– An Accomplished Leader, Larsson’s Appointment
Further Strengthens PVH Senior Leadership Team and Establishes
Strong Management Succession Planning –
PVH Corp. [NYSE:PVH], one of the world’s largest apparel
companies and owner of iconic brands, including CALVIN KLEIN, TOMMY
HILFIGER, Van Heusen, Speedo, and IZOD, announced today the
appointment of Stefan Larsson to the newly created role of
President, PVH Corp. effective June 3, 2019. Mr. Larsson will have
the responsibility for managing PVH’s branded businesses and
regions, with each of the three brand CEOs and the Regional
Presidents reporting to him. He will report to Emanuel Chirico,
PVH’s Chairman and Chief Executive Officer. In connection with this
announcement, Mr. Chirico signed a new five-year employment
agreement with the Company.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190521005894/en/
PVH Corp. announced leadership updates,
including Chairman and CEO Manny Chirico signing a new five-year
employment agreement and hiring Stefan Larsson as PVH President, a
newly created role. (Photo: Business Wire)
PVH Presiding Director, Henry Nasella commented that “With the
signing of Manny’s new employment agreement and the hiring of
Stefan in the newly created role of President, we believe
that PVH is extremely well-positioned from a leadership and a
management succession perspective to continue to execute our
strategic plans well into the future.”
Mr. Larsson was most recently Chief Executive Officer of Ralph
Lauren Corp., where he successfully refocused the company on what
made it iconic, improved its performance and set the path for
future growth. Prior to that, Mr. Larsson served as the Global
President of Old Navy, a division of Gap Inc., and helped Old Navy
deliver 12 consecutive quarters of profitable growth, adding $1
billion in profitable sales. Over nearly 15 years, Mr. Larsson was
part of the team that grew Swedish retailer Hennes & Mauritz
(H&M) sales from $3 billion to $17 billion and expanded the
company’s operations from 12 to 44 countries.
“Stefan’s talent and operational track record make him a strong
addition to the PVH senior management team,” said Emanuel Chirico,
Chairman and CEO. “He is highly regarded for his strategic focus,
proven leadership and global experience in driving transformation
and brand building in an increasingly dynamic and ever-changing
consumer landscape. As our President, I am confident that Stefan is
uniquely qualified to help fuel our global growth by successfully
leading our brands and regions to execute against our strategic
priorities, and deliver consistent top and bottom line growth and
returns to our stockholders.”
Stefan Larsson commented, “PVH is an exceptional company and
owns some of the most iconic global lifestyle brands. I have long
admired what Manny and the PVH management team have achieved, with
a history of successful, transformative acquisitions, exceptional
brand building, reinvention and innovation, strong operating
platforms and connection to its consumers. I look forward to
contributing to the power of PVH and partnering with the entire
leadership team to drive the business forward.”
About PVH Corp.
PVH is one of the most admired fashion and lifestyle companies
in the world. We power brands that drive fashion forward – for
good. Our brand portfolio includes the iconic CALVIN KLEIN, TOMMY
HILFIGER, Van Heusen, IZOD, ARROW, Speedo*, Warner’s, Olga and
Geoffrey Beene brands, as well as the digital-centric True &
Co. intimates brand. We market a variety of goods under these and
other nationally and internationally known owned and licensed
brands. PVH has over 38,000 associates operating in over 40
countries and $9.7 billion in annual revenues. That’s the Power of
Us. That’s the Power of PVH.
