During a year of continued volatility in the retail environment, PVH delivered strong underlying financial performance in 2016, while we continued to evolve our business model. We empowered our teams to think creatively, capitalize on new product and business opportunities, and find innovative ways to engage consumers, while maintaining our unwavering commitment to CR.
Importantly, as one of the world’s largest apparel companies, we recognize both the opportunity and the responsibility for business to take a lead role in addressing pressing global issues. As such, in 2016 we continued to evolve and strengthen our approach to CR by launching our enhanced CR strategy. The strategy consists of ten commitments that represent a holistic, interconnected approach to creating positive impacts across three key focus areas: empowering people, preserving the environment and supporting communities. Our steadfast approach to these principles has been continuous even as we made several transformative acquisitions, dealt with significant macroeconomic issues, and focused on the rapid evolution going on in our industry.
Beyond our financial performance, I am most proud of the many accomplishments that we achieved across our organization and in the communities in which we work and live. We partnered with the United Nations on several initiatives, including signing the Women’s Empowerment Principles, which promotes gender equality in the workplace, as well as the UN Global Compact, which is focused on implementing universal sustainability principles. This is in addition to our successful initiatives on CR within our businesses and through our associates’ company-sponsored community service and philanthropic activities.
While we are optimistic about our future, we are aware that global companies like PVH continue to face the realities of geopolitical volatility, trade, tax and regulatory changes, foreign currency pressures and shifts in consumer consumption patterns. These challenges have required us to adapt how we think and manage our businesses to stay ahead of our competition. However, I believe that our organization has emerged stronger than ever. Our financial performance together with our firm commitment to CR demonstrates that our efforts to date have been successful.
As we continue to embrace change and position our company for long-term success, we believe that CR will help us achieve sustainable growth by managing risk, maximizing efficiency and driving value.
Powered by our extraordinary team, innovative mindset and global brand stewardship, I have never been more confident in the future we are creating. I look forward to another year of executing on our strategic initiatives, including driving progress in the areas that matter most to our business, our industry and the world more broadly. We will continue to deliver value to our stockholders, while successfully navigating the continued uncertainty of the retail environment.
Chairman and Chief Executive Officer
"As one of the world’s largest apparel companies, we recognize both the opportunity and the responsibility for business to take a lead role in addressing pressing global issues."
Chairman & Chief Executive Officer