PVH : 2022 Year in Review

YEAR IN REVIEW

2022

A Note from Stefan

Stefan Larsson

Chief Executive Officer, PVH Corp.

Our vision is to build TOMMY HILFIGER and Calvin Klein into the most desirable lifestyle brands in the world, and at the same time build PVH into one of the strongest brand groups in our sector. We are in the early phase of this multi-year journey, and we are well positioned to win.

In 2022, we intensified our focus on driving growth through the disciplined execution of our multi-year,brand-focused,direct-to-consumer and digitally led PVH+ Plan. This included a strong emphasis on driving brand desirability through product strength and consumer engagement, significantly upgrading our supply chain capabilities to become more demand- driven, and simplifying how we work, resulting in substantial cost efficiencies.

Throughout the year we experienced unprecedented external headwinds felt across the global economy, our sector and our business, from the war in Ukraine and inflationary pressures to continued COVID-19 disruptions. Despite the increasingly challenging macroeconomic environment, our team remained focused on execution, and it paid off.

We delivered over $9 billion in revenue, which reflected high-single digit underlying growth, adjusted for foreign currency, business exits including the divestiture of our Heritage Brands in the prior year and the closure of our Russia business in 2022, and, drove nearly

• 10% non-GAAP EBIT margin(1) - a testament to the strength of our global iconic brands in the marketplace and our disciplined execution of the PVH+ Plan.

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Our Calvin Klein and TOMMY HILFIGER businesses continued to exhibit underlying strength, underpinned by great products tied to impactful consumer engagement, and we leave 2022 with significant momentum that we will build upon in 2023 and beyond.

In 2022, we executed very strong brand collaborations, with Calvin Klein x Palace being one of the top highlights. We also brought TOMMY HILFIGER back to New York Fashion Week, which was the second most talked about show of the year. And, across both brands, we built strong partnerships with mega talent like Jennie Kim, HoYeon Jung, Shawn Mendes, Anthony Ramos, Kate and Lila Moss, Travis Barker, Park Seo-joon, Maya Hawke, and Romelu Lukaku. We have many more to come in 2023.

This past year, I was able to experience our iconic brands firsthand while visiting our stores and offices in markets all around the world. When we look at our business through the eyes of our consumers - walking our stores, browsing products on our e-commerce sites or engaging with our brands on social

media - we see the strong foundation we have further built this year. For me, nothing beats engaging with and learning from our consumers and very strong teams, and I look forward to doing more of that in 2023.

I would like to thank all our associates around the world for working as one united team to turn our shared dream into reality. I deeply appreciate your hard work and commitment to co-creating, building and delivering the PVH+ Plan.

1. Figure excludes certain amounts that were deemed non-recurring or non-operational. GAAP revenue and earnings before interest and taxes ("EBIT") amounts are reconciled to non-GAAP amounts within our press release regarding fourth quarter 2022 earnings dated March 27, 2023.

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Unlocking our Full Potential through The PVH+ Plan

In 2022, we held our first Investor Day in nearly ten years where we introduced the PVH+ Plan, a roadmap to deliver accelerated financial performance and long-term value creation. The PVH+ Plan is our strategic plan to accelerate growth by building on the core strengths of PVH and connecting Calvin Klein and TOMMY HILFIGER - each with high global brand awareness and deep loyalty - closer to the consumer than ever before through five key drivers:

• Win with product: Everything starts with product. It's the most important part of the brand promise, driving brand desirability and building consumer loyalty over time. Having the best product in the market gives us pricing power and drives margin expansion. For TOMMY HILFIGER, we are globalizing our strong product assortment to build capabilities that deliver products to meet unique local demand across the world. For Calvin Klein, we are doubling down on the key essential products the brand is known for - and staying true to the brand's DNA.
• Win with consumer engagement: We connect our hero products with culturally relevant aspirational talent to win with consumers globally. This comes to life in three ways: First, we develop cut-through brand campaigns every season; second, we ignite the power of our influencer engine; and third, we elevate the consumer experience at every touch point.
• Win in the digitally-led marketplace:
  The consumer of today shops digitally first and expects seamless integration of their physical and digital experiences. We are focused on accelerating digital growth by

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building a holistic distribution strategy for Calvin Klein and TOMMY HILFIGER, led by digital and direct-to-consumer channels, while at the same time deepening our relationships with key wholesale partners.

