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PVH ‘Disappointed’ in Calvin Klein’s Latest Performance

PVH Corp. appears to be losing its patience with Calvin Klein and Raf Simons. In an unusually negative statement accompanying its third-quarter results, Emanuel Chirico, chairman and chief executive officer of New York-based PVH, which acquired the brand in 2002, said he was disappointed in the performance of some of Calvin Klein’s lines. “While many of the product categories performed well, we are disappointed by the lack of return on our investments in our Calvin Klein 205W39NYC halo business and believe that some of Calvin Klein Jeans’ relaunched product was too elevated and did not sell through as well as we planned,” he said. This could be interpreted as a direct swipe at designer Simons as he has oversight of the 205W39NYC collection and jeans, as well as a raft of other categories, global marketing and communications, visual creative services and store design. The numbers were certainly far from rosy. Earnings before interest and taxes for the quarter decreased to $121 million, from $142 million a year earlier, “primarily attributable to an approximately $10 million increase in creative and marketing expenditures compared to the prior-year period.” It also cited gross margin pressure, principally due to more promotional selling in the Calvin Klein Jeans business, particularly in North America. Revenue increased 2 percent to $963 million over the

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