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PVH’s disciplined execution drives revenue growth and stronger brand traction for Calvin Klein and Tommy Hilfiger in an uncertain global market
Financials
14 November, 2025
Table of contents
PVH Corporation, the parent company of Calvin Klein and Tommy Hilfiger, released its second-quarter 2025 results on 26 August 2025, reporting a return to topline growth after last year’s contraction. Group revenue rose modestly year-on-year, supported by disciplined execution of the PVH+ Plan and sustained consumer engagement across both flagship brands. The company surpassed its earnings guidance and reaffirmed its full-year outlook, signalling growing stability amid ongoing global uncertainty.
Calvin Klein delivered continued strength in underwear and fashion denim, bolstered by bold marketing campaigns and product innovation. Meanwhile, PVH Corporation’s strategic focus on category depth, digital commerce, and wholesale integration drove broad-based improvement across regions. Compared with the same period in 2024, the group saw positive movement across all major segments, underscoring a measured rebound following last year’s decline.
PVH Corporation reported Q2 2025 revenue of $2,167 billion, marking a +4% year-on-year increase (+1% on a constant-currency basis) and its first mid-year rebound after two consecutive periods of contraction. The company’s topline has now stabilised following a multi-year reset that began after the pandemic-era highs of 2021.
| Metric ($ billion) | Q2 2025 | Q2 2024 | Δ YoY | Q2 2023 | Δ YoY | Q2 2022 | Δ YoY | Q2 2021 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 2,167 | 2,074 | +4% | 2,207 | +4% | 2,132 | -8% | 2,313 | +46% |
Over a five-year horizon, PVH Corporation’s trajectory shows a sharp recovery from 2022’s decline and a stabilised revenue base near $2,1-$2,2 billion per quarter. While growth in 2025 remains modest compared to 2021’s post-pandemic surge, the company has demonstrated consistent execution and resilience across key markets.
Relative to peers, PVH Corporation’s +4% YoY gain outperformed both Ralph Lauren (+2%) and Hugo Boss (+3%) for the same quarter, while trailing Capri Holdings Limited, which posted +6 % growth before its acquisition by Tapestry Inc.. The broader premium apparel and lifestyle segment averaged +3% revenue expansion in Q2 2025, indicating that PVH Corporation modestly outpaced the industry despite macro headwinds and tariff exposure.
At the brand level, Calvin Klein delivered $980 million (+5% YoY), maintaining its lead in the underwear and denim categories through global campaigns featuring Bad Bunny. Tommy Hilfiger reached $1,136 billion (+4%), supported by the F1-themed summer activation and SailGP partnership, while Heritage Brands contributed $51 million (+1%), reflecting PVH Corporation’s continued exit from non-core categories.
PVH Corporation’s Americas region led growth in the second quarter, while EMEA and Asia posted more mixed outcomes due to timing shifts and uneven consumer sentiment.
EMEA revenue increased +3% (-3% in constant currency). Growth in direct-to-consumer retail was offset by wholesale shipment timing that shifted volumes into Q1.
Americas revenue advanced +11%, driven by wholesale strength and the in-house integration of previously licensed women’s product lines. Direct-to-consumer remained flat as U.S. consumers grew more selective.
Asia-Pacific (APAC) declined -1% (-3% constant currency) due to softness in China’s wholesale segment; direct-to-consumer was stable despite regional macro pressure.
Licensing revenue fell -3% following the internalisation of certain women’s categories.
| Region / Channel | Δ YoY (Reported) | Δ YoY (Constant Currency) |
|---|---|---|
| EMEA | +3% | -3% |
| Americas | +11% | +11% |
| APAC | -1% | -3% |
| Licensing | -3% | - |
| Direct-to-Consumer (total) | +4% | ≈0% |
| - Stores | +4% | ≈0% |
| - Digital Commerce | +3% | ≈0% |
| Wholesale | +6% | +2% |
Direct-to-consumer channels rose +4% in nominal terms, with physical stores outperforming digital commerce slightly. However, on a constant-currency basis, DTC growth flattened as EMEA softness offset American and Asian gains. Wholesale remained the key growth driver, supported by strong replenishment from North American department stores and e-commerce partners.
Overall, PVH Corporation’s Q2 2025 performance reflects a measured return to expansion - outperforming the global fashion sector average while continuing to prioritise profitability, brand elevation, and operational simplification under its multi-year PVH+ Plan.
Calvin Klein continues to play a central role in PVH Corporation’s repositioning as a design-led, consumer-obsessed group. CEO Stefan Larsson highlighted the brand’s “biggest product innovation so far” in underwear and fashion denim, amplified by cultural icon Bad Bunny, who fronted the global campaign for 2025. The collaboration bridged music, sport, and streetwear, strengthening Calvin Klein’s resonance with Gen Z and Latin audiences.
The brand’s marketing strategy has focused on:
Full-funnel storytelling blending digital video, social engagement, and OOH dominance.
Mega-talent campaigns featuring multi-market celebrities (Bad Bunny, Jung Kook, Kendall Jenner) to drive cultural relevance.
Product heroing, spotlighting denim, underwear, and modern essentials under the “Calvins or Nothing” platform.
E-commerce acceleration, leveraging personalised recommendations and limited-edition drops to maintain sell-through at full price.
