INVESTOR UPDATE SUMMER 2018 - PVH Corp.

 
INVESTOR UPDATE SUMMER 2018 - PVH Corp.
INVESTOR
 UPDATE
  SUMMER 2018

     Investor Update Summer 2018
                                        1
              For Authorized Use Only
INVESTOR UPDATE SUMMER 2018 - PVH Corp.
Safe Harbor

We (PVH Corp.) obtained the market and competitive position data used throughout this presentation from research, surveys or studies
conducted by third parties, information provided by customers and industry or general publications. Industry publications and surveys
generally state that they have obtained information from sources believed to be reliable but do not guarantee the accuracy and completeness
of such information. While we believe that each of these studies and publications and all other information are reliable, we have not
independently verified such data and we do not make any representation as to the accuracy of such information.

The information in our presentation contains certain forward-looking statements which reflect our view as of May 30, 2018 of future events
and financial performance. These forward-looking statements are subject to risks and uncertainties indicated from time to time in our SEC
filings, as more fully discussed in our safe harbor statements and risk factors found in our SEC filings. These risks include our right to change
strategies, objectives and intentions; our need to use significant cash flow to service our debt obligations; our vulnerability to weather,
economic conditions, fuel prices, fashion trends, loss of retail accounts, epidemics, war, terrorism, scarcity of raw materials, fluctuations in
foreign currency exchange rates and other factors; the impact of new and revised tax legislation and regulations, particularly the recently
enacted U.S. Tax Cuts and Jobs Act; our reliance on the sales of our business partners; and our exposure to the behavior of our associates,
business partners and licensors. As such, our future results could differ materially from previous results or our expectations as of May 30,
2018.

We do not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding
revenue or earnings, whether as a result of the receipt of new information, future events or otherwise.

This presentation includes non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures are included at the
end of this presentation. Our SEC filings are available on our website at PVH.com and the SEC’s website at sec.gov.

                                                                                                                        Investor Update Summer 2018
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INVESTOR UPDATE SUMMER 2018 - PVH Corp.
PVH By The Numbers

                    36,000+
 PVH HISTORY                             PVH FOUNDATION
 ESTABLISHED IN                          (THE COMPANY’S PHILANTHROPIC DIVISION)

1881
                                         HAS BEEN IN EXISTENCE FOR

                                         30+ YEARS
                    GLOBAL ASSOCIATES

                    ~1,000,000
                                         ~50%
                                                                 REVENUES
OUR 2017 REPORTED                                                GENERATED
 REVENUES WERE      GARMENT WORKERS IN                           OUTSIDE OF

 $8.9
                                                                 THE U.S.
                    OUR SUPPLY CHAIN

                    WE OPERATE IN OVER   ~$20       BILLION
 BILLION            40 COUNTRIES          2017 GLOBAL RETAIL SALES

                                                       Investor Update Summer 2018
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INVESTOR UPDATE SUMMER 2018 - PVH Corp.
Investor Update Summer 2018
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INVESTOR UPDATE SUMMER 2018 - PVH Corp.
Investor Update Summer 2018
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INVESTOR UPDATE SUMMER 2018 - PVH Corp.
Three Distinct Businesses,
All Positioned For Global Growth

     PVH CORP. 2017                                         CALVIN KLEIN 2017                                        TOMMY HILFIGER 2017            HERITAGE BRANDS 2017

Global Retail Sales: ~$20 BN                            Global Retail Sales: $9.1 BN                                 Global Retail Sales: $7.4 BN   Global Retail Sales: $3.4 BN
Revenues: $8.9 BN                                       Revenues: $3.5 BN                                            Revenues: $3.9 BN              Revenues: $1.6 BN
EBIT Margin*: 9.7%                                      EBIT Margin: 11.9%                                           EBIT Margin*: 12.9%            EBIT Margin: 6.7%

                                                                                                                                                     Investor Update Summer 2018
       * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.                                                   6
                                                                                                                                                                For Authorized Use Only
INVESTOR UPDATE SUMMER 2018 - PVH Corp.
PVH Is A Global Leader In The Apparel Industry
PVH is one of the largest global apparel companies with nearly $9 billion in revenues

