Calvin Klein welcomes a new global brand president in its ranks, as appointed by PVH.
Calvin Klein Appoints New Global Brand President as PVH Seeks Growth
PVH Corporation, the parent company of iconic fashion brands Calvin Klein and Tommy Hilfiger, has announced the appointment of Eva Serrano as the global brand president of Calvin Klein. The announcement was made on Wednesday, with Serrano set to take up her new role in March 2023.
In her new position, Serrano will report directly to PVH CEO Stefan Larsson. Serrano's appointment is part of PVH's multi-year growth plan, as the company seeks to continue its growth and reach its financial goals.
Eva Serrano brings a wealth of experience to her new role at Calvin Klein. Prior to joining the company, she held leadership positions with Zara and the Inditex group for two decades. Most recently, Serrano served as the president of Inditex Greater China.
In a statement, Serrano expressed her passion for brands, consumers, and the fashion industry. "I am thrilled to join Calvin Klein and to be part of such an iconic brand with a rich heritage and a strong global presence," she said.
PVH's financial performance in Q3 2022 saw a 2% drop in revenue compared to the same period last year. However, Calvin Klein's revenue for the quarter saw a 1% bump year over year. The company's international business dipped 4%, while Calvin Klein North America unit rose 9%.
Analysts, such as Michael Binetti of Credit Suisse, have considered these targets as "stretch goals" due to COVID-19 pandemic-induced supply chain constraints.
In a separate development, PVH announced plans to lay off 10% of its international workforce, resulting in annual savings of over $100 million. Trish Donnelly, the former CEO of PVH Americas and Calvin Klein, exited the company when the workforce layoff announcement was made.
Earlier this month, PVH refinanced its outstanding senior credit facilities with cash on hand and proceeds from new senior credit facilities. The company aims to reach $12.5 billion in revenue and surpass $1 billion in free cash flow as part of its strategy "PVH plus."
Meanwhile, Tommy Hilfiger's revenue decreased by 4% in Q3 2022. It remains to be seen how Serrano's appointment will impact the performance of both Calvin Klein and PVH as a whole.
As of this writing, there is no publicly available information confirming a new CEO of Calvin Klein in Germany succeeding Eva Serrano.
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