Tommy Hilfiger-owner PVH Shares Fall as Tepid Europe Demand Hits 2024 Forecasts

A look from Tommy Hilfiger’s autumn/winter 2024 collection at New York Fashion Week. (AFP)
A look from Tommy Hilfiger’s autumn/winter 2024 collection at New York Fashion Week. (AFP)
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Tommy Hilfiger-owner PVH Shares Fall as Tepid Europe Demand Hits 2024 Forecasts

A look from Tommy Hilfiger’s autumn/winter 2024 collection at New York Fashion Week. (AFP)
A look from Tommy Hilfiger’s autumn/winter 2024 collection at New York Fashion Week. (AFP)

Shares of PVH Corp slumped up to 25% on Tuesday, a day after the Calvin Klein-owner forecast a steeper-than-expected drop in its annual revenue on the back of weakening demand in Europe.

The apparel maker, which also owns Tommy Hilfiger, forecast fiscal 2024 revenue to fall between 6% and 7%, steeper than the 2.3% drop estimated by analysts, according to LSEG data.

PVH plans to significantly reduce the number of online platforms it sells to in Europe in mid-2024, CEO Stefan Larsson said on a conference call on Tuesday, adding that the move would lead to a 5% reduction in its total European sales this year.

"Where the consumer and macro (backdrop) are tougher, we are willing to sacrifice short term, low-quality revenues in order to strengthen our brand position and pricing power," Larsson said.

The decline in PVH stock also dragged shares of peers VF Corp, Tapestry and Ralph Lauren, all of which were down at least 5%.

"A slowing and increasingly promotional European market is a concern and the outlook comes as a surprise," Telsey Advisory Group analyst Dana Telsey wrote in a note.

PVH forecast its annual earnings per share in the range of $10.75 to $11.00, versus analysts' estimate of $11.89.

Retailers such as PVH, Levi Strauss and Ralph Lauren have struggled with weaker wholesale business in North America due to department stores and retailers cutting back on orders owing to slow consumer demand.

PVH's wholesale revenue declined 10% in the fourth quarter, as wholesale customers across North America and Europe continued to take a cautious approach.

The company, however, beat analysts' expectations for quarterly sales and profit on the back on a strong holiday demand and better inventory planning.

PVH's forward price-to-earnings multiple, a common benchmark for valuing stocks, is at 11.35, lower than Ralph Lauren and Lululemon Athletica's P/E ratio of 16.28 and 26.27, respectively.



Kamali's Sophomore Show for Chloé in Paris Dazzled with Lightness

Models present creations by Chloe for the Women Ready-to-wear Spring-Summer 2025 collection as part of the Paris Fashion Week, in Paris on September 26, 2024. (Photo by Bertrand GUAY / AFP)
Models present creations by Chloe for the Women Ready-to-wear Spring-Summer 2025 collection as part of the Paris Fashion Week, in Paris on September 26, 2024. (Photo by Bertrand GUAY / AFP)
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Kamali's Sophomore Show for Chloé in Paris Dazzled with Lightness

Models present creations by Chloe for the Women Ready-to-wear Spring-Summer 2025 collection as part of the Paris Fashion Week, in Paris on September 26, 2024. (Photo by Bertrand GUAY / AFP)
Models present creations by Chloe for the Women Ready-to-wear Spring-Summer 2025 collection as part of the Paris Fashion Week, in Paris on September 26, 2024. (Photo by Bertrand GUAY / AFP)

Chemena Kamali’s sophomore collection for Chloé was a luminous exploration of femininity, blending the house’s heritage with a fresh, sensual energy for spring. Set against a backdrop of sun-faded apricots, blushes and soft whites, the Paris collection captured Kamali’s vision of a summer that she surmised as: “when you pause, escape, explore and recharge.” It celebrated Chloé’s free-spirited DNA, infused with a lightness that felt both nostalgic and forward-looking.
According to The Associated Press, here are some highlights of Thursday's shows at Paris Fashion Week, including a French honor for Naomi Campbell:
Kamali's joyful freedom “There’s a liberating expression of total freedom,” Kamali said of her spring display.
This freedom flowed through silk charmeuse gowns, lingerie-inspired crop tops and peek-a-boo designs.
Echoes of Karl Lagerfeld’s '70s Chloé lingered in exaggerated shoulders and standout pieces, like a loose-fitting, vivid blue coat. “Chloé is not a passing moment; it’s an eternal state of mind,” Kamali noted, grounding her collection in the house’s long-standing ethos of optimism and instinct.
Layering played a central role, but Kamali kept it light and intuitive, reflecting what she called a “very personal way of dressing.” Sheer fabrics and sun-worn lace mixed effortlessly with ribbed jerseys, creating looks that felt weightless and spontaneous, a signature of Kamali’s debut collection. “What matters to me is the feeling and intuition,” she said.
A standout moment came in the form of a dramatic trapeze-shaped silk gown, its dynamic silhouette swirling with movement. It epitomized Kamali’s ability to honor Chloé’s romantic roots while infusing a modern sensibility. “The mood is light, weightless, sensual and joyful,” she explained. That joyful freedom was a defining thread from start to finish.
With her second outing, Kamali proved she is the right designer to lead Chloé. She crafted a spring collection that balanced nostalgia and sensuality while pushing the house toward a bright, optimistic future.
Mugler’s Cadwallader takes a bite at fashion