These efforts have helped Calvin Klein strengthen its global desirability while maintaining a premium price architecture. According to PVH, direct-to-consumer sales were stable in constant currency, outperforming regional apparel peers amid subdued traffic.
May 2025 - Icon Cotton Stretch Expansion: Calvin Klein rolled out a global refresh of its Icon Cotton Stretch line, spotlighting fabric innovation and updated silhouettes in underwear and fashion denim. PVH Corporation cited it as “the biggest product innovation so far” during the quarter, driving double-digit category growth within core menswear and women’s intimates.
June 2025 - Seasonal Denim Campaign: The brand launched a mid-season “Denim Reimagined” edit, combining utility fits with archival logo trims, supported by immersive in-store visuals across EMEA and North America. The drop linked physical retail windows and digital try-on features through CK.com and partner marketplaces.
July 2025 - Summer Capsule Activation: A limited-run capsule blending underwear, swimwear, and lifestyle accessories went live in select APAC markets ahead of the Harajuku flagship opening, reinforcing CK’s lifestyle crossover positioning.
April-June 2025 - Bad Bunny Global Underwear Campaign: Shot by Mario Sorrenti and released globally in April, the campaign dominated Q2 visibility. PVH Corporation credited the activation - “amplified by mega talent like Bad Bunny” - for driving renewed brand heat and sales momentum. The film and visuals ran across Times Square billboards, Weibo, and TikTok, generating record organic impressions for the quarter.
May 2025 - Jung Kook “Calvins or Nothing” Continuation: Building on 2024’s success, the BTS star fronted CK’s Spring/Summer 2025 digital rollout across Korea, Japan, and Southeast Asia. The campaign sustained CK’s youth engagement and expanded its TikTok-native presence.
June 2025 - “My Calvins, My Moment” Micro-Influencer Push: CK launched a short-form content initiative with regional creators in the U.S., Italy, and Brazil, encouraging personalised takes on the brand’s heritage pieces. The initiative aligned with PVH Corporation’s full-funnel marketing strategy to blend celebrity reach with community authenticity.
July 2025 - Global Out-of-Home Wave: New motion-led billboard creatives featuring Bad Bunny and Jung Kook rolled out in New York, Seoul, and Milan, synchronised with regional sale events to convert high-awareness traffic into retail performance.
June-July 2025 - Direct-to-Consumer Enhancements: Calvin Klein integrated new AI-driven product recommendations on its owned e-commerce platforms across North America and Europe, supporting higher conversion rates for underwear and denim bundles.
Wholesale Evolution: The brand continued transitioning women’s product categories from licensing to in-house management in the Americas - a move that contributed to the region’s +11% growth in Q2.
In-Store Experience Upgrades: Several EMEA flagships (London Regent Street, Milan Corso Vittorio Emanuele) debuted interactive digital walls displaying CK’s campaign content, linking in-store engagement to online profiles.
Brand Revenue: Calvin Klein posted $980 million in Q2 2025, a +5% year-on-year increase (+3% on a constant-currency basis), outperforming Tommy Hilfiger and the overall PVH Corporation average.
Strategic Focus: The brand’s Q2 execution reflected PVH Corporation’s “brand-building flywheel” strategy - uniting product innovation, celebrity-driven storytelling, and optimised channel mix.
Consumer Momentum: CK’s combined digital and physical activations achieved record Q2 social engagement across Gen Z cohorts, positioning the brand as one of PVH’s fastest-growing assets entering H2 2025.
PVH Corporation’s second quarter of 2025 marks a decisive step in its multi-year stabilisation, underpinned by disciplined brand management and renewed marketing excellence at Calvin Klein. The group’s modest yet steady topline recovery - driven by a +4 % revenue increase and stronger performance in the Americas - signals that its PVH+ Plan is translating into tangible brand equity and operational resilience.
Calvin Klein’s Q2 momentum highlights the effectiveness of PVH’s brand-building flywheel: uniting product innovation, talent-led storytelling, and sharpened channel execution. With the underwear and denim franchises performing as consistent growth pillars, and campaigns fronted by global icons such as Bad Bunny and Jung Kook generating unmatched visibility, the brand continues to outpace the mid-luxury apparel market in awareness and desirability metrics.
Looking ahead to H2 2025, PVH Corporation expects sustained growth supported by internalised licensing operations, improved supply-chain efficiency, and high-impact marketing. While near-term margin pressure from tariffs and promotions remains, the company’s liquidity position and data-driven retail strategy provide a solid foundation for long-term expansion.
In essence, Q2 2025 reaffirmed PVH Corporation’s return to a growth trajectory: Calvin Klein has re-established itself as a culturally dominant and commercially disciplined brand, and PVH Corporation’s integrated approach across regions and channels positions it competitively against peers such as Ralph Lauren, Hugo Boss, and Capri Holdings Limited. As the group enters the pivotal fall season, the focus on innovation, controlled distribution, and brand desirability will determine its pace toward sustained, quality-led growth through 2026.
Cover Image: The Impression.
Read the full PVH Corp report Here and Calvin Klein report Here.
For a deeper dive into the financial performance of other top luxury brands, explore the
VF Corporation Q1 2025 Financial Report here,
PVH Corporation and VF Corporation 2020-2024 Financial Report here and
Uniqlo 2024 Financial Report here.
Find more financial analysis here.