PVH Corporation
PVH Corporation 's revenue showed a strong recovery following the pandemic slump. In 2020, revenue dropped to $7,133 million (-28,0%) but rebounded sharply in 2021 to $9,155 million (+28,3%). A slight decline followed in 2022 (-1%) to $9,024 million, stabilising in 2023 at $9,218 million (-2,15%). In 2024, revenue declined further to $8,653 million (-6%), reflecting macroeconomic headwinds and softer global demand.
VF Corporation
VF Corporation’s revenue trajectory mirrored broader market volatility. After a modest rise in 2020 to $10,48 billion (+2,16%), revenue dropped to $9,238 billion in 2021 (-11,9%) due to channel disruption and inventory issues. A strong rebound came in 2022 with $11,841 billion (+28,2%), but this was not sustained. Revenue declined to $11,612 billion in 2023 (-1,9%) and fell again in 2024 to $10,454 billion (-9,9%). VF Corporation experienced strong revenue growth through 2021 and 2022, peaking at €11,8 billion, before declining to €10,4 billion in 2024. The reversal reflects challenges in key brands such as Vans and wider macroeconomic pressures, especially in the Americas.
Operating Income Trends
PVH Corporation
Operating income for PVH Corporation reflected the group's ongoing operational efficiency initiatives. The company reported a significant operating loss of $1,071 million in 2020, impacted by impairment charges and pandemic-related disruptions. However, it achieved a strong rebound in 2021 with $1,076 million, followed by $470,7 million in 2022 (+128,6%). The momentum continued into 2023 with $928,8 million (+97,3%), before moderating slightly to $865,2 million in 2024 (-6,8%).
VF Corporation
VF Corporation’s operating income fluctuated more sharply. In 2020, it stood at $927,8 million (-22,0%), falling further to $607,6 million in 2021 (-34,5%). A peak of $1,632,2 million was reached in 2022 (+168,6%), only to decline drastically in 2023 to $327,7 million (-79,9%). By 2024, VF reported an operating loss of $34 million, reflecting the cost of restructuring and weakness at key brands. Operating income followed a volatile trajectory. The CAGR for operating income stood at -10,9%, underscoring the impact of brand underperformance and restructuring costs.
Sales by Region
PVH Corporation
Americas: PVH Corporation's strongest region, growing from 53% of total sales in 2020 to 57% in 2024.
EMEA: Maintained stable contribution at approximately 28–30% throughout the period.
Asia-Pacific: Declined slightly from 17% in 2020 to 15% in 2024 due to regional economic softness.
VF Corporation
As of FY2024 (ended March 2024), VF Corporation generated:
Americas: $5.464,9 million (52,3% of total revenue)
Europe: $3.428,6 million (32,8%)
Asia-Pacific: $1.561,2 million (14,9%) These proportions reflect VF’s increasing reliance on European markets and continued stabilisation in Asia-Pacific. Revenue from the Americas declined as a share of total sales amid continued restructuring and soft consumer demand.
Sales by Channel
PVH Corporation
PVH Corporation significantly expanded its direct-to-consumer model, with DTC accounting for 45% of total revenue by 2024, up from 33% in 2020. The shift reflects investment in owned retail, e-commerce, and customer data platforms.
VF Corporation
In FY2024, VF Corporation's channel mix included:
Wholesale: $5.422,4 million (51,9% of total revenue)
Direct-to-Consumer (DTC): $4.965,1 million (47,5%)
Royalty Income: $67,1 million (0,6%) The near parity between wholesale and DTC reflects VF's ongoing transition toward owning more of the consumer journey. DTC is now nearly half of total revenues, supported by experiential retail rollouts and digital integration.
Strategic Developments (2024)
PVH Corporation
Retail Expansion: PVH Corporation expanded its direct-to-consumer footprint in 2024, with new store openings in Paris, Tokyo, and São Paulo for both Calvin Klein and Tommy Hilfiger. The company also piloted elevated store formats in North America featuring digital-first merchandising and personalisation.
Brand Ambassadors: Calvin Klein bolstered global relevance through high-impact campaigns with Jungkook (BTS), Kendall Jenner, and Jennie (BLACKPINK), aligning the brand with Gen Z and Millennial audiences. Tommy Hilfiger continued its nostalgic Americana positioning through capsule collections with Shawn Mendes and cultural figures in Europe.
Leadership and Creative Direction: Stefan Larsson remained CEO throughout FY2024, overseeing the continued rollout of the PVH+ Plan. The brands retained stable creative leadership, with emphasis on capsule drops, heritage reinvention, and cross-border product relevance across key regions.
