PVH is one of the world's largest apparel companies, built around two owned global lifestyle brands: Calvin Klein and Tommy Hilfiger, which together generate over 95% of revenue. Calvin Klein is a premium fashion brand rooted in minimalist American design, best known for underwear and denim, which together represent over two-thirds of the brand's revenues. Tommy Hilfiger is a premium American-heritage lifestyle brand spanning sportswear, denim, underwear, and outerwear, with particularly strong positioning in Europe. PVH sells both brands across more than 40 countries through three channels: wholesale to department and specialty stores, direct-to-consumer (DTC) via owned retail stores and branded e-commerce sites, and licensing to third-party specialists for categories like fragrances, watches, and eyewear. DTC generates higher gross margins since PVH captures the full retail markup, while licensing is essentially pure-margin royalty income. PVH reports through three regional segments — EMEA, Americas, and APAC — with Europe as the largest market and APAC as the fastest-growing. PVH's multi-year PVH+ Plan focuses on concentrating investment behind hero product franchises, full-funnel marketing anchored by global celebrity talent, and growing its digital business. A parallel cost reduction program has already delivered over 200 bps of SG&A improvement. PVH is also bringing previously licensed businesses back in-house from G-III, converting high-margin licensing revenue into lower-margin wholesale — a near-term margin headwind but a long-term brand-control investment.