v3.26.1
SEGMENT DATA
 12 Months Ended
Feb. 01, 2026
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
Effective February 3, 2025, the first day of 2025, the Company changed its reportable segments to be region-focused to align with changes in its business and organizational structure. These changes included the reorganization of the executive leadership structure directly reporting to the Company’s Chief Executive Officer, who is the CODM. The Company’s new organizational structure provides for the pairing of the Company’s global brands with commercial execution in geographic regions, underpinned by a demand- and data-driven operating model, making steady progress against the PVH+ Plan, the Company’s multiyear, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH the leading brand building group in its sector. The Company’s new reportable segments are: (i) Europe, the Middle East and Africa (“EMEA”), (ii) Americas, (iii) Asia-Pacific (“APAC”), and (iv) Licensing. The new reportable segments reflect the way the Company is currently being managed and for which separate financial information is available and evaluated regularly by the CODM in deciding how to allocate resources and assess performance. In the tables below, the Company has recast historical segment reporting to reflect the new organizational structure.

The EMEA, Americas, and APAC segments derive revenue principally from the sale of TOMMY HILFIGER and Calvin Klein branded apparel, accessories and related products. These segments encompass the marketing of these products at wholesale primarily to department and specialty stores (including their digital commerce operations), pure play digital commerce retailers, distributors and franchisees (primarily for EMEA and APAC), and warehouse clubs and off-price retailers (primarily for Americas). Within these segments the Company also operates retail stores (which, for Americas, are primarily
located in premium outlet centers and, to a lesser extent, in full price and other channels), concession locations (for EMEA and APAC), and digital commerce sites, which sell these products. These segments also include the Company’s proportionate share of the net income or loss of its investments in its unconsolidated affiliates that operate in such regions.

The Company derives revenue in the Licensing segment principally from licensing and similar arrangements relating to the use by third parties of the TOMMY HILFIGER and Calvin Klein brand names for a broad range of product categories, as well as for certain territories.

The CODM uses segment income (loss) before interest and taxes as the profit measure to evaluate segment performance and allocate resources to the segments. The CODM considers variances of actual and forecasted performance to prior year when making decisions.

Segment Data

The Company’s revenue, significant expenses, and income before interest and taxes by segment, which include the impact of changes in foreign currency exchanges rates, were as follows:
2025
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$4,273.6 $2,739.9 $1,515.5 $421.2 $8,950.2 
Cost of goods sold (1)
(1,824.0)(1,535.8)(441.8)— (3,801.6)
Marketing expenses (excluding an additional $173.0 included in Corporate and other) (1)
(136.4)(110.8)(75.4)— (322.6)
(2)
Other segment items (3)
(1,564.1)(841.8)(705.8)(64.5)(3,176.2)
Segment income before interest and taxes$749.1 $251.5 $292.5 $356.7 $1,649.8 
Corporate and other (including $173.0 of marketing expenses) (4)
(859.3)
(2)
Restructuring and other items (5)
(559.9)
Income before interest and taxes$230.6 

2024
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$4,063.5 $2,586.2 $1,575.5 $427.7 $8,652.9 
Cost of goods sold (1)
(1,716.8)(1,328.6)(465.0)— (3,510.4)
Marketing expenses (excluding an additional $173.6 included in Corporate and other) (1)
(127.8)(107.1)(71.5)— (306.4)
(2)
Other segment items (3)
(1,491.2)(830.1)(721.8)(75.3)(3,118.4)
Segment income before interest and taxes$727.7 $320.4 $317.2 $352.4 $1,717.7 
Corporate and other (including $173.6 of marketing expenses) (4)
(852.5)
(2)
Restructuring and other items (6)
(92.9)
Income before interest and taxes$772.3 
2023
(In millions)EMEAAmericasAPACLicensingTotal
Revenue$4,316.7 $2,855.7 $1,602.4 $442.9 $9,217.7 
Cost of goods sold (1)
(1,830.9)(1,554.8)(468.8)— (3,854.5)
Marketing expenses (excluding an additional $175.9 included in Corporate and other) (1)
(149.3)(119.3)(89.4)— (358.0)
(2)
Other segment items (3)
(1,499.1)(928.5)(715.7)(79.7)(3,223.0)
Segment income before interest and taxes$837.4 $253.1 $328.5 $363.2 $1,782.2 
Corporate and other (including $175.9 of marketing expenses) (4)
(851.1)
(2)
Restructuring and other items (7)
(2.3)
Income before interest and taxes$928.8 

(1)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)    In addition to the marketing expenses incurred by the Company’s reportable segments, there was $173.0 million, $173.6 million and $175.9 million of global brand marketing expense, including marketing expenses benefiting the Company’s licensees, recorded in Corporate and other in 2025, 2024 and 2023, respectively. Total marketing expenses incurred by the Company in 2025, 2024 and 2023 were $495.6 million, $480.0 million and $533.9 million, respectively.

(3)    Other segment items include (i) all other segment SG&A expenses other than marketing expense, including direct and indirect costs to operate the segment’s retail store, digital commerce, licensing and wholesale businesses, warehousing and distribution costs, depreciation and amortization, and other costs, and (ii) equity in net income of unconsolidated affiliates.

(4)    Corporate and other includes costs that are not specific to any particular segment, primarily consisting of (i) global brand costs, which include centrally managed marketing, design, and merchandising costs; (ii) corporate expenses, which include centrally managed information technology costs, including network, infrastructure and global systems; expenses for senior corporate management; and expenses for corporate support functions including finance, human resources, legal and information security; and (iii) intangible asset amortization.

