Following yesterday’s release of PVH’s figures for the three months ending 3 August 2025; Tom Ljubojevic, apparel analyst at GlobalData, a leading data and analytics company, offers his view: “PVH’s performance improved once again in Q2 FY2025/26, indicating that its PVH+ turnaround plan is continuing to gain traction. Following more muted Q1 growth of 1.6%, Q2 beat its previous expectations of a low single-digit uplift, instead increasing 4.5% to $2.2bn, allowing total H1 revenue to rise 3.1% to $4.2bn. This slight acceleration was partly aided by favorable foreign currency fluctuations, with constant currency revenue in Q2 rising a softer 1.2%. Nevertheless, PVH has increased its full year guidance, as its renewed focus on developing key categories and building customer engagement through strengthening its brands supports its recovery. PVH is now anticipating low single-digit revenue growth for FY2025/26, compared to its previous expectations that sales would remain between flat and a slight increase, though it is now accounting for a negative impact from the US tariffs, which are forecast to hit operating profit by around $70m.
“Tommy Hilfiger was the weakest of PVH’s two core brands in Q2, with its sales rising 3.9% to $1.1bn, however, it remained strongest for H1 overall with growth of 3.7%, due to its outperformance in Q1. The brand has gained visibility by partnering with the high-grossing film F1: The Movie, as well as the US SailGP racing team, though its strong American aesthetic could start to harm it going forwards, if anti-American sentiment grows as a result of tariffs. Calvin Klein performed strongest in Q2 with growth of 5.3%, with the brand citing growth in both underwear and fashion denim, significantly improving on its underperformance in Q1, with H1 revenue rising 2.7%. Bad Bunny helmed the brand’s spring underwear campaign, and new creative director Veronica Leoni is aiming to bring back the high-end minimalism of the brand’s previous lines. The essential nature of Calvin Klein’s products has buoyed sales in recent years, however, as consumers look to trade up to premium brands for higher-quality, more unique products as they prioritize value for money, the brand’s commitment to denim and premium ready-to-wear signals more growth opportunities ahead.
“PVH once again performed excellently in the Americas, with quarterly revenue up 10.8%. This positive trend has been driven by an improved wholesale performance, as PVH brought many previously licensed products in-house, allowing it to protect and control the identity of its brands, as well as a shift in the timing of wholesale shipments from H2 into H1. PVH’s largest region EMEA lagged, with constant currency sales falling 3.0%, while APAC also fell 2.9%, compounding an already poor Q1. Both Tommy Hilfiger and Calvin Klein have proved popular among American consumers, however, their American heritages will likely have impacted appeal in European and Asian markets. PVH also blamed challenges in China, but with the country’s overall apparel market now showing signs of improvement, consumers’ changing shopping habits are more likely to be impacting sales, as flaunting wealth through premium and luxury products is being discouraged by the government. Direct-to-Consumer channels underperformed, increasing 3.7%, while wholesale revenue increased 6.2%, driven by the growth in the Americas.”
