PVH hires new Calvin Klein global brand president

Dive Brief:

PVH named Eva Serrano as its global brand president of Calvin Klein, the company announced on Wednesday. Serrano will step into the position in March 2023.
Prior to joining Calvin Klein, Serrano held leadership positions with Zara and the Inditex group for two decades. She most recently served as the president of Inditex Greater China.
In Serrano’s new role, she will report to PVH CEO Stefan Larsson. In a statement, Larsson said that Serrano’s appointment is part of the company’s multi-year growth plan.

Dive Insight:

PVH has found a new brand president for Calvin Klein as its parent company seeks to continue its growth and reach its financial goals.

“I am passionate about brands, the consumer and the fashion industry, and throughout my career developed the skills and experience to win in this increasingly competitive market,” Serrano said in a statement.

During her time at Inditex, Serrano spanned multiple brands, where she garnered experience across product, marketing, consumer experience in-store and digital and supply chain.

Earlier this year, Larsson said the company is trying to reach $12.5 billion in revenue and surpass $1 billion in free cash flow in a strategy the company is calling “PVH plus.” But in light of the COVID-19 pandemic-induced supply chain constraints, Michael Binetti, a Credit Suisse analyst, said such targets are “stretch goals.”

Eva Serrano has been named the global brand president of Calvin Klein.

Image courtesy PVH.

The company in August announced plans to lay off 10% of its international workforce, which will net annual savings of over $100 million. Trish Donnelly, the former CEO of PVH Americas and Calvin Klein, also exited the company at the time of that announcement.

In Q3 2022, the company reported a 2% drop in revenue. Tommy Hilfiger’s revenue decreased by 4% that quarter overall. Calvin Klein’s revenue for the quarter saw a 1% bump year over year, driven by Calvin Klein’s international business dipping 4% and Calvin Klein North America unit rising 9%.

Earlier this month, PVH said it had refinanced its outstanding senior credit facilities with cash on hand and proceeds from new senior credit facilities.