(5)    Restructuring and other items for 2025 included (i) noncash impairment charges of $479.5 million related to goodwill and other intangible assets discussed further in Note 7, “Goodwill and Other Intangible Assets,” (ii) costs of $93.1 million incurred related to the Growth Driver 5 Actions described in Note 17, “Exit Activity Costs,” consisting principally of severance and (iii) the actuarial gain of $12.7 million on the Company’s Pension Plans, SERP Plans and Postretirement Plans described in Note 12, “Retirement and Benefit Plans.”

(6)    Restructuring and other items for 2024 included (i) costs of $50.7 million incurred in connection with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of the future payment obligations, (ii) the actuarial loss of $28.2 million on the Company’s Pension Plans, SERP Plans and Postretirement Plans described in Note 12, “Retirement and Benefit Plans,” (iii) net costs of $24.0 million incurred related to the Growth Driver 5 Actions described in Note 17, “Exit Activity Costs,” consisting principally of severance and a gain in connection with the sale of a warehouse and distribution center and (iv) a gain of $10.0 million in connection with the Heritage Brands intimates transaction discussed further in Note 4, “Divestitures.”

(7)    Restructuring and other items for 2023 included (i) net costs of $61.3 million related to the 2022 cost savings initiative described in Note 17, “Exit Activity Costs,” consisting principally of severance, (ii) the actuarial gain of $45.5 million on the Company’s Pension Plans, SERP Plans and Postretirement Plans described Note 12, “Retirement and Benefit Plans” and (iii) an aggregate net gain of $13.5 million in connection with the Heritage Brands intimates transaction, consisting of a $15.3 million gain, including a gain on the sale, less costs to sell described in Note 4, “Divestitures,” partially offset by $1.8 million of severance and other termination benefits.
Additional reportable segment information for the Company is as follows:
(In millions)202520242023
Depreciation and Amortization
EMEA$125.6 $123.2 $135.1 
Americas37.6 42.6 47.0 
APAC42.1 45.6 42.3 
Corporate and other60.4 70.8 74.2 
Restructuring and other items6.6 
(1)
— — 
Total$272.3 $282.2 $298.6 
(1)    Restructuring and other items for 2025 included accelerated depreciation related to the Growth Driver 5 Actions described in Note 17, “Exit Activity Costs.”
(In millions)202520242023
Equity in net income of unconsolidated affiliates
Americas$36.8 $39.1 $37.6 
APAC7.9 9.1 8.1 
Total$44.7 $48.2 $45.7 
(In millions)202520242023
Inventories, net (1)
EMEA$826.4 $783.7 $745.8 
Americas492.7 475.1 410.8 
APAC264.4 249.9 263.1 
Total inventories, net$1,583.5 $1,508.7 $1,419.7 
All other assets10,097.5 9,524.5 9,753.2 
Total assets$11,681.0 $11,033.2 $11,172.9 
(1)    Inventories, net includes the impact of changes in foreign currency exchange rates.
Intersegment transactions, which primarily consist of transfers of inventory, were not material.

Revenue by Brand

The Company’s revenue by brand was as follows:
(In millions)2025
(1)
2024
(1)
2023
(1)
Tommy Hilfiger$4,770.9 $4,589.7 $4,824.6 
Calvin Klein3,964.0 3,856.7 3,914.5 
Heritage Brands215.3 206.5 478.6 
Total$8,950.2 $8,652.9 $9,217.7 
(1)    Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
Revenue by Distribution Channel

The Company’s revenue by distribution channel was as follows:
(In millions)2025
(1)
2024
(1)
2023
(1)
Wholesale revenue$4,406.8 $4,130.9 $4,577.7 
Owned and operated retail stores3,350.5 3,348.9 3,399.8 
Owned and operated digital commerce sites771.7 745.4 797.3 
Retail revenue4,122.2 4,094.3 4,197.1 
Licensing revenue421.2 427.7 442.9 
Total (2)
$8,950.2 $8,652.9 $9,217.7 
(1)    Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
(2)    No single customer accounted for more than 5% of the Company’s revenue in 2025, 2024 or 2023.
    
The Company has not disclosed revenue by product category as it is impracticable to do so.    

Geographic Region Data
    
Property, plant and equipment, net based on the location where such assets are held, was as follows:
(In millions)2025
(1)
2024
(1)
2023
(1)
EMEA$318.2 $351.3 $415.0 
Americas (2)
264.4 296.2 343.9 
APAC90.7 93.5 103.7 
Total$673.3 $741.0 $862.6 
(1)    Property, plant and equipment, net included the impact of changes in foreign currency exchange rates.
(2)    Includes domestic property, plant and equipment, net of $253.9 million, $287.7 million and $333.6 million in 2025, 2024 and 2023, respectively.

Revenue, based on location of origin, was as follows:
(In millions)2025
(1)
2024
(1)
2023
(1)
EMEA$4,342.5 $4,124.8 $4,378.6 
Americas (2)
3,058.7 2,910.6 3,195.6 
APAC1,549.0 1,617.5 1,643.5 
Total$8,950.2 $8,652.9 $9,217.7 
(1)    Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
(2)    Includes domestic revenue of $2,580.9 million, $2,473.7 million and $2,715.1 million in 2025, 2024 and 2023, respectively. Domestic revenue was negatively impacted following the completion of the Heritage Brands intimates transaction in the fourth quarter of 2023.