We believe in our brands. By staying true to their unique positions, we seek to harness their power to inspire deep, enduring relationships with consumers. Through our global platforms and heritage of operational excellence, our brands have the potential to unlock market share around the world and create new opportunities for growth.

PVH's strategy is to take our powerful global iconic lifestyle brands and maximize their brand potential and consumer reach while staying true to their unique brand DNA and core values. Central to our identity is a genuine commitment to corporate responsibility, a fundamental component of how we run our business that is directly linked to our strategies and practices.

Today, we operate the following business groups: Calvin Klein, Tommy Hilfiger and Heritage Brands. Each business group consists of the following:

• Calvin Klein: Calvin Klein Licensing segment (including our Calvin Klein Collection business, which we operate directly in support of the global licensing of the Calvin Klein brands) and the Other (Calvin Klein Apparel) segment, which includes our Calvin Klein dress furnishings, sportswear and outlet retail divisions
• Tommy Hilfiger: Tommy Hilfiger North America and Tommy Hilfiger International segments. Tommy Hilfiger North America is operated from New York and oversees the Americas, while Tommy Hilfiger International is operated from Amsterdam and oversees Europe, Africa, the Middle East and the Asia-Pacific regions
• Heritage Brands: Heritage Brand Wholesale Dress Furnishings, Heritage Brand Wholesale Sportswear and Heritage Brand Retail segments (dress furnishings, sportswear and retail businesses that utilize our "heritage" Van Heusen, IZOD, ARROW, and Bass brands, in addition to numerous licensed brands).

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We leverage a mix of wholesale, retail and licensing strategies that provide the opportunity for each of our brands to compete and succeed. As a result, we believe that we are able to achieve a greater reach geographically and a wider breadth and depth in product categories as we maintain our unwavering commitment to the image of our brands and the quality of the goods sold under them. We support our brands with significant investments in marketing, and ensure the quality of our goods through world class sourcing capabilities.

Looking ahead, we strongly believe that our competitive position has never been better and that our global brands offer a unique proposition to an expanding consumer base globally. We intend to capitalize on the significant opportunities presented by the acquisition of Tommy Hilfiger, as well as continue to focus on growing Calvin Klein, while increasing the revenue and profitability of our Heritage Brands.

Lastly, we believe that we have the people, brands, partners and financial strength necessary to develop the strategies and implement action plans that will accelerate the growth of our business in the future.