• Develop a demand- and data-drivenoperating model: We are connecting the planning, buying and selling of inventory closer to demand to increase speed and flexibility, as well as shorten lead times.
  We are also getting closer to the consumer with a more responsive replenishment model that ensures we are never out
  of stock on core essentials and hero products. We're driving higher productivity by optimizing our SKU breadth and cutting the unproductive assortment tail.
• Drive efficiencies and invest in growth:
  We remain focused on driving cost efficiencies and continue to make progress aligning our organization to the PVH+ Plan. We are improving our overall cost competitiveness to invest in key strategic growth drivers, such as marketing, supply chain and technology, to fuel long-term, profitable, brand-accretive growth.

These five foundational drivers apply to all brands, regions and functions to reflect consumer differences and their unique expectations. Leveraging the full power of Calvin Klein and TOMMY HILFIGER, we are building on our market-leading strength in Europe, accelerating from strength in Asia Pacific, and unlocking the full potential of the strength of our brands in the Americas.

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2022 - Year in Review

Turning to 2022, we delivered over $9 billion in revenue and nearly a 10% non-GAAP EBIT margin(2). We drove high-single-digit underlying top-line growth(2), adjusted for foreign currency, business exits including the divestiture of our Heritage Brands in the prior year and the closure of our Russia business in 2022, which reflects the power of our two global iconic brands, Calvin Klein and TOMMY HILFIGER, and our strong hero product, engaging closely with consumers, and elevating the customer experience.

Our international businesses continued to execute well across both brands, even as macro conditions became increasingly challenging in Europe and COVID impacts continued in Asia-Pacific, particularly in China. In North America, we are encouraged by positive performance indicators, especially how consumers are responding to and engaging with our brands and new product,

although we recognize that we are in the early stages of a multi-year journey to unlock this region's full potential. As a next step in North America, we announced that we are responsibly transitioning in-house certain licensed categories, most notably our women's apparel categories under both brands, over

1. multi-yeartimeline. By bringing these core product categories in-house over time, we will be able to draw on the power and expertise of our global brand teams and have them fully connected to the demand-driven supply chain we are developing.

In addition, underscoring our strong financial position, we refinanced our senior credit facilities and repurchased approximately $400 million of stock as part of a $1.0 billion increase to the Company's stock repurchase authorization. Moving forward, we will first and foremost continue investing in our business to fuel our growth, while at the same time, appropriately deploying our excess cash to deliver shareholder returns.

Unlocking our Global

Growth Potential

Our 2022 performance was led by very strong underlying results in our international business - despite geopolitical volatility, macroeconomic challenges and ongoing pandemic headwinds - as we continued to capture the growth opportunities of our iconic brands.

• In Europe, we drove positive brand

momentum for both TOMMY HILFIGER and

Calvin Klein despite facing macroeconomic

headwinds and geopolitical volatility

including the war in Ukraine and inflationary

pressures. Our European revenues are now

nearly 25% larger than pre-COVID levels in

Euros, with significantly higher profitability.

In 2022, we achieved double-digityear-over-

year revenue growth on an underlying basis

in Euros, adjusting for the impact of our

exit from the Russian market. We further

built on and fueled the market-leading

strength the region has delivered over the

last few years. The underlying business

performance in Europe was very strong,

with performance closely aligned to the

PVH+ Plan growth drivers, driven by strong

product execution across both TOMMY

HILFIGER and Calvin Klein, combined with

a market presence that allows us to very

closely follow where and how the consumer

wants to shop, both in stores and online.

