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PVH Corp (NYSE:PVH) CEO Emanuel Chirico was a guest on CNBC's "Closing Bell" segment Wednesday after the release of the clothing company's second-quarter earnings report.
What Happened
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PVH's Q2 was driven by two of the more iconic brands in its portfolio, Calvin Klein and Tommy Hilfiger, Chirico said. The brands performed well in the North American market and saw notable international growth in Europe and China, he said.
While the two segments recorded 15-percent revenue growth from a year ago, Heritage Brands saw a 3-percent decrease in revenue.
Calvin Klein and Tommy Hilfiger are well-positioned in the more lucrative "premium brands" category, especially in Asia, Chirico said. The Heritage Brands category is mostly located in the North American market, and the company has only started to "push into Europe," the CEO said, with early readouts indicating a "good reception" for the brand.
"There is a lot of white space that is there to fill."
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Why It's Important
Shares of PVH moved lower by more than 5 percent Thursday as the company highlighted in its report "increasing macroeconomic and geopolitical volatility around the world." To offset this headwind, the retailer will be announcing "another female spokesmodel" for the Calvin Klein business who should "carry us through the day," Chirico said.
What's Next
One of the biggest market-wide concerns is the potential impact of a trade war or heightened tariffs with China. Chirico said around $400 million worth of PVH's products are produced in China for the U.S. market, which is "relatively speaking, not that big a component for us from a tariff point of view."
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.