Following today’s release of PVH’s figures for the twelve months ending 1 February 2026; Chloe Tedford-Jones, apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “PVH Corp delivered a more encouraging performance than previous years in FY2025/26, with revenue up 3.4% to $9.0bn, though this was significantly boosted by positive currency effects, as constant currency revenue grew just 0.5%. Despite operating within a challenging and highly competitive apparel landscape, the group showed signs of stabilisation, with Q4 revenue rising 5.6% to $2.5bn, exceeding guidance even amid ongoing tariff pressures and heightened geopolitical tensions. This stronger end to the year suggests its PVH+ Plan is gaining traction, as the company continues to prioritise strengthening brand desirability through improved product offerings and deeper consumer engagement, alongside a focus on operational efficiencies. However, PVH remains measured in its outlook, forecasting revenue growth to land between 0% and 2% for FY2026/27. It also flagged that prolonged geopolitical instability, particularly in the Middle East, could present additional downside risks, indicating that while early progress is evident, a sustained turnaround is still in its infancy.
“Regionally, the Americas outperformed significantly, with constant currency growth of 6.1%, supported by strong brand relevance and resilient wholesale performance, despite pressures from tariffs. EMEA saw a slight decline of 1.0% in constant currency, reflecting a reduction in wholesale partnerships and weaker traffic in direct-to-consumer (DTC) stores, as sustained inflation weighed on consumer confidence. APAC was the group’s weakest region, with revenue down 4.2% in constant currency, driven by a soft Chinese market and lower brand visibility. The region’s heavy reliance on DTC stores further exposed it to reduced footfall, promotional pressure, and the absence of wholesale buffers that helped mitigate headwinds in the Americas.
“Contrary to historical trends, Tommy Hilfiger was the standout performer within the group, with full year revenue climbing 3.9%, although this was supported by a 3% positive currency impact, indicating more modest underlying growth. Momentum accelerated in the fourth quarter, driven by successful partnerships, including its collaboration with Travis Kelce. Growth was also supported by continued strength in its core lifestyle positioning, though reliance on marketing initiatives raises questions around the sustainability of this uplift. Calvin Klein delivered a steady performance, with full year revenue rising 2.8%, with demand supported by high-profile campaigns featuring Dakota Johnson and Jung Kook of BTS.
“PVH’s wholesale channel saw a revenue increase of 6.8%. driven by structural changes, as the group reclaimed control of categories previously run by licensees, particularly for Tommy Hilfiger, alongside increased demand from wholesale partners. In contrast, its DTC operations recorded more subdued growth of 0.7%, reflecting ongoing efforts to streamline its store footprint under the PVH+ Plan. Within DTC, performance was mixed, as its owned and operated digital commerce segment grew 3.5%, while revenues from physical stores remained flat.”
