Calvin Klein, Inc. CEO Outlines Strategic Changes to the Brand and Organization

Steve Shiffman, chief executive officer of Calvin Klein, Inc., a wholly
owned subsidiary of PVH Corp. (NYSE: PVH), today unveiled a series of
strategic changes to the company in response to the rapidly evolving
fashion and retail landscape.

“CALVIN KLEIN has long been driven by its ability to balance art
and commerce in a culturally relevant way – one that has often defied
the status quo. Our industry is witnessing a historic transformation in
consumer behavior which presents a significant growth opportunity as we
look to grow the brand to $12 billion in global retail sales over the
next few years. Now more than ever, we must double down on meeting
consumer demands by creating culturally relevant products and
experiences that engage communities by pushing fashion and culture
forward,” said Shiffman.

The brand’s strategy includes three key initiatives:

• The brand is relaunching the CALVIN KLEIN 205W39NYC business under a
  new name, design approach and creative direction. The new business
  will focus on connecting directly to all of the other CALVIN KLEIN
  brands and amplifying each category with unique products and
  aspirational experiences. The relaunched business will be designed to
  evolve the traditional luxury fashion model by connecting with a
  diverse range of communities, offering an unexpected mix of influences
  and moving at an accelerated pace. As a result of Calvin Klein, Inc.’s
  ongoing assessment of its omnichannel strategy, the 654 Madison Avenue
  store will be closing in spring 2019. The company is evaluating
  options for future retail locations, and will also be unveiling new
  consumer experiences both online and offline.
• The Calvin Klein, Inc. leadership team has adopted a digital-first
  approach and introduced a newly formed “Consumer Marketing
  Organization (CMO).” The CMO is evolving to accommodate the rapidly
  changing demands of today’s consumers, with highly specialized teams
  focused on new areas including Consumer Engagement and Shopper
  Experience.
• The business will be streamlining its North America division to become
  a more effective organization, including consolidation of operations
  for the men’s Calvin Klein Sportswear and Calvin Klein
  Jeans business as a means of further strengthening the brand’s
  positioning. The Calvin Klein retail and ecommerce teams will be
  integrated to create an omnichannel approach mirroring how consumers
  browse, shop and purchase today.

“These strategic initiatives will enable us to run a more modern,
dynamic and effective business, as well as allow us to reinvest in the
brand,” said Shiffman.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: Forward-looking statements made in this release,
including, without limitation, statements relating to the future plans,
strategies, objectives, expectations and intentions of PVH Corp. and its
subsidiaries (collectively, “PVH”) are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements are
inherently subject to risks and uncertainties, many of which cannot be
predicted with accuracy, and some of which might not be anticipated,
including (i) PVH’s plans, strategies, objectives, expectations and
intentions are subject to change at any time at its discretion; and (ii)
other risks and uncertainties indicated from time to time in PVH’s
filings with the Securities and Exchange Commission.

The Company does not undertake any obligation to update publicly any
forward-looking statement, whether as a result of the receipt of new
information, future events or otherwise.

About Calvin Klein, Inc.:

CALVIN KLEIN is a global lifestyle brand that exemplifies bold,
progressive ideals and a seductive, and often minimal, aesthetic. We
seek to thrill and inspire our audience while using provocative imagery
and striking designs to ignite the senses.

Founded in 1968 by Calvin Klein and his business partner Barry Schwartz,
we have built our reputation as a leader in American fashion through our
clean aesthetic and innovative designs. Global retail sales of CALVIN
KLEIN brand products exceeded $9 billion in 2017 and were distributed in
over 110 countries. Calvin Klein employs over 10,000 associates
globally. We were acquired by PVH Corp. in 2003.

About PVH Corp.:

With a history going back over 135 years, PVH has excelled at growing
brands and business with rich American heritages, becoming one of the
largest apparel companies in the world. We have over 36,000 associates
operating in over 40 countries and almost $9 billion in annual revenues.
We own the iconic CALVIN
KLEIN, TOMMY
HILFIGER, Van
Heusen, IZOD,
ARROW,
Speedo*,
Warner’s,
and Olga
brands, as well as the digital-centric True&Co.
intimates brand, and market a variety of goods under these and other
nationally and internationally known owned and licensed brands.

*The Speedo brand is licensed for North America and
the Caribbean in perpetuity from Speedo International Limited.

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