PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, announced a 6% drop in revenue for the second quarter, totaling $2.1 billion. This decline aligns with the company’s earlier projections and reflects ongoing adjustments in its sales strategy, particularly in Europe.
According to a press release issued Tuesday, the decrease in revenue is attributed to a 5% drop in direct-to-consumer (DTC) sales, marking the first year-over-year decline in this channel since Q4 2020. The company cited a challenging consumer environment as a significant factor behind this downturn.
The revenue slump also includes a 3% decrease linked to the divestment of its heritage intimates business last year. This move is part of PVH’s broader PVH+ strategy, which focuses on refining its core brand portfolio. Despite the current setbacks, PVH remains committed to its goal of achieving $12.5 billion in annual revenue by 2025.
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