The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — PVH Corp., the apparel company that owns the Calvin Klein and Tommy Hilfiger brands, gained as much as 8.1 percent after saying that 2015 profit came in at the high end of its projections.
Earnings will be at or above $7 a share in the period, excluding some items, the New York-based company said in a statement Monday. That was the top of its earlier forecast and above the $6.96 predicted by analysts.
Demand for the Calvin Klein and Tommy Hilfiger brands helped PVH cope with the strong dollar, which lowered the value of its overseas sales. The U.S. retail market also was challenging last quarter, when warm weather in much of the country hurt sales of winter clothing, Chief Executive Officer Emanuel Chirico said in the statement.
PVH’s designer brands “enabled us to successfully navigate through the difficult macroeconomic environment,” he said.
The stock rose as high as $79.11 in New York on Tuesday, the biggest intraday gain since June 2015. PVH shares tumbled 43 percent last year, when slow mall traffic, the strong dollar and a decrease in tourist spending took a toll on U.S. retailers.
PVH, which calls itself the world’s largest shirt and neckwear company, also sells apparel under the Van Heusen, Izod and Kenneth Cole brands.
By Nick Turner; editor: Mark Schoifet.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.