*The Speedo brand is licensed for North America and the
Caribbean in perpetuity from Speedo International Limited.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements in this press
release, including, without limitation, statements relating to the
Company’s future plans, strategies, objectives, expectations and
intentions are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be
predicted with accuracy and some of which might not be anticipated,
including, without limitation, (i) the Company’s plans,
strategies, objectives, expectations and intentions are subject to
change at any time at the discretion of the Company; (ii) the
Company may be considered to be highly leveraged and uses a
significant portion of its cash flows to service its indebtedness,
as a result of which the Company might not have sufficient funds to
operate its businesses in the manner it intends or has operated in
the past; (iii) the levels of sales of the Company’s apparel,
footwear and related products, both to its wholesale customers and
in its retail stores, the levels of sales of the Company’s
licensees at wholesale and retail, and the extent of discounts and
promotional pricing in which the Company and its licensees and
other business partners are required to engage, all of which can be
affected by weather conditions, changes in the economy, fuel
prices, reductions in travel, fashion trends, consolidations,
repositionings and bankruptcies in the retail industries,
repositionings of brands by the Company’s licensors, and other
factors; (iv) the Company’s ability to manage its growth and
inventory, including the Company’s ability to realize benefits from
acquisitions, such as the pending acquisitions identified in this
press release; (v) quota restrictions, the imposition of
safeguard controls and the imposition of duties or tariffs on goods
from the countries where the Company or its licensees produce goods
under its trademarks, any of which, among other things, could limit
the ability to produce products in cost-effective countries, or in
countries that have the labor and technical expertise needed; (vi)
the availability and cost of raw materials; (vii) the Company’s
ability to adjust timely to changes in trade regulations and the
migration and development of manufacturers (which can affect where
the Company’s products can best be produced); (viii) changes in
available factory and shipping capacity, wage and shipping cost
escalation, civil conflict, war or terrorist acts, the threat of
any of the foregoing, or political or labor instability in any of
the countries where the Company’s or its licensees’ or other
business partners’ products are sold, produced or are planned to be
sold or produced; (ix) disease epidemics and health related
concerns, which could result in closed factories, reduced
workforces, scarcity of raw materials and scrutiny or embargoing of
goods produced in infected areas, as well as reduced consumer
traffic and purchasing, as consumers become ill or limit or cease
shopping in order to avoid exposure; (x) acquisitions and
divestitures and issues arising with acquisitions, divestitures and
proposed transactions, including, without limitation, the ability
to integrate an acquired entity or business into the Company with
no substantial adverse effect on the acquired entity’s, the
acquired business’s or the Company’s existing operations, employee
relationships, vendor relationships, customer relationships or
financial performance, and the ability to operate effectively and
profitably the Company’s continuing businesses after the sale or
other disposal of a subsidiary, business or the assets thereof;
(xi) the failure of the Company’s licensees to market
successfully licensed products or to preserve the value of the
Company’s brands, or their misuse of the Company’s brands; (xii)
significant fluctuations of the U.S. dollar against foreign
currencies in which the Company transacts significant levels of
business; (xiii) the Company’s retirement plan expenses recorded
throughout the year are calculated using actuarial valuations that
incorporate assumptions and estimates about financial market,
economic and demographic conditions, and differences between
estimated and actual results give rise to gains and losses, which
can be significant, that are recorded immediately in earnings,
generally in the fourth quarter of the year; (xiv) the impact of
new and revised tax legislation and regulations, particularly the
U.S. Tax Cuts and Jobs Act of 2017 that might disproportionately
affect the Company as compared to some of its peers due to the
specific tax structure of the Company and its greater percentage of
revenues and income generated outside of the U.S., and the
legislation enacted in the Netherlands known as the “2019 Dutch Tax
Plan”; and (xv) other risks and uncertainties indicated from
time to time in the Company’s filings with the Securities and
Exchange Commission (“SEC”).
The Company does not undertake any obligation to update publicly
any forward-looking statement, whether as a result of the receipt
of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190521005894/en/
PVH Corp.Dana PerlmanTreasurer, Senior Vice President, Business
Development and Investor Relations(212)
381-3502communications@pvh.com
PVH (NYSE:PVH)
Historical Stock Chart
From Mar 2024 to Apr 2024
PVH (NYSE:PVH)
Historical Stock Chart
From Apr 2023 to Apr 2024