PVH Corp. is one of the world’s largest apparel companies and owner of iconic brands including Calvin Klein, Tommy Hilfiger and Speedo. Recently the apparel company announced the appointment of Stefan Larsson as President, PVH Corp. effective 3 June 2019. Larsson will have the responsibility for managing PVH’s branded businesses and regions, with each of the three brand CEOs and the regional presidents reporting to him. He will report to Emanuel Chirico, PVH’s Chairman and Chief Executive Officer. In connection with this announcement, Chirico has signed a new five-year employment agreement with the company.
In 2018 PVH Corp, announced that it had missed analysts’ estimates for quarterly revenue for the first time in at least two years due to weakness in its Calvin Klein business. Total revenue rose 7% to $2.52 billion, but below the $2.53 billion forecast. The company said, “while many of the product categories performed well, we are disappointed by the lack of return on our investments in our Calvin Klein 205W39NYC halo business and believe that some of the Calvin Klein Jeans relaunched product was too elevated – (read expensive) – and did not sell through as well as we planned.”
This contrasted to just a few months earlier, August 2018, when PVH Corp. reported a 38% rise in second-quarter profits said to be helped by higher sales of its Calvin Klein and Tommy Hilfiger brands. PVH said at the time Calvin Klein’s sales rose 18 percent in the quarter.