PVH Corp. Names Cheryl Abel-Hodges Chief Executive Officer of Calvin Klein, Inc.

PVH Corp. [NYSE:PVH], one of the world’s largest apparel companies and
owner of iconic brands, including CALVIN KLEIN, TOMMY HILFIGER, Van
Heusen, Speedo, and IZOD, announced today that Cheryl
Abel-Hodges is the new Chief Executive Officer of Calvin Klein.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190609005037/en/

PVH Corp. Promotes Cheryl Abel-Hodges to CEO of Calvin Klein, Inc. (Photo: Business Wire)

Abel-Hodges previously had served as Group President, Calvin Klein North
America and The Underwear Group. In her new role, she reports to Stefan
Larsson, PVH President.

Steve Shiffman, formerly CEO, is leaving the company to pursue other
interests.

“I have great confidence that Cheryl is the right person to lead the CALVIN
KLEIN brand. Her strong management abilities, together with her
consistent track record for operational excellence, will provide strong
direction for the Calvin Klein team,” said Emanuel Chirico, Chairman and
CEO, PVH Corp. “I believe this leadership change, coupled with our
incredible management teams around the world, will allow us to capture
the brand’s long-term growth potential.”

Chirico added, “I want to thank Steve for his many contributions to PVH,
which included leading our Calvin Klein and Heritage Brands retail
businesses, as well as playing a key role in growing the CALVIN KLEIN
brand as CEO.”

Since joining PVH in 2006, Abel-Hodges has held various leadership
positions across the organization. As Group President Calvin Klein North
America, she helped set the strategic direction for the CALVIN KLEIN
brand, driving a consumer-centric approach. Within The Underwear Group,
Abel-Hodges led the development of PVH’s innovative underwear platform,
overseeing design, merchandising, product development and planning for
all of PVH’s underwear and women’s intimates businesses.

About PVH Corp.

PVH is one of the most admired fashion and lifestyle companies in the
world. We power brands that drive fashion forward – for good. Our brand
portfolio includes the iconic CALVIN
KLEIN, TOMMY
HILFIGER, Van
Heusen, IZOD,
ARROW,
Speedo*,
Warner’s,
Olga
and Geoffrey Beene brands, as well as the digital-centric True
& Co. intimates brand. We market a variety of goods under
these and other nationally and internationally known owned and licensed
brands. PVH has over 38,000 associates operating in over 40 countries
and $9.7 billion in annual revenues. That’s the Power of Us. That’s the
Power of PVH.

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

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Forward-looking statements in this press release, including,
without limitation, statements relating to the Company’s future plans,
strategies, objectives, expectations and intentions 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, without limitation, (i) the Company’s plans,
strategies, objectives, expectations and intentions are subject to
change at any time at the discretion of the Company; (ii) the Company
may be considered to be highly leveraged and uses a significant portion
of its cash flows to service its indebtedness, as a result of which the
Company might not have sufficient funds to operate its businesses in the
manner it intends or has operated in the past; (iii) the levels of sales
of the Company’s apparel, footwear and related products, both to its
wholesale customers and in its retail stores, the levels of sales of the
Company’s licensees at wholesale and retail, and the extent of discounts
and promotional pricing in which the Company and its licensees and other
business partners are required to engage, all of which can be affected
by weather conditions, changes in the economy, fuel prices, reductions
in travel, fashion trends, consolidations, repositionings and
bankruptcies in the retail industries, repositionings of brands by the
Company’s licensors, and other factors; (iv) the Company’s ability to
manage its growth and inventory, including the Company’s ability to
realize benefits from acquisitions, such as the pending acquisitions
identified in this press release; (v) quota restrictions, the imposition
of safeguard controls and the imposition of duties or tariffs on goods
from the countries where the Company or its licensees produce goods
under its trademarks, any of which, among other things, could limit the
ability to produce products in cost-effective countries, or in countries
that have the labor and technical expertise needed; (vi) the
availability and cost of raw materials; (vii) the Company’s ability to
adjust timely to changes in trade regulations and the migration and
development of manufacturers (which can affect where the Company’s
products can best be produced); (viii) changes in available factory and
shipping capacity, wage and shipping cost escalation, civil conflict,
war or terrorist acts, the threat of any of the foregoing, or political
or labor instability in any of the countries where the Company’s or its
licensees’ or other business partners’ products are sold, produced or
are planned to be sold or produced; (ix) disease epidemics and health
related concerns, which could result in closed factories, reduced
workforces, scarcity of raw materials and scrutiny or embargoing of
goods produced in infected areas, as well as reduced consumer traffic
and purchasing, as consumers become ill or limit or cease shopping in
order to avoid exposure; (x) acquisitions and divestitures and issues
arising with acquisitions, divestitures and proposed transactions,
including, without limitation, the ability to integrate an acquired
entity or business into the Company with no substantial adverse effect
on the acquired entity’s, the acquired business’s or the Company’s
existing operations, employee relationships, vendor relationships,
customer relationships or financial performance, and the ability to
operate effectively and profitably the Company’s continuing businesses
after the sale or other disposal of a subsidiary, business or the assets
thereof; (xi) the failure of the Company’s licensees to market
successfully licensed products or to preserve the value of the Company’s
brands, or their misuse of the Company’s brands; (xii) significant
fluctuations of the U.S. dollar against foreign currencies in which the
Company transacts significant levels of business; (xiii) the Company’s
retirement plan expenses recorded throughout the year are calculated
using actuarial valuations that incorporate assumptions and estimates
about financial market, economic and demographic conditions, and
differences between estimated and actual results give rise to gains and
losses, which can be significant, that are recorded immediately in
earnings, generally in the fourth quarter of the year; (xiv) the impact
of new and revised tax legislation and regulations, particularly the
U.S. Tax Cuts and Jobs Act of 2017 that might disproportionately affect
the Company as compared to some of its peers due to the specific tax
structure of the Company and its greater percentage of revenues and
income generated outside of the U.S., and the legislation enacted in the
Netherlands known as the “2019 Dutch Tax Plan”; and (xv) other risks and
uncertainties indicated from time to time in the Company’s filings with
the Securities and Exchange Commission (“SEC”).

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190609005037/en/