PVH Corp

PVH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$773.00	Kbyd	Xgmzdjhpj

No-Moat PVH Is Investing in Its Two Global Brands Despite Near-Term Economic and Industry Challenges

David Swartz

Jul 5, 2023

Business Strategy and Outlook

Once known as a producer of midtier men's shirts, PVH purchased fashion brand Calvin Klein in 2003. It acquired a second large fashion brand in Tommy Hilfiger in 2010 and then purchased Calvin Klein licensee Warnaco in 2013. Although popular, we do not believe that either of PVH’s major brands has the pricing power or competitiveness to provide it with a moat.

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