Parent company of Tommy Hilfiger, Calvin Klein names new CEO
PVH Corp. is moving forward with its planned leadership succession.
The parent company of Tommy Hilfiger, Calvin Klein, Izod and other brands announced that Stefan Larsson, president of PVH, will take on the role of CEO, effective February 1, 2021. Larsson, 46, will succeed Manny Chirico, 63, who has served as chief executive since 2006 and will continue as chairman.
Larsson joined PVH in June 2019 in the newly created role of president, overseeing the company’s branded businesses and regions, with the plan for him to succeed Chirico.
Prior to joining PVH, Larsson served for 18 months as CEO of Ralph Lauren Corp., where his vision reportedly clashed with the company’s founder. Before that, Larsson served as the global president of Old Navy, where he helped deliver 12 consecutive quarters of profitable growth. He also spent nearly 15 years at Hennes & Mauritz as part of the team that helped grow sales from $3 billion to $17 billion and expanded the company’s operations from 12 to 44 countries.
For the past 16 months, Larsson and Chirico have worked closely together to develop near-term actions and long-term strategies for PVH. Most recently, they have been navigating the company through the impacts of COVID-19. PVH’s second-quarter sales fell 33% to $1.58 billion amid pandemic store closures.
“It has been a privilege to work side by side with Manny in recent months,” Larsson said. “It is an honor to become the leader of this exceptional company, and as we move into a new chapter of growth for PVH, I look forward to continuing its evolution, building on our inherent strengths, getting closer to the consumer than ever before, and working with an incredible team.”
Under Chirico’s leadership, PVH has evolved from a North America-based menswear company to one of the largest fashion and lifestyle companies in the world. He led three acquisitions, growing revenues from $1.4 billion prior to the Calvin Klein acquisition in 2003 to almost $10 billion in 2019.
“With Stefan as our next CEO, we are well-positioned to navigate the rapidly changing retail landscape, drive brand relevance and meet the needs of our consumers, while positioning the company for long-term growth,” said Chirico. “Stefan’s global experience, consumer focus, and high-performance track record – especially in this unprecedented time of disruption – are unparalleled assets for PVH to succeed in the ‘new normal’ that is taking shape across our industry.”
PVH’s brand portfolio includes Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffey Beene.