Business Strategy and Outlook
| David Swartz |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 they are popular, we do not believe that either of these major brands has the pricing power or competitiveness to provide PVH with a moat.