   $11.8

                                       2017 Revenue
             $8.9
                                        ($ in billions)

                      $6.5
                               $6.2

                                         $4.9     $4.7     $4.5
                                                                        $3.7
                                                                                        $3.2
                                                                                                         $2.8
                                                                                                                       $2.5           $2.4

                                                                                      Source: Factset.          Investor Update Summer 2018
                                                                  Consensus estimate for Michael Kors.                                             7
                                                                                                                         For Authorized Use Only
INVESTOR UPDATE SUMMER 2018 - PVH Corp.
Calvin Klein And Tommy Hilfiger Are Key Drivers Of
Our Business
                                                                                                                                                                                                (1)
Calvin Klein & Tommy Hilfiger currently account for over 80% of PVH’s revenues and ~90% of PVH’s EBIT

                                                                                                                                                10%
                                             17%

                44%
                                                                                                               49%

                                                                                                                                                  41%
                                           39%

                                                                                                                                                                                    TOMMY HILFIGER
                                                                                                                                                                                    CALVIN KLEIN
                                                                                                                                                                                    HERITAGE BRANDS
            Revenue by Business (2017)                                                                          EBIT(1) by Business (2017)
                (1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses. Refer to Appendix for GAAP reconciliations.

                                                                                                                                                                        Investor Update Summer 2018
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                                                                                                                                                                                     For Authorized Use Only
INVESTOR UPDATE SUMMER 2018 - PVH Corp.
PVH Has A Significant Global Presence
                                                                                                                                          (1)
Just over 50% of PVH’s revenues and approximately 65% of PVH’s EBIT                                                                             are generated outside the U.S.

                                     7%
                                                                                                                            10%
                     12%

                                                                                                                17%
                                                                                                                                                          35%
                                                             48%

                   33%                                                                                               38%
                                                                                                                                                                                 U.S.
                                                                                                                                                                                 Europe
                                                                                                                                                                                 Asia Pacific
                                                                                                                                                                                 Americas (excluding U.S.)

                  Revenue by Region (2017)                                                                                EBIT(1) by Region (2017)
       Note: Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean; Europe includes the Middle East and Africa; Asia Pacific includes Australia and New Zealand.
                                                 (1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses.
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INVESTOR UPDATE SUMMER 2018 - PVH Corp.
PVH Global Store Counts By Region
(As Of May 6, 2018)

                                                                                         EUROPE                        (2)

 NORTH
                                                                                         TOTAL STORES: ~1,990
 AMERICA                        (1)
                                                                                         Tommy Hilfiger: ~900
                                                                                         Calvin Klein: ~1,090
 TOTAL STORES: ~590
 Tommy Hilfiger: ~240
 Calvin Klein: ~190                            LATIN                                                                                                ASIA PACIFIC                               (6)
 Heritage: ~160
                                               AMERICA                         (3)

                                               TOTAL STORES: ~320                                                                                   TOTAL STORES: ~3,000
                                               Tommy Hilfiger: ~220 (4)                                                                             Tommy Hilfiger: ~620
                                               Calvin Klein: ~100 (5)                                                                               Calvin Klein: ~2,380

  1. Includes the U.S. and Canada. 2. Includes the Middle East and Africa; includes concession locations and franchisee and distributor stores. 3. Includes Central and South America and the Caribbean.
  4. All locations are licensee stores. 5. Includes franchisee and distributor stores. 6. Includes concession, franchisee and, for Tommy Hilfiger, licensee stores.

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                                                                                                                                                                             For Authorized Use Only
A Rich History Of Sales And Earnings Growth
Revenue & EPS Growth (2003 – 2017)

              $9,000                                                                                                                                                 $7.94    $8.00
                                                                                                                                        $7.30                        $8,915
                                                                                                                               $7.03             $7.05     $6.80
              $8,000                                                                                                  $6.58             $8,241                                $7.00
                                                                                                                                                  $8,020
                                                                                                                               $8,216
                                                                                                                                                            $8,203
              $7,000                                                                                                                                                          $6.00
                                                                                                           $5.44