The region executes in a systematic,

repeatable way, generating consistent,

profitable growth on an underlying basis,

high brand awareness and premium

positioning through its strong consumer

base and leadership in digital. Looking

ahead, we have significant opportunity to

expand more into lifestyle categories for

both brands as we continue to grow our

TOMMY HILFIGER business in the region,

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• In Asia Pacific, we delivered double-digit growth in revenue in constant currency, led by our businesses in Australia, Japan, Korea, and Southeast Asia, while China faced headwinds due to ongoing COVID-19 restrictions. In addition, e-commerce delivered double-digit revenue growth in constant currency, led by China, Korea, and Australia as we continue to expand our presence on the most important digital growth platforms in the region such as Tmall, JD and in addition to the rapidly expanding Douyin. Our brands are positioned as premium, with the opportunity to grow further in all markets. We continue to lean in to further increase overall brand awareness, especially in China where both
  Calvin Klein and TOMMY HILFIGER are under-penetrated. We made important progress across each of the PVH+ Plan growth drivers. We drove strong performance of hero products, aligned with marketing support and locally relevant talent across all channels. We generated engagement through impactful brand campaigns focused on key consumer moments such as 6/18 and 11/11,
  with each of these events supported by unique product capsules. We are creating a consistent and seamless consumer experience no matter where the consumer shops in the marketplace, while innovating by accelerating new platforms for digital commerce, including social, digital gamification and personalization. E-commerce remains significantly underpenetrated relative to the sizable growth opportunity we have, which is a big reason for optimism and a key factor in our strategy. By leaning into the initiatives and core tenets of the PVH+ Plan in Asia-Pacific, we continue to have a long runway ahead to grow both our brands in the region.

1. Figure excludes certain amounts that were deemed non-recurring or non-operational. GAAP revenue and earnings before interest and taxes ("EBIT") amounts are reconciled to non-GAAP amounts within our press release regarding fourth quarter
   2022 earnings dated March 27, 2023.

while maximizing and unlocking the

Calvin Klein opportunity.

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• In North America, while we remain in the early phase of our multi-year journey to unlock the significant opportunity we have in this market, our focus on winning with the domestic consumer is already starting to deliver positive proof points, evidencing the effectiveness of our execution of the
  PVH+ Plan. Despite navigating supply chain challenges for a significant portion of the year, the region delivered high-single-digit revenue growth for our TOMMY HILFIGER and Calvin Klein businesses, led by our direct-to-consumer channels. Our owned and operated stores across both Calvin Klein and TOMMY HILFIGER generated double-digit revenue growth in the year.
  As we moved through the year, even with external challenges, we drove sequentially improved domestic consumer comps, which returned to pre-pandemic levels
  in the second half of the year. We are making step-by-step progress, starting with improved inventory levels of hero product and our assortment, coupled with an improved in-store experience.

Unlocking The Power of Our Global Iconic Brands

We continued to drive strong brand relevance through our exciting brand campaigns.

• Calvin Klein focused on elevated brand marketing featuring emblematic product with culturally relevant aspirational talent. From a product perspective, we further built out our hero product franchises in key categories, starting with underwear, with new silhouettes, seasonal colors and more sustainable fibers. We are doing the same with denim and several other key categories to ensure we have the best essentials in the market. Calvin Klein also continued to strategically use collaborations to energize and reach new audiences, such as the

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launch of CK1 Palace, a collaboration with London-based streetwear brand Palace, which generated record sellouts and high consumer engagement across the globe. The brand's strategy of using cut- through talent, content and product was also supported by always-on influencer marketing to further drive relevance and engagement. We launched "Calvins or nothing," a new underwear campaign concept that intensified our focus on one of our most important product categories and expanded on the strategy of working with culturally relevant athletes and style icons with global appeal. The series launched with artist Jennie Kim, actor and musician, Maya Hawke, and Belgian footballer, Romelu Lukaku, later introduced footballers Trent Alexander-Arnold, Antonee Robinson, Kai Havertz, Richarlison and Virgil Van Dijk, and tennis player Carlos Alcaraz - resonated with our audiences and connected us to culture. The social-first content went viral on TikTok and resulted in record engagement on Twitter and Instagram.

• TOMMY HILFIGER continued to drive brand heat and momentum through connections with pop culture, such as the launch of its new "Classic Reborn" partnership with Canadian singer-songwriter, Shawn
  Mendes, which builds on the brand's iconic style and shared vision for a better future.
  Combining in-real-life experiences with digital, TOMMY HILFIGER continued to drive brand visibility and relevance amongst our target consumers. We increased premium experiences across consumer touchpoints, connecting with new and existing consumers, powered by digital innovation. Brand campaigns and immersive experiences, where the highlight was our return to New York Fashion Week, kicked off with a multiverse Tommy Factory runway experience that launched the newest

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