In a tumultuous year marked by layoffs and losses, the parent company to Calvin Klein and Tommy Hilfiger is making plans to hand over the reins to a new CEO.
On Wednesday, PVH Corp. announced that current president Stefan Larsson will ascend to the chief executive role, effective Feb. 1.
Larsson, 46, will succeed Manny Chirico, 63, who has been at the helm of the apparel titan since 2006 and will continue as board chairman.
Larsson joined PVH last year in June in the newly created role of president, overseeing the company’s branded businesses and regions, and reporting directly to Chirico with the plan to eventually become his successor.
PVH said Larsson and Chirico have worked closely together for the past 16 months to develop near-term actions and long-term strategies. Together, they have focused on the company’s core strengths, connecting them to where the consumer is going, in an effort to deliver long-term sustainable growth.
Most recently, they have been navigating the company through the impacts of Covid-19, driving toward an accelerated recovery and setting up the business for post-pandemic success.
“It has been a privilege to work side by side with Manny in recent months, to learn firsthand how he has built PVH into one of the world’s most admired fashion and lifestyle companies and driven impressive growth,” 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.”
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Prior to joining PVH, Larsson had a relatively short stint as CEO of Ralph Lauren Corp., after previously serving as global president of Gap Inc.’s Old Navy brand.
Under Chirico’s leadership, PVH transformed from a North America-based men’s wear company to one of the largest fashion and lifestyle companies in the world. He led three major acquisitions and integrations during this time, creating a global and diversified retail and supply footprint, a workforce of approximately 40,000 associates, and growing revenues to almost $10 billion in 2019 from $1.4 billion prior to the Calvin Klein acquisition in 2003. Throughout this time, Chirico led the PVH leadership team with an emphasis on company values and commitments to corporate responsibility.
“It has been an honor to work with the outstanding people at PVH for more than 25 years–14 of those as CEO,” Chirico said. “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. 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. I am confident in Stefan’s unique abilities to lead PVH in its next chapter of growth and I look forward to continuing our close partnership as chairman of the board.”
In addition to Calvin Klein and Tommy Hilfiger, PVH’s brand portfolio includes Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene, as well as the digitally native True&Co. intimates brand.