VF Corporation
Retail Expansion: VF Corporation launched new experiential and mono-brand concept stores in Milan, Shanghai, and Los Angeles in 2024, focusing on Vans and The North Face. Timberland refreshed its flagship in London with sustainability-themed store elements. The company also exited underperforming locations in North America.
Brand Ambassadors: The North Face deepened its ties with the outdoor community through partnerships with climber Ashima Shiraishi and Olympic athlete Eileen Gu, strengthening appeal among younger global consumers. Vans launched campaigns with local creative collectives in Seoul and Mexico City. Dickies re-engaged with workwear and fashion crossovers by spotlighting artists and grassroots creators.
Leadership and Creative Direction: VF Corporation’s leadership transformation accelerated in 2024 under CEO Bracken Darrell. Major appointments included Brent Hyder (Chief People Officer from Salesforce), Abhishek Dalmia (Chief Strategy Officer, formerly BCG), and Paul Vogel (incoming CFO from Spotify). Sun Choe, former Head of Product at Lululemon, joined as Global Brand President for Vans. Caroline Brown transitioned from the VF board to helm The North Face, signalling brand-level renewal. Nina Flood was elevated to lead Timberland, while Martino Scabbia Guerrini was named Chief Commercial Officer.
Comparative Brand and Strategic Developments (2024)
While PVH Corporation and VF Corporation pursued distinct paths in FY2024, both sought to reignite growth through brand clarity, creative rejuvenation, and expanded retail touchpoints. PVH focused on reinforcing its high-equity labels, leaning into timeless identity and celebrity-led global campaigns. The brand’s strength in digital storytelling and regional balance enabled steady growth despite subdued market sentiment.
VF Corporation, on the other hand, implemented sweeping internal changes to stabilise a more diverse brand portfolio. While The North Face and Timberland continued to deliver relative consistency, Vans remained under pressure, prompting heavy investments in leadership, product line simplification, and experiential retail upgrades. Brand activation strategies increasingly reflected localisation efforts, signalling VF’s intent to win back consumers through authenticity and relevance.
These differences underscore a broader strategic divide: PVH Corporation prioritised brand consolidation and gradual expansion; VF Corporation prioritised leadership overhaul and operational redefinition. Together, they present a case study in how strategic tempo, structural simplicity, and brand discipline—or the lack thereof—can define performance within a recalibrated fast fashion market.
Conclusion
Between 2020 and 2024, PVH Corporation and VF Corporation navigated the evolving fast fashion landscape with sharply contrasting strategies and outcomes. PVH Corporation maintained a focused portfolio approach centred on Calvin Klein and Tommy Hilfiger, capitalising on timeless brand positioning and disciplined operational execution. Its consistency paid off, delivering steady top-line growth, expanding margins, and increasing net income by over €500 million compared to 2020. Strategic investments in DTC and selective retail expansion across high-growth markets helped reinforce its brand equity and revenue stability.
In contrast, VF Corporation entered 2024 amid restructuring efforts, following a period of volatility post-2022. Despite owning globally loved brands like The North Face and Timberland, the group struggled to revitalise Vans and maintain profitability, with operating income and net profit dropping substantially over four years. Leadership changes and the Reinvent programme signal a renewed focus on agility, but the group remains in transition.
These examples reflect broader dynamics reshaping the fast fashion industry. On one hand, streamlined portfolios and tight brand control, as seen with PVH Corporation, offer resilience and efficiency. On the other, complex multi-brand groups like VF Corporation must continually evolve to address shifts in consumer preference, regional macroeconomics, and digital-first retail ecosystems.
The global fashion market is expected to expand at a moderate CAGR of 3–5% through 2030. However, capitalising on this trajectory will require companies to execute leaner, faster, and with sharper brand storytelling. PVH Corporation and VF Corporation represent two viable but divergent approaches to this challenge—one defined by consolidation and discipline, the other by reinvention and scale management.
Read the full PVH Corporation report here, and
VF Corporation here
Sources: PVH Corporation Annual Reports 2020–2024, VF Corporation Annual Reports 2020–2024, Bain & Company, McKinsey & Co., Business of Fashion, WWD.
Cover Image: Jungkook (BTS) for Calvin Klein, Shawn Mendes for Tommy Hilfiger, Vans 'Always Pushing' 2024 Campaign and Dickies FW24 Campaign, courtesy Sourcing Journal, Tommy Hilfiger website, The Impression and Verve Magazine respectively.