              $6,000                                                                                                                                                          $5.00
                                                                                                 $4.31                $6,043
                                                                                                           $5,891
 $ Millions

              $5,000                                                                                                                                                          $4.00
                                                                  $3.21
                                                                            $2.99                $4,637
                                                                                       $2.79
              $4,000                                   $2.62                                                                                                                  $3.00

                                             $1.88
              $3,000                                                                                                                                                          $2.00
                                   $1.37
                        $0.98
                                                                  $2,425    $2,397    $2,399
              $2,000                                                                                                                                                          $1.00
                                                       $2,091
                                             $1,909
                        $1,548    $1,641
              $1,000                                                                                                                                                          $0.00
                        2003       2004      2005       2006      2007      2008       2009      2010       2011      2012     2013     2014      2015      2016     2017

                Note: 2003-2007 figures not restated for change in accounting for retirement plans.
                2003-2006 and 2008-2017 figures exclude certain amounts that were deemed non-recurring or non-operational.
                                                                                                                                                           Investor Update Summer 2018
                Refer to Appendix for GAAP reconciliations.                                                                                                                                     11
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Investor Update Summer 2018
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Function Name or Presentation Title
                                             13
    Confidential — For Authorized Use Only
Tommy Hilfiger — Brand Overview
                         2017 Regional Breakout

         GLOBAL RETAIL SALES:                     REPORTED REVENUES:
               $7.4 BN                                  $3.9 BN

                4% 11%                                         9%

46%            46%
            42%
                         43%                      50%
                                                                       41%

      North America(1)         Latin America(2)      Asia Pacific(3)         Europe(4)

 One of the world’s leading DESIGNER LIFESTYLE Brands
 Celebrates the essence of CLASSIC AMERICAN COOL STYLE
 Strong GLOBAL BRAND AWARENESS                                               (1) North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central
                                                                                     America. (3) Asia Pacific includes Australia and New Zealand. (4) Europe includes the Middle East and Africa.

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                                                                                                                                                                     For Authorized Use Only
Tommy Hilfiger — Brand Overview

   STYLE    /   HILFIGER COLLECTION: The                  TOMMY HILFIGER TAILORED: Targeting              TOMMY HILFIGER: Our core line,       TOMMY JEANS: TOMMY JEANS is
   TARGET       pinnacle of the TOMMY HILFIGER            25 to 40-year-olds, this line reflects the      which embodies the brand’s classic   inspired by American denim classics
                product offerings, blending the brand’s   brand's American menswear heritage in           American cool spirit. With a focus   with a modern, casual edge.
                Americana styling with contemporary       elevated, sophisticated styles that are         on a 25 to 40 year-old consumer,     Targeting the 18 to 30 year-old
                influences and a playful fashion edge.    suitable for more formal occasions. From        TOMMY HILFIGER is                    denim-oriented consumer, the line
                The collection targets 25 to 40-year-     structured suiting to more relaxed tailoring,   internationally recognized for       focuses on premium denim
                old consumers and includes designs        classics are modernized with precision fit,     celebrating the essence of classic   separates, footwear, bags,
                that premiere on the runway.              premium fabrics, updated cuts, rich colors      American style with a fresh,         accessories, eyewear and fragrance.
                                                          and luxurious details executed with the         modern twist inspired by pop
                                                          brand’s signature twist.                        culture.

DISTRIBUTION        Select Global Retail, Global                 Select Global Retail, Global              Global Retail, Global tommy.com,     Global Retail, Global tommy.com,
                   tommy.com, Global Wholesale                 tommy.com, Global Wholesale                           Global Wholesale                   Global Wholesale

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Tommy Hilfiger – Growth Opportunities

