PVH operates a global brand-management and licensing model built around two megabrands, Calvin Klein and Tommy Hilfiger, which together generated over 95% of PVH's $8.95-9.0 billion in FY2025 revenue (up 3%), with Tommy Hilfiger sales up 4% outpacing Calvin Klein's 3% growth. While PVH directly operates thousands of its own retail stores, its more scalable profit engine is wholesale and licensing: it licenses the brands to third-party manufacturers for specialized categories like fragrances, eyewear, and jeans, generating high-margin royalty revenue without taking on the manufacturing or inventory risk itself. PVH built this two-brand portfolio through major acquisitions -- Calvin Klein ($430 million, 2003), Tommy Hilfiger ($3 billion, 2010), and Warnaco Group ($2.9 billion, 2013, which consolidated Calvin Klein jeans and underwear licensing under PVH's direct control) -- then narrowed its focus under CEO Stefan Larsson's 'PVH+ Plan,' which aims to grow Calvin Klein and Tommy Hilfiger into $10 billion-plus lifestyle brands each through direct-to-consumer expansion, supply-chain efficiency, and reduced SKU complexity. Yes.