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PVH’s Emanuel Chirico Sees Trade War Hurting Sentiment

The U.S.-China trade war is hitting not just supply chains, but the hearts and minds of consumers, according to Emanuel Chirico, chairman and chief executive officer of PVH Corp. While the company’s Tommy Hilfiger business drove revenues up 4 percent to $1.1 billion in the quarter (a 9 percent boost in constant currencies), and Calvin Klein was flat at $890 million (up 4 percent in constant currencies), both companies saw comparable sales declines in North America. Calvin Klein, in the midst of a restructuring, comped down 5 percent while Tommy Hilfiger was off 4 percent. Chirico pointed to the strong U.S. dollar that has hurt tourist spending and chilled the company’s outlet sales while the heated rhetoric in the trade war with China is being felt by consumers on both sides of the Pacific. “The constant drumbeat is impacting the consumer overall — both in the U.S. and in China — and we’re seeing a retail backdrop that is somewhat challenging overall in the U.S.,” Chirico told WWD Wednesday. “It’s a combination of the trade disputes and the pressure and the uncertainty that that creates around tariffs and around just the general tone between China and the United States.” PVH was among the fashion

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