PVH Corp. (PVH): Global Consumer and Retail Conference 2026 — Key Takeaways

PVH highlighted continued progress against its PVH+ strategy, pointing to increasing consumer engagement, traffic growth, and AUR expansion across both Calvin Klein and Tommy Hilfiger. Management discussed opportunities to build on recent momentum through stronger execution in key product categories, enhanced marketplace execution, and continued operational discipline, while noting planning assumptions reflect a continuation of the current consumer environment through the balance of 2026. The company also highlighted licensing growth and cost savings initiatives as contributors to future profit improvement. Europe was described as a source of historical strength, with improved DTC trends in 2Q relative to 1Q despite ongoing pressure related to the Middle East conflict, and deeper collaboration with wholesale partners through inventory visibility and expanded in-season consumer activations. We are Buy rated on PVH with an $88, 12-month price target based on 5.25x Q5-Q8 EV/EBITDA. Key do