The Tamesis
PVH Corp., owner of Calvin Klein and Tommy Hilfiger, said fourth-quarter 2025 revenue was flat at $2.5 billion on a constant-currency basis from a year earlier. Full-year revenue increased slightly, by less than 1%, to $9 billion. Fourth-quarter results beat expectations and fell slightly, while full-year revenue was in line with expectations.
“I want to thank our teams around the world for a strong fourth quarter and year, [as we continue] “Over the course of our multi-year journey, Calvin Klein and Tommy Hilfiger have realized their full potential and made PVH one of the best-performing brand groups in our industry,” CEO Stefan Larsson told investors on Wednesday. “As I look at our global business over the holidays, we have navigated a macro environment that has seen imbalances across our two brands, and I’m particularly pleased to see the new elements we’ve introduced in key categories where we’re able to drive growth with higher full-price volumes.”
call it love story Influence. “Today we can’t not talk about Calvin Klein love story TV show,” Larson said. “When the show launched, we could see an increase in Calvin Klein searches, e-commerce traffic and direct-to-consumer searches. [DTC] Be positive. He noted that PVH is leveraging this influence in a way that is true to the brand: leveraging its ’90s-inspired product portfolio to drive above-average social engagement and click-through rates through online editorial; dressing talent at shows; and hosting an event at its SoHo store that generated its highest daily sales and visitor numbers to date. However, the impact on results won’t be felt until fiscal 2026.
In the fourth quarter, Calvin Klein’s revenue fell 1% year-on-year to $1 billion, while full-year revenue grew less than 1% to $4 billion. Tommy Hilfiger’s fourth-quarter revenue rose 1% to $1.4 billion, and full-year revenue rose less than 1% to $4.8 billion.
By region, EMEA (Europe, Middle East and Africa) fourth-quarter revenue fell 3% year over year to $1.2 billion, in part due to what the CEO said was an uneven consumer backdrop. Americas revenue increased 4% to $765 million, while Asia Pacific revenue fell 2% to $437 million, in part due to the Lunar New Year outside the fourth quarter and declines in DTC and wholesale businesses. For the full year, revenue in the Europe, Middle East and Africa region fell 1% to $4.3 billion, the Americas region increased 6% to $2.7 billion, and Asia Pacific revenue fell 4% to $1.5 billion.
PVH expects 2026 revenue to be flat or slightly higher than 2025 as it absorbs the full impact of U.S. tariffs, interim chief financial officer Melissa Stone told investors. “Our outlook assumes a 15% tariff on goods entering the U.S. starting on February 24, with inventory receipts before then calculated at the previous tariff rate,” she said, adding that the guidance does not assume any tariff refunds. She also noted that current guidance excludes the potential impact of a longer or more intense conflict in the Middle East.
“Looking ahead, while uncertainty remains in the macroeconomic environment, we begin 2026 with positive momentum and higher spring volume trends across both brands and all three regions,” said Larson. “This year, we will strategically increase our marketing spend and further invest in the shopping experience across digital stores and store concepts. […] Although wholesalers remain cautious and the consumer macro environment remains uneven, our fall 2026 orders in Europe are positive. “
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