PVH vs Tapestry: Revenue, Profit and Business Model
PVH reported $9B of revenue in FY2025 and $25.3M of net income. Tapestry reported $8B of revenue in FY2026 and $1.5B of net income.
Latest financial snapshot
Financial summary
PVH
PVH's revenue has hovered around $9 billion for several years: $9.218B in fiscal 2023, $8.653B in fiscal 2024 and $8.950B in fiscal 2025. Fiscal 2025 GAAP net income fell to $25.3M because of impairment and other charges, while non-GAAP EPS was $11.40 and non-GAAP operating margin 8.8%. PVH bought back more than $560 million of stock in fiscal 2025. In Q2 2026 revenue fell 3% to $2.097B; gross margin rose to 63.0%, about 510 basis points of which came from tariff refunds, and non-GAAP EPS was $3.70 against a GAAP loss of $2.23 per share.
Tapestry
Tapestry's fiscal 2026 was its strongest year on record. Net sales reached $8.004 billion, GAAP operating income was $1.914 billion (23.9% margin), GAAP diluted EPS was $7.27 and non-GAAP EPS was $7.05, up 38%. Operating cash flow was $1.98 billion and adjusted free cash flow $1.86 billion. The company returned $1.7 billion to shareholders, including $1.35 billion of buybacks, and raised its quarterly dividend 16% to $0.4625 per share. It ended the year with $1.15 billion in cash and short-term investments and $2.38 billion of borrowings.
Revenue and profit by year
PVH
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $9B | $25.3M | 0.3% | +3.4% | Source |
| FY2024 | $8.7B | $598.5M | 6.9% | -6.1% | Source |
| FY2023 | $9.2B | $663.6M | 7.2% | +2.1% | Source |
| FY2022 | $9B | $200.4M | 2.2% | -1.4% | Source |
| FY2021 | $9.2B | $952.3M | 10.4% | +28.4% | Source |
| FY2020 | $7.1B | -$1.1B | -15.9% | -28.0% | Source |
| FY2019 | $9.9B | $417.3M | 4.2% | +2.6% | Source |
| FY2018 | $9.7B | $746.4M | 7.7% | +8.3% | Source |
| FY2017 | $8.9B | $537.8M | 6.0% | +8.7% | Source |
| FY2016 | $8.2B | $549M | 6.7% | — | Source |
Tapestry
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $8B | $1.5B | 19.1% | +14.2% | Source |
| FY2025 | $7B | $183.2M | 2.6% | +5.1% | Source |
| FY2024 | $6.7B | $816M | 12.2% | +0.2% | Source |
| FY2023 | $6.7B | $936M | 14.1% | -0.4% | Source |
| FY2022 | $6.7B | $856.3M | 12.8% | +16.3% | Source |
| FY2021 | $5.7B | $834.2M | 14.5% | +15.8% | Source |
| FY2020 | $5B | -$652.1M | -13.1% | -17.7% | Source |
| FY2019 | $6B | $643.4M | 10.7% | +2.5% | Source |
| FY2018 | $5.9B | $397.5M | 6.8% | +31.0% | Source |
| FY2017 | $4.5B | $591M | 13.2% | — | Source |
Where the revenue comes from
PVH
- Wholesale
Not disclosed here
Sales of Calvin Klein and Tommy Hilfiger products to department stores, specialty retailers and online marketplaces.
- Direct-to-consumer
Not disclosed here
Company-operated stores, outlets and brand e-commerce sites; e-commerce grew 4% in Q2 2026.
- Licensing
Not disclosed here
Royalties from licensees in categories such as fragrance and eyewear.
Tapestry
- Coach direct retail and outlet sales
- kate spade new york direct retail and outlet sales
- E-commerce
- Wholesale
- Handbags and leather goods
- Accessories, apparel, jewelry, and footwear
Business model and strategy
PVH
How it makes money
PVH makes money in three ways. It sells Calvin Klein and Tommy Hilfiger products wholesale to department stores, specialty retailers and online marketplaces; it sells direct to consumers through company-operated stores and brand websites; and it earns royalties by licensing the brands to third parties for categories it does not make itself, such as fragrance.
Growth strategy
Growth runs through the PVH+ Plan, launched by Stefan Larsson: focus on hero products (such as Calvin Klein underwear and denim and Tommy Hilfiger polos and outerwear), bigger celebrity-led campaigns, more direct-to-consumer and e-commerce sales, cleaner wholesale distribution with fewer promotions, and a demand-driven supply chain.
Competitive advantage
PVH's advantage is ownership of two brands with decades of global recognition, plus the sourcing, wholesale and licensing infrastructure to run them in more than 40 countries. Tommy Hilfiger and Calvin Klein are especially strong in Europe, where PVH runs its EMEA business from Amsterdam, and the licensing model lets partners carry the inventory risk in categories like fragrance.
Tapestry
How it makes money
Tapestry makes money by designing and selling Coach and Kate Spade products, mainly handbags and small leather goods, at prices well below European luxury houses. Most sales come direct to consumers through full-price stores, outlet stores and brand websites, which lets the company control pricing, inventory and customer data.
Growth strategy
Under its Amplify strategy, Tapestry focuses on emotional brand connection, product innovation, global store and digital experiences, and talent. In practice that means heavy marketing to younger shoppers (about 35% of the roughly 11 million new customers in fiscal 2026 were Gen Z), growth in Greater China and Europe, fewer promotions, and steady buybacks and dividends.
Competitive advantage
Coach's heritage, recognizable silhouettes such as the Tabby, and strong pricing power below European luxury give Tapestry a defensible position in accessible luxury. A direct-to-consumer model and data-led merchandising helped lift Coach handbag average unit retail by a mid-teens percentage in fiscal 2026.
Questions about PVH vs Tapestry
Which company has higher revenue — PVH Corp. or Tapestry, Inc.?
PVH Corp. reported $9.0B (FY2025), while Tapestry, Inc. reported $8.0B (FY2026). By last reported revenue, PVH Corp. is the larger business, with Tapestry, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of PVH Corp. vs Tapestry, Inc.?
PVH Corp.'s market capitalisation stands at $3.5B, while Tapestry, Inc.'s is $23.0B. Tapestry, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to PVH Corp..
Which is more financially efficient — PVH Corp. or Tapestry, Inc.?
PVH Corp. generates $344k / employee in revenue per employee, while Tapestry, Inc. generates $389k / employee. Tapestry, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do PVH Corp. and Tapestry, Inc. make money?
PVH Corp. and Tapestry, Inc. generate revenue in fundamentally different ways. PVH Corp.: PVH makes money in three ways. Tapestry, Inc.: Tapestry makes money by designing and selling Coach and Kate Spade products, mainly handbags and small leather goods, at prices well below European luxury houses.
Which company is valued higher relative to revenue — PVH Corp. or Tapestry, Inc.?
On a price-to-sales (P/S) basis, PVH Corp. trades at 0.4x P/S and Tapestry, Inc. at 2.9x P/S. Tapestry, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to PVH Corp.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is PVH Corp. bigger than Tapestry, Inc.?
By last reported revenue, PVH Corp. ($9.0B (FY2025)) is the larger company compared to Tapestry, Inc. ($8.0B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the PVH vs Tapestry overview