislatures to discuss amendments to local country tax laws and/or regulations and to the application of such amendments to PVH’s business operations and transactions. PVH also may approach tax authorities in the relevant tax jurisdiction to discuss and obtain advance certainty on the tax treatment of its business operations and transactions. Furthermore, in the case of tax audits, PVH’s policy is to work collaboratively with the applicable tax authority and provide relevant information and documentation to resolve disputes and achieve agreement as quickly and amicably as possible.