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    PVH Corp (PVH)

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    PVH Corp. is a global apparel company known for its iconic brands and extensive history in the fashion industry. The company designs and markets a wide range of products, including sportswear, jeanswear, intimate apparel, and accessories, under both owned and licensed trademarks. PVH operates through wholesale distribution, direct-to-consumer sales, and licensing, with a strong international presence in over 40 countries.

    1. Tommy Hilfiger - Offers a wide range of apparel and accessories, including sportswear, jeanswear, and footwear, known for its classic American style.
    2. Calvin Klein - Provides modern and sophisticated apparel, underwear, and accessories, recognized for its minimalist aesthetic and innovative designs.
    3. Heritage Brands Wholesale - Focuses on previously owned brands, offering products like dress shirts and intimate apparel, though these brands were sold in 2023.
    NamePositionStart DateShort Bio
    Stefan LarssonChief Executive OfficerFebruary 2021Joined PVH as President in June 2019 and became CEO in February 2021. Previously served as CEO of Ralph Lauren (2015-2017) and Global President of Old Navy (2012-2015).
    Zachary CoughlinExecutive Vice President and Chief Financial Officer2022Joined PVH in 2022. Previously served as Group CFO and COO of DFS Holdings (2019-2021) and CFO of Converse, Inc. (2015-2018).
    Martijn HagmanOutgoing CEO, Tommy Hilfiger Global and PVH Europe2008Joined PVH in 2008. Held various roles, including CEO of Tommy Hilfiger Global and PVH Europe (2020). Announced departure on June 4, 2024, and will serve in an advisory role.
    Mark D. FischerExecutive Vice President, General Counsel and Secretary1999Joined PVH in 1999 as VP, General Counsel, and Secretary. Promoted to SVP in 2007 and EVP in 2013.
    Amba SubrahmanyamExecutive Vice President, Chief People OfficerFebruary 5, 2024Joined PVH in February 2022 as EVP, People for PVH Americas and Calvin Klein Global. Will be promoted to Chief People Officer on February 5, 2024.
    Eva SerranoGlobal Brand President, Calvin KleinMarch 6, 2023Joined PVH in March 2023. Previously held leadership roles at Inditex, including International Commercial Director for Zara Asia Pacific and President of Inditex Greater China.
    Lea Rytz GoldmanGlobal Brand President, Tommy HilfigerApril 2024Will start as Global Brand President of Tommy Hilfiger in April 2024. Previously led global growth of COS and repositioned Arket during her tenure at H&M.
    David SavmanInterim CEO, PVH Europe; Chief Supply Chain Officer2022Joined PVH in 2022. Currently serves as Chief Supply Chain Officer and Interim CEO for PVH Europe since June 2024. Focuses on integrating product creation with marketplace execution.
    Kate GulliverBoard Member; Member of Audit & Risk Management CommitteeAugust 5, 2024Appointed to PVH's Board and Audit & Risk Management Committee on August 5, 2024. Currently CFO and CAO at Wayfair Inc. since November 2022.
    Jesper AndersenBoard Member; Member of Audit & Risk Management CommitteeNovember 13, 2024Appointed to PVH's Board and Audit & Risk Management Committee on November 13, 2024. Currently EVP and CFO of LEGO Group since October 2020.
    Michael CalbertBoard ChairMay 2, 2022Joined PVH's Board on May 2, 2022, and became independent Chair in June 2022. Also serves as Chairman of Dollar General Corporation and has extensive experience in retail and private equity.
    1. With the first wave of bringing the North America women's business in-house starting in 2025, what specific risks do you foresee in this complex multi-year transition, and how might it impact your margins and overall profitability during this period?

    2. Given the headwinds affecting your fourth quarter gross margin guidance, including increased promotional activity and supply chain disruptions, how confident are you in achieving your long-term target of 15% operating margin, and what steps are you taking to mitigate these pressures?

    3. Considering the investigation by China's Ministry of Commerce and the fact that China accounts for approximately 6% of your revenue and 16% of EBIT, how might this situation impact your business in China, and what contingency plans do you have in place?

    4. Inventory levels have increased by 9% year-over-year due to strategic investments in essential products to maintain a 95% in-stock rate; how do you plan to manage the risk of potential overstocking, especially in a more promotional environment, and ensure that this doesn't lead to increased markdowns?

    5. As you focus on quality of sales initiatives in Europe leading to a reduction in revenue, how sustainable is this strategy in the long term, and how do you balance the trade-off between top-line growth and improving margins while maintaining market share?

    Program DetailsProgram 1
    Approval DateMarch 27, 2024
    End Date/DurationJuly 30, 2028
    Total Additional Amount$2.0 billion
    Remaining Amount$2.019 billion as of November 3, 2024
    DetailsProgram extended and increased to manage capital structure and return value to shareholders. Includes flexibility for open market purchases, accelerated share repurchase programs, or privately negotiated transactions.