PVH vs VF Corporation: A Comparative Financial Lens on Fast Fashion Resilience and Reset

Analysing Five Years of Revenue, Profitability, and Strategic Developments Across Owners of Calvin Klein, Vans and Tommy Hilfiger in an Evolving Fashion Landscape

Financials

02 May, 2025

Table of contents

Over the past four fiscal years, PVH Corporation and VF Corporation—two of the most recognised names in global fashion—have exhibited diverging financial trajectories amidst shifting consumer expectations, supply chain volatility, and regional rebalancing. From FY2020 to FY2024, PVH achieved a modest yet consistent recovery, with revenue and operating income both registering compound annual growth rates (CAGR) of over 3% and 5% respectively. Net income surged nearly 5% annually, bolstered by strategic brand streamlining and cost discipline.
In contrast, VF Corporation experienced a more turbulent path. Despite efforts to streamline operations and reinvigorate key brands like Vans, its revenue declined slightly while profitability metrics contracted sharply, with net income shrinking by more than 12% CAGR during the same period. By FY2024, both companies reported comparable top-line results—exceeding €8 billion in revenue—but sharply different bottom-line performance, highlighting the divergence in their operating models and brand portfolio strength.

Over the last four fiscal years, PVH Corporation steadily rebounded while VF Corporation stumbled, ending up with similar revenues but starkly different profits—a tale of two strategies in the fashion world. The fiscal years concluded differently for the two companies. PVH Corporation’s FY2024 ended on 4 February 2024, with results released on April 1, 2024, while VF Corporation closed its fiscal year on 30 March 2024, reporting on 22 May 2024. These dates bookend a period of macroeconomic recalibration across the broader fashion and retail industry.

The global personal fashion market—anchored by fast and affordable fashion segments—is expected to grow between 3% and 5% annually through 2030, driven by rising demand in emerging markets, digitally native consumers, and increased hybrid shopping behaviours. However, challenges persist: inflationary pressures, cost of capital spikes, and overexposure to stagnant markets have forced even the largest brands to rethink channel strategies and supply chains. The comparative performance of PVH Corporation and VF Corporation offers a microcosmic view of how operational agility, brand stewardship, and capital allocation are defining success in the post-pandemic fast fashion era.

PVH Corporation focuses on a tighter brand portfolio aimed at global lifestyle positioning for the brands Calvin Klein and Tommy Hilfiger. These brands form the cornerstone of PVH Corporation’s revenue, with Tommy Hilfiger generating the majority share of sales in Europe and Calvin Klein gaining traction across North America and Asia.

VF Corporation operates a broader brand ecosystem structured across Outdoor, Active, and Work segments: Vans, The North Face, Timberland, Dickies, Supreme, Napapijri, Kipling, Eastpak, JanSport, Smartwool, Icebreaker and Altra. Among these, The North Face and Vans account for the largest revenue contributions. However, Vans underperformed in recent years, pushing VF Corporation to initiate a turnaround strategy that includes refreshed product lines and simplification in marketing.

Detailed Financial Performance Breakdown (2020–2024)

PVH Corporation's performance was underpinned by a leaner brand portfolio, disciplined inventory management, and measured geographic expansion. Despite macroeconomic headwinds, the company’s profitability improved year-on-year post-2020, supported by double-digit EBIT margins in recent years and an enhanced mix of direct-to-consumer (DTC) sales, which accounted for approximately 45% of total revenue in 2024.

The decline faced by VF Corporation can be attributed to underperformance in key brands—most notably Vans, whose reset strategy is still underway—and to broader inventory and demand pressures in North America. Despite robust efforts to cut fixed costs and improve retail efficiency through its Reinvent programme launched in late FY2024, the financials suggest that a full recovery is still a few quarters away. Nonetheless, VF Corporation retains strong DTC infrastructure, with 47% of 2024 revenues derived from direct-to-consumer channels, slightly ahead of PVH Corporation.

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