Just call it PVH




“Just call it PVH”–or at least that is what WWD is saying since Thursday when shareholders of Phillips-Van Heusen voted to shorten the name of the company to the acronym PVH Corp. According to WWD, “the aim of the change is to reflect the importance of its newer Tommy Hilfiger and Calvin Klein businesses–and its smaller dependence on the heritage dress shirt business.”

“The Phillips-Van Heusen name didn’t represent where the company is headed and where the growth is coming from,” said the chairman and CEO of PVH, Emanuel Chirico. Since its acquisition of Tommy Hilfiger in May 2010, the company has paid $400 million of debt on the Hilfiger buy and has plans to dish out another $300 million by the end of the fiscal year.

in 2010 PVH had $5.3 billion in revenues falling behind only VF Corp. and Polo Ralph Lauren in global sales. Now, PVH commands 47% of dress shirt shares in US department and chain stores. In neckwre, its market share is more than 50% of all ties sold in America.

For the fiscal year of 2011, PVH is projecting revenue between $5.7 billion and $5.75 billion. PVH plans on hitting that $5.75 billion mark by raising ticket prices, better management of inventory to reduce clearance rates and to sell clearance at higher prices. Chirico said to WWD, “In Tommy and Calvin we’ve been able to get higher retails through better execution rather than actually raising the prices. But for the second half you’ll see the whole market raising prices.”

To check out the whole article visit WWD’s website http://www.wwd.com/retail-news/yma-eyes-ways-to-nurture-talent-3684270

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