       Products                      Channels                               Markets

                                                                       GROWTH REGIONS

                                                              EUROPE
WOMENSWEAR   ACCESSORIES                 RETAIL                                ASIA PACIFIC

                               DIGITAL            WHOLESALE
 UNDERWEAR   MEN’S TAILORED   COMMERCE

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Tommy Hilfiger –
Global Marketing &
Communications
OBJECTIVE: Build on consumer-centric go-to-market strategies to maintain global brand relevance
& momentum
INVESTMENT: Over $180 million in 2017 global marketing spend
FOCUS: Attracting a new generation of consumers globally
“See Now, Buy Now”
   • Pioneer in “See Now, Buy Now” for both men’s and women’s, extending support across labels,
     throughout the season and reaching a wider global audience
Women’s Apparel, Footwear & Accessories
   • Strong momentum and growth within our overall portfolio
   • Performance in women’s has provided a halo across other categories
   • Hailey Baldwin and Winnie Harlow announced as global brand ambassadors for TOMMY
     HILFIGER women’s for Fall 2018
Menswear
   • Launched men’s Ignite strategy with the announcement of TOMMY HILFIGER as the Official
     Apparel Partner for Mercedes- AMG Petronas Motorsport and Lewis Hamilton as the new
     global brand ambassador for TOMMY HILFIGER menswear
TOMMY JEANS
   • HILFIGER DENIM rebranded as TOMMY JEANS: evolving our label strategy to unlock full
     business potential and continue momentum with young millennials and Gen Z consumers

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                                                                                                           For Authorized Use Only
Tommy Hilfiger — Business Overview & Financials

Tommy Hilfiger Business Summary

2017 Reported Revenues:                                     $3.9 BN

International Revenues: ~$2.3 BN

North America Revenues: ~$1.6 BN

2017 EBIT Margin(1): 12.9%

      (1)   EBIT margin excludes certain amounts that were deemed non-recurring or non-operational.   Investor Update Summer 2018
            Refer to Appendix for GAAP reconciliation of EBIT.                                                                           18
                                                                                                               For Authorized Use Only
Be consumer-centric and enhance global brand
relevance with marketing campaigns and consumer
engagement initiatives designed to drive growth and
reflect TOMMY HILFIGER’s accessible luxury positioning
and classic American cool aesthetic.

Category expansion within womenswear and accessories,
men’s tailored clothing and underwear.

Drive regional expansion, particularly in Asia Pacific.

Digitize Tommy Hilfiger from showrooms to stores and
online experiences.

Evolve our supply chain to adapt more quickly to change.

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Tommy Hilfiger International — Overview

    •    Healthy brand with premium positioning overseas
    •    Marketing efforts focused on digital and social media
    •    Tommy Hilfiger International business experienced outstanding
         performance across Europe and Asia in 2017

                        EUROPE                                       WHOLESALE                                          ASIA
                                                                     RETAIL

•       Europe continues to experience solid multi-year                                             •   China: Strong performance in 2017, as the
        business trends                                                                    39%          investments we have made are resonating
                                                                               61%                      with consumers and driving growth
          •    Localized management differentiates
               brand from peers
                                                                                                    •   Japan: Performing well, as our efforts to
          •    Net sales growth in all major EMEA                                                       turn around the business have seen great
               (Europe, Middle East & Africa) markets                                                   progress

          •
               in 2017
               Operates the largest digital commerce
                                                                                2017
                                                                           EUROPE REVENUES
               business within PVH                                          BY DISTRIBUTION
                                                                                MODEL(1)                              Investor Update Summer 2018
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                                                                                                                                For Authorized Use Only
                                      (1) Retail and wholesale split excludes licensing revenues.
Tommy Hilfiger North America — Overview

                                                                              2017
•   Continued wholesale sales growth through key partners:
                                                                                                               26%        26%
      o    U.S. – Exclusive partnership with Macy’s for men’s sportswear;
           opportunity to expand categories outside of sportswear
           through other wholesale partners                                   REVENUES                                       74%
                                                                              BY DISTRIBUTION
                                                                                                                                          WHOLESALE
      o    Canada – Retail partnership with Hudson’s Bay Company              MODEL(1)                                                    RETAIL

•   Tommy Hilfiger’s womenswear wholesale business in U.S. and Canada
    that was licensed to G-III performed well in 2017

•   Rollout of TOMMY JEANS, with elevated product and designs

•   Improvements in quality, styling and in-store presentations

•   Investments in digital commerce and digital marketing driving brand
    relevance and consumer engagement

•   Focus on digital commerce, including improvements to site design,
    technology and social media efforts                                     (1) Retail and Wholesale split excludes licensing revenues.

