PVH’s 2025 fiscal year ended with a 3% increase, reaching nearly $9 billion (approximately €7.7 billion). The fourth and final quarter saw positive results: the American group, parent company of Calvin Klein and Tommy Hilfiger, posted 6% growth to reach $2.5 billion, a result slightly above the company’s expectations.
Strong performance for flagship brands and internationally
Looking at the brands in the portfolio, over the twelve-month period, Calvin Klein neared $4 billion (+3%), while Tommy Hilfiger reached $4.7 billion, up 4%, thereby confirming its position as the group’s leading brand. In the last quarter, the two brands grew by 3% and 7%, respectively. Looking at geographic regions, all showed growth: the EMEA region grew by 5%, the Americas by 6%, and the APAC region by 4%. In the fourth quarter, these three regions grew by +8%, +4%, and remained stable, respectively.
Profitability impacted by tax expenses
On the profitability front, the group posted annual profits of $25 million. However, in the fourth quarter, it recorded a loss of $158 million, compared to a profit of $157.2 million a year earlier. This sharp decline is attributable to tax expenses—amounting to nearly $400 million—related to goodwill and impairments recorded earlier in the year.
The PVH+ strategy at the heart of the group’s resilience
In the midst of rolling out his strategic plan to strengthen the company, CEO Stefan Larsson commented on these financial results: “We delivered a very solid fourth quarter and year-end, thanks to the strength of our two global brands and the rigorous execution of our PVH+ plan .” He added: “Looking ahead, although the current macroeconomic environment remains uncertain, we continue to focus on strengthening our relevance to consumers, the impact of our flagship products, and the rollout of impactful global campaigns.”
Cautious Forecasts for 2026
Regarding the near-term outlook, however, PVH remains cautious and expects 2026 revenues to be “slightly higher or flat compared to 2025.” The operating margin is projected to be around 8.8%, and a net negative impact is also expected due to the application of tariffs on goods entering the United States.