Casey Cadwallader delivered a striking show for Mugler, equal parts theatrical and innovative. The hair, sculpted into harsh fringes like a viper’s fang, set the tone for a collection defined by sharp architectural lines. Curving lapels adorned tight jackets, while tendrils of latticed silk flowed into skirts that bled vibrant yellows, creating a visual spectacle.
The collection boldly embraced femininity, featuring a bust that echoed the form of seashells and a densely packed bustier resembling a diving whale. This daring aesthetic aligns with Cadwallader’s aim to infuse the brand with a fresh energy, moving away from the extravagance that some original Mugler fans long for.
Oversized tubular arms complemented a webbed skirt-coat, while a transparent loose trench evoked the look of a sea medusa, reinforcing Cadwallader’s commitment to pushing boundaries.
Naomi Campbell honored in France amid charity controversy

Iconic British model Naomi Campbell was awarded a prestigious honor in France, being named a knight in the Order of Arts and Letters at the culture ministry for her significant contributions to French culture.
However, this recognition comes as Campbell faces scrutiny back home, having been barred from serving as a charity trustee in England and Wales for five years. This decision follows a three-year investigation into the financial activities of her charity, “Fashion for Relief,” which was found to have been “poorly governed” and lacking in “adequate financial management.”
The Charity Commission, which oversees charities in England and Wales, reported multiple instances of misconduct, revealing that only 8.5% of the charity’s expenditures went to charitable grants over a six-year period from 2016. Notably, the inquiry uncovered that charity funds were misused for Campbell’s luxury hotel stays during events in Cannes, alongside personal expenses such as spa treatments and room service.
In response to a question from the AP, Campbell said, “I’ve just found out today about the findings and I am extremely concerned. We are investigating on our side. I was not in control of my charity; I put the control in the hands of a legal employer. We are investigating to find out what and how, and everything I do and every penny I ever raised goes to charity.”
Alongside Campbell, fellow trustee Bianka Hellmich has been disqualified for nine years after receiving unauthorized payments for consultancy services, while trustee Veronica Chou has been barred for four years. The charity, founded in 2005 to unite the fashion industry in addressing global poverty, was dissolved earlier this year, having raised over $15 million for various causes worldwide.
Despite the controversy, Campbell’s honor in France highlights her lasting impact on the cultural landscape.
Rick Owens enchants with gothic splendor

At Thursday’s show at the Palais de Tokyo, Rick Owens unleashed a captivating spectacle that felt like a dramatic descent into a realm inhabited by gothic aliens. The atmosphere was thick with smoke and suspense as an army of biblical figures marched out in impressive diagonal formations, their asymmetrical knee-high leather boots featuring translucent heels, making each step a statement.
Owens’ trademark angular, alien-like geometric shoulders dominated the runway, capturing the essence of his singular vision—one that merges dark romanticism with avant-garde aesthetics. The collection was a testament to his ability to blend his gothic instincts with a sense of reverent irreverence, reminiscent of the “delicate time” he referenced in previous collections, where beauty and horror coexist.
As the show unfolded, a billowing coven emerged, clad in oversized black priest-like hoods and flowing tulle cloaks that draped elegantly over their forms. Some models donned discreet headscarves, striking a balance between reverence and defiance, perfectly embodying Owens’ commentary on societal norms. This juxtaposition echoes his commitment to inclusivity, presenting a vision of fashion that celebrates diversity while challenging conventional beauty standards.
The intricate craftsmanship used in the collection exemplified Owens’ mastery. Each piece, from the cloaks to the striking silhouettes, invited viewers to appreciate humble fabrics. This aligns with his insistence that he presents “the most excellent aesthetics” possible, recognizing the nuanced interplay between the dark and the light in our world.
While some may find Owens’ aesthetic too avant-garde or even gloomy, this show reaffirmed his position as a provocative force in fashion. The theatricality and elaborate design remind us of his role as one of the last independent designers in Paris, navigating the complexities of the fashion landscape with fierce authenticity.