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Tommy Hilfiger Licensed Businesses
OVER TIME, WE LOOK TO ASSUME MORE DIRECT CONTROL OVER VARIOUS LICENSED REGIONS

                                       ASIA PACIFIC                     LATIN AMERICA & MEXICO
                               2017 RETAIL SALES: ~$410MM*              2017 RETAIL SALES: ~$425MM*

  JOINT
  VENTURE
                   INDIA        AUSTRALIA          NEW ZEALAND           BRAZIL                  MEXICO

  DISTRIBUTOR
                   INDONESIA     VIETNAM      PHILIPPINES

  LICENSE
                   KOREA        HONG KONG      TAIWAN        MALAYSIA    LATAM

                                                                                  * Licensed businesses only.

                   SINGAPORE                                                          Investor Update Summer 2018
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                                                                                                    For Authorized Use Only
Function Name or Presentation Title
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    Confidential — For Authorized Use Only
Calvin Klein — Brand Overview
                                   2017 Regional Breakout

       GLOBAL RETAIL SALES:                                                   REPORTED REVENUES:
             $9.1 BN                                                                $3.5 BN

                                                                                                    3%
                          3% 16%
                                                                                                          20%
                                                                                   49%
            57%                        24%
                                                                                                           28%
                                    6% 4%
                                      19%                      19%

                             52%
    North America(1)                        Latin America(2)                           Asia Pacific(3)                     Europe(4)

ONE OF THE BEST KNOWN DESIGNER NAMES in the world.
Bold, progressive ideals.
Seductive, and often minimal, aesthetic.

                                                                                                                                       Investor Update Summer 2018
       (1) North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central
       America. (3) Asia Pacific includes Australia and New Zealand. (4) Europe includes the Middle East and Africa.                                                      24
                                                                                                                                                For Authorized Use Only
Calvin Klein — Brand Overview
CALVIN KLEIN is a global lifestyle brand that exemplifies bold, progressive ideals and a seductive, and often minimal, aesthetic

    Our “halo” brand, representing    Our “contemporary”           Our “master” brand, offering   The casual expression of the       Known across the globe for
    pure, refined luxury. This line   brand, offering modern,      men’s and women’s              CALVIN KLEIN brand with            provocative, cutting-edge
    offers men’s and women’s          sophisticated items          sportswear, outerwear,         roots in denim, offering           products and marketing
    high-end designer apparel and     including apparel and        fragrance, accessories,        men’s and women’s                  campaigns and consistently
    accessories, as well as items     accessories.                 footwear, performance          jeanswear, related apparel         delivering innovative designs
    for the home. CALVIN KLEIN                                     apparel, men’s dress           and accessories. CALVIN            with superior fit and quality.
    BY APPOINTMENT, a                                              furnishings, women’s           KLEIN jeanswear is known           Offerings include men’s and
    bespoke collection, was                                        dresses, suits and handbags,   for its unique details and         women’s underwear,
    launched in April 2017.                                        and items for the home.        innovative washes.                 women’s intimates,
DISTRIBUTION                                                                                                                         sleepwear and loungewear.
      Madison Avenue Flagship,        Select Global Retail (Asia      Global Retail, Global           Global Retail, Global              Global Retail, Global
       Global calvinklein.com,           and Europe), U.S.           calvinklein.com, Global         calvinklein.com, Global            calvinklein.com, Global
         Global Wholesale              calvinklein.com, Select             Wholesale                       Wholesale                          Wholesale
                                          global Wholesale
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                                                                                                                                           For Authorized Use Only
Calvin Klein – Growth Opportunities

              Products                       Channels                         Markets

                                                                            GROWTH REGIONS

                                                                   EUROPE

                                                                                    ASIA PACIFIC
  JEANSWEAR          WOMEN’S        STORES           DIGITAL
                    INTIMATES                       COMMERCE

   APPAREL         ACCESSORIES   TRAVEL RETAIL          SHOPS IN
                                                         SHOPS

