Following today’s release of PVH Corp.’s figures for the three months ending 2 November 2025 Sharon Iles, senior apparel analyst at GlobalData, a leading data and analytics company, offers her view: “PVH delivered a resilient performance in Q3 FY2024/25, with reported total revenue rising 1.7% to $2.3bn, while total revenue fell 0.8% on a constant currency basis. While constant currency growth remained modest, these results exceeded expectations and marked a sustained improvement from the prior year, when the group grappled with weakened consumer demand for discretionary goods. The group narrowed its full-year sales guidance from a range of ‘increase slightly to up low single-digits’ to simply ‘up low single-digits’.
“The regional picture reveals contrasting fortunes. Revenue in the Americas increased 2.4%, driven by strong wholesale execution. In contrast, EMEA’s 5.7% revenue growth was offset by unfavorable foreign currency fluctuations, resulting in a constant currency revenue drop of 1.9%. Meanwhile, APAC showed signs of stabilization, with a 1.1% revenue dip that was flat on a constant currency basis.
“The brand performance was notably divergent, with Calvin Klein outpacing Tommy Hilfiger during the quarter. Calvin Klein’s 2.5% growth has been significantly bolstered by high-profile collaborations with global ambassadors singers Jung Kook at New York Fashion Week in September 2025, and Rosalía, both driving substantial consumer engagement and elevated brand visibility among younger demographics. In contrast, Tommy Hilfiger’s more modest 1.4% revenue uplift reflects an ongoing effort to reinvigorate brand appeal, with collaborations featuring singer Jisoo and actor Nicholas Hoult generating notable buzz, though the full impact of these partnerships may take time to materialize into accelerated growth.
“The wholesale channel’s impressive 4.1% reported growth demonstrated PVH’s success in maintaining strong retail partnerships and effectively managing inventory flow. Meanwhile, the direct-to-consumer (DTC) channel remained flat, suggesting continued pressure from weakened foot traffic and shifting consumer shopping behaviors. This contrast suggests that PVH could better translate its celebrity-driven brand excitement into DTC sales, particularly through enhanced digital experiences that convert heightened brand awareness into purchases.
“The 10.7% decline in licensing revenue reflects PVH’s deliberate strategic shift to bring previously licensed women’s categories in-house, exerting greater control over product quality and margins. This transition temporarily reduces licensing income but strengthens wholesale and positions the company for more sustainable long-term growth.”
