PVH Insiders Double Down and Extend Stock Holdings
It’s time to buy shares of PVH Corp. — or at least that’s the vibe in the C-suite, where top executives showed their support for the company and upped their personal stakes.
A trio of filings with the Securities and Exchange Commission on Wednesday showed chief executive officer Stefan Larsson, executive vice president and chief financial officer Zac Coughlin and Tommy Hilfiger Global and PVH Europe CEO Martijn Hagman all doubled down on their holdings.
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Larsson spent $1 million to buy 18,540 shares at $53.94 a piece, giving him a total of 136,541 shares. Hagman and Coughlin each spent $100,000 at similar prices. All the purchases were completed Tuesday.
So far, it’s been a good investment. Shares of the company rose 4.9 percent to $56.45 on Wednesday.
The executives are betting that trend continues after a stock slump.
Shares of PVH are down about 53 percent for the past year, compared with an 8.7 percent drop in the Dow Jones Industrial Average.
Larsson, who took the helm in February 2021, laid out his long term PVH+ strategic plan in April, setting a target to boost revenues to $12.5 billion by 2025, up from $9.2 billion last year.
The plan revolves around unlocking the full potential of the company’s two mega brands — Tommy Hilfiger and Calvin Klein.
But the consumer environment is not being kind to fashion this year, with inflation, war and pandemic all complicating, well, everything.
And there is still some settling going on at PVH, with the exit of Trish Donnelly, CEO of PVH Americas and Calvin Klein global. Her responsibilities are being split into two roles, but for now Larsson is directly leading PVH Americas and Calvin Klein Global.