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                                                                                       For Authorized Use Only
Calvin Klein —
Global Marketing &
Communications
OBJECTIVE: To create marketing campaigns with one singular,
cohesive and aspirational brand voice showcasing the CALVIN
KLEIN lifestyle
INVESTMENT: With over $380 million in global annual marketing
spend in 2017, (~40% funded by licensees), we leveraged CALVIN
KLEIN’s brand heritage to grow the top and bottom line
Focus on consumer engagement and fashion and cultural
relevance
Our Family. #MYCALVINS – the brand’s relaunch of its highly
successful #MYCALVINS campaign – featured:
•   Sisters Kim Kardashian West, Khloé Kardashian, Kourtney
    Kardashian, Kendall Jenner and Kylie Jenner as brand
    ambassadors for CALVIN KLEIN JEANS and CALVIN KLEIN
    UNDERWEAR
•   Siblings Kaia and Presley Gerber in CALVIN KLEIN JEANS

                                                                 Investor Update Summer 2018
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                                                                          For Authorized Use Only
Calvin Klein — Business Overview And Financials

                                              Despite the fact that we brought back in house our two
               SUMMARY FINANCIALS             largest apparel categories in 2013, over 50% of the
                                              brand’s global retail sales continues to be from
2017 Reported Revenues              $3.5 BN   licensing

International Revenues              $1.8 BN                 PAST                        TODAY

North America Revenues              $1.7 BN
                                                Licensee                      Licensee
                                                    89%                           54%
2017 EBIT Margin                     11.9%

                                                 Directly
                                                Operated                    Directly
                                                     11%                    Operated
                                                                              46%
                                                            2012                         2017

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                                                                                     For Authorized Use Only
Be consumer-centric and enhance global relevance
through marketing campaigns and consumer engagement
initiatives designed to drive growth and further resonate
with youth-minded consumers.

Drive product improvement and expansion, particularly within
apparel, jeans, accessories and women’s intimates.

Develop compelling Digital experiences, while also growing
our presence in specialty stores and opening additional travel
retail locations.

Gain greater
Gain greater control
             control of
                     of the
                         the brand
                             brand by
                                   by taking
                                        taking back
                                               back licensed
                                                    licensed
businesses
businesses to
           to operate
              operate them
                        them directly.
                              directly.

                                                                 Investor Update Summer 2018
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Sharpen our processes by enhancing our data capabilities.                 For Authorized Use Only
Calvin Klein North America — Overview

• Healthy positioning across wholesale and retail channels
                                                                                                      57%          43%
• Provocative 360° marketing campaigns are a driving force
  behind the brand, leveraging traditional and digital platforms      2017
                                                                      REVENUES
• Continue to diversify the business in response to consumer          BY DISTRIBUTION                    WHOLESALE
  shopping preferences:                                               MODEL                                RETAIL

      • Growing digital penetration with our wholesale partners

      • Embracing partnerships with pure play digital commerce
        players

      • Continuing to sell into select specialty apparel retailers

• Digital commerce grew approximately 20%, driven by recent
  investments in website navigation and technology
                                                                     Note: Retail and wholesale split excludes licensing revenues.

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Calvin Klein International — Overview
          ASIA PACIFIC                                      EUROPE                          LATIN AMERICA (PRIMARILY
                                                                                                    BRAZIL)
 •   Distribution ~75% retail          •   Distribution ~50% retail /
     (including concession shops           ~50% wholesale in 2017                           •   Distribution ~35% retail /
     and free-standing stores) /                                                                ~65% wholesale
     25% wholesale                     •   Largest categories: Jeans and underwear;
                                           Biggest opportunities: Men’s sportswear,         •   Brand positioned well, with strong
 •   Strong brand positioning across       accessories, women’s sportswear                      consumer relevance and
     all categories                        (Fall 2018 launch)                                   acceptance across product lines

 •   Largest categories: Jeans and     •   Largest regional opportunity for CALVIN KLEIN,   •   Largest category: Jeans; Biggest
     underwear; Biggest                    as we capitalize on the strong consumer              opportunities: Underwear,
     opportunities: Performance and        appetite for the brand                               sportswear and performance
     sportswear

          KOREA
          ~20%

                         CHINA
                         ~50%
            CENTRAL &
        SOUTHEAST ASIA
               PACIFIC
                 ~30%

