PVH has evolved from its 1881 roots to become a diversified global apparel company with nearly $9 billion in 2017 revenues through a combination of strategic acquisitions and by successfully growing our brands across the wholesale, retail, digital commerce and licensing channels. Today, PVH operates a diversified portfolio of iconic lifestyle apparel brands led by CALVIN KLEIN and TOMMY HILFIGER, which represent over 80% of our revenues and are expected to continue to drive future revenue and profitability growth. PVH's operations have also evolved from a regional perspective; whereas our business was primarily based in North America through the early 2000's, we now operate significant businesses in Europe, the Asia Pacific region and Latin America, as well, and approximately 50% of our revenues and 65% of our earnings before interest and taxes on a non-GAAP basis(1) are generated outside of the U.S.
As we continue to grow, we are guided by our Core Values and we are committed to Corporate Responsibility. Our Core Values – individuality, partnership, passion, integrity and accountability – embody who we are as a company and we believe that our commitment to them helps drive superior results. As we continue to embrace change and position our company for long-term success, we believe that our focus on Corporate Responsibility is key to our achieving sustainable growth by managing risk, maximizing efficiency and driving value.
We see opportunity for significant long-term growth as we employ our strategic initiatives across our organization. These strategies include:
Drive consumer engagement by investing in brand, product, channel, and in-store and online experiences.
Expand CALVIN KLEIN's and TOMMY HILFIGER’s worldwide reach and extend direct control over various licensed businesses.
Invest in and evolve our operating platforms through our systems, consumer data, speed to market, digitalization, supply chain initiatives and centers of excellence.
Develop a talented and skilled organization that embodies our core values by attracting and retaining talent through associate engagement and career growth opportunities, while providing an inclusive workplace where every individual is valued.
Generate free cash flow by accelerating topline growth and focusing on margin and working capital opportunities, while seeking to maximize returns.
Our credit profile is strong, and we believe that our free cash flow will enable us to deliver upon these objectives and generate stockholder returns. Our framework for capital allocation can be viewed here.
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