Trish Donnelly, currently CEO of PVH Americas and Calvin Klein Global, will be leaving PVH Corp. The brand holding company will split her responsibilities into two separate positions: a regional leadership role for PVH Americas and a global role for Calvin Klein. PVH has begun a global search for both positions; until they are filled, PVH CEO Stefan Larsson will manage those responsibilities. Donnelly will remain with PVH through Nov. 30, 2022 in an advisory capacity.
This top-level structural shift comes as PVH reported an 8% Q2 revenue decline compared to the same period the previous year, to $2.132 billion. The company also revised its full-year revenue outlook downward, from the previously forecast 1% to 2% increase to a 3% to 4% decrease. Additionally, PVH plans to “reduce people costs in its global offices by approximately 10% in order to streamline its organization, drive efficiencies and fuel strategic investments in growth,” according to a statement.
In June 2021 PVH sold its Heritage Brands portfolio, which included Izod, Van Heusen, Arrow and Geoffrey Beene, to rival Authentic Brands Group as it shifted focus to its Calvin Klein and Tommy Hilfiger brands. But in Q2, which ended July 31, 2022, Tommy Hilfiger revenue decreased 5% and Calvin Klein revenue dropped 1%. Some of these declines can be blamed on worldwide inflation, since results were more positive when measured on a constant currency basis. The brightest spot was Tommy Hilfiger North America, which generated a 6% revenue increase.
Donnelly served in her current role at PVH beginning in February 2021. Prior to that she worked for nearly seven years at Urban Outfitters, the last five of them as its global CEO. Her career includes stints at J.Crew, Cole Haan and Polo Ralph Lauren.