     2017 REVENUE BY REGION                                                                                Investor Update Summer 2018
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                                                                                                                      For Authorized Use Only
Calvin Klein Licensing
7 significant partnerships represented over 80% of licensing and advertising revenue in 2017
Over time, we look to assume more direct control over various licensed businesses where we have core competencies

                                           Women’s Apparel / Other               Fragrance                          Footwear

        GLOBAL RETAIL
           SALES

                                                 G-III $1.8BN                   COTY $1.2BN                   JIMLAR ~$315MM

                             Men’s Tailored            Watches + Jewelry                 Eyewear                CK Calvin Klein/Asia

                                                                                                              Investor Update Summer 2018
                          PEERLESS ~$240MM              SWATCH ~$225MM             MARCHON ~$145MM                 CLUB   ~$115MM                 32
                                                                                                                        For Authorized Use Only
Function Name or Presentation Title
                                             33
    Confidential — For Authorized Use Only
Heritage Brands — Overview & Financials

                  SUMMARY FINANCIALS
       2017 Reported Revenues              $1.6 BN

       2017 EBIT Margin                        6.7%

                      HERITAGE BRANDS

                                                                      Licensed Brands Include:
  Underwear /                      Dress                         •   Chaps
                    Sportswear                        Swimwear
 Core Intimates                  Furnishings                     •   DKNY
                                                                 •   Kenneth Cole Reaction
                                                                 •   MICHAEL Michael Kors
                                                                 •   Michael Kors Collection

                                                                            Investor Update Summer 2018
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                                                                                        For Authorized Use Only
Be consumer-centric by designing and marketing quality,
trend-tight products that offer great value to our
consumers and introducing products with new
technologies and new features.

Leverage and enhance each brand’s position in the market.

Maximize distribution,
Maximize    distribution, with
                          with the
                               the greatest
                                   greatest opportunities
                                            opportunities inin mass
mass market
market          retailers
         retailers        and digital
                   and digital        commerce
                               commerce          (through
                                          (through          our
                                                     our wholesale
wholesale
partners aspartners    as well
              well as our  ownass  our commerce
                                digital own digitalsite,
                                                    commerce
                                                         launching
site, launching
Summer,    2018)Summer 2018)

Enhance profitability by capitalizing on supply chain
opportunities and leveraging consumer insights, while also
reducing costs and maintaining a critical focus on inventory
management.

                                                                      Investor Update Summer 2018
                                                                                                         35
                                                                               For Authorized Use Only
FINANCIAL OVERVIEW   Function Name or Presentation Title
                         Confidential — For Authorized Use Only
                                                                  36
PVH Financial History
($ in Millions, except per share data)

                                           Warnaco                                                                FX Headwinds
                                          Acquisition
                                                    2013                          2014                         2015                     2016     2017
        Revenues                                    $8,216*                       $8,241                       $8,020                   $8,203   $8,915

        Gross Margin                                52.4%*                        52.6%*                       51.6%*                   53.4%*   54.9%

        EBIT*                                         $967                          $921                         $842                   $794     $864

        EBIT Margin*                                 11.8%                         11.2%                        10.5%                   9.7%     9.7%

        EPS*                                         $7.03                         $7.30                        $7.05                   $6.80    $7.94

        EPS Growth*                                    7%                            4%                          -3%                     -4%     +17%

     * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

                                                                                                                                                          Investor Update Summer 2018
                                                                                                                                                                                             37
                                                                                                                                                                   For Authorized Use Only
PVH Consolidated Summary of 1Q18 Performance
                                                                                              1Q18                                               YoY Change
    Revenues                                                                         $2.3BN reported                                        +16% reported
                                                                                                                                        +10% constant currency*
    Gross Margin                                                                               55.8%                                                 Up 150bps
    Non-GAAP EBIT*                                                                          $251MM                                                        +30%

    Non-GAAP EBIT Margin*                                                                     10.9%                                                  Up 120bps
    Non-GAAP EPS*                                                                              $2.36                                                      +43%
                                                                                (including $0.20 positive impact from
                                                                                          foreign currency)

* Figures exclude certain amounts that were deemed non-recurring or non-operational. Constant currency measures also exclude impact of foreign exchange. Refer to Appendix for GAAP reconciliations.

                                                                                                                                                                                       Investor Update Summer 2018
                                                                                                                                                                                                                                 38
                                                                                                                                                                                                       For Authorized Use Only
PVH Financial History
                                 FREE CASH FLOW ($ in millions)                                                                                                     GROSS LEVERAGE RATIO*
  $700                                                                                                     140%
                                                      $644
                                                                                                                             3.4
  $600                             $578                                                                    120%
                                                                                                                             3.2
               $481                                                                                                                       3.1x                                   3.1x
  $500                                                117%                                                 100%
                                                                                                                                                             3.0x
                                    99%                                                                                      3.0
  $400                                                                                                     80%
                79%                                                                                                          2.8
                                                                         $274                                                                                                                        2.7x                2.7x
  $300                                                                                                     60%

                                                                                            $196                             2.6
  $200                                                                                                     40%
                                                                          44%
                                                                                                                             2.4
  $100                                                                                       29%           20%

                                                                                                                             2.2
    $0                                                                                                     0%
                2014               2015               2016                2017            LTM 1Q18
                                                                                                                             2.0
                         Free Cash Flow               Free Cash Flow / Non-GAAP Net Income*                                              2014                2015                2016                2017             LTM 1Q18

         Debt paydown of ~$1.9 billion in senior secured notes since the Warnaco acquisition
NOTE: Free cash flow defined as cash flow from operations less capital expenditures and dividends.                * Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.
Updated guidance related to the classification of certain cash receipts and cash payments in the statement
of cash flows was adopted in the first quarter of 2018. As a result, contingent payments to Mr. Klein are
now included in cash flow from operations.

2017 and LTM 1Q18 free cash flows were principally impacted by larger capital expenditures compared to                                                                                     Investor Update Summer 2018
prior years, an increase in inventories, principally driven by our expected sales growth in the first half of                                                                                                                                   39
2018 and the timing of inventory receipts as compared to the prior year period due to the inclusion of a                                                                                                    For Authorized Use Only
53rd week of operations in 2017, and an increase in prepaid expenses due to the inclusion of the 53rd
week.
APPENDIX   Function Name or Presentation Title
               Confidential — For Authorized Use Only
                                                        40
GAAP to Non-GAAP Net Income Per Common Share
Reconciliations (2003-2006)
GAAP to Non-GAAP Reconciliations
Net Income (Loss) Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)

                                                                                              2006                                                       2005                                                    2004                                                     2003

                                                                           GAAP          Adjustments(1)          Non-GAAP           GAAP              Adjustments(2)       Non-GAAP         GAAP              Adjustments(3)       Non-GAAP          GAAP              Adjustments(4)       Non-GAAP
Net Income (Loss) per Common Share Calculation

Net Income                                                             $    155.2       $            6.4     $      148.8       $    103.9                             $      103.9     $      58.6       $         (12.1)     $       70.7      $      14.7       $        (35.8)      $       50.5

Preferred Stock Dividends on Converted Stock                                   3.2                   3.2                                2.1       $             2.1                                                                                     20.0                                    20.0

Inducement Payment and Offering Costs                                         10.9                10.9                                 14.2                  14.2

Net Income (Loss) Available to Common Stockholders                     $    141.1       $        (7.7)       $      148.8       $      87.6       $          16.3      $      103.9     $      58.6       $         (12.1)     $       70.7      $     (5.3)       $        (35.8)      $       30.5

Total Shares for Diluted Net Income (Loss) per Common Share                   53.5                (3.2)              56.7              51.7                  (3.3)             55.0            51.6                                    51.6             30.3                  (0.7)             31.0
Diluted Net Income (Loss) per Common Share                             $      2.64                           $       2.62       $      1.70                            $       1.88     $      1.14                            $       1.37      $    (0.18)                            $       0.98

  (1)    Adjustments for 2006 represent the elimination of (i) a gain associated with the sale by our subsidiary on January 31, 2006 of minority interests in certain entities that operate various licensed Calvin Klein jeans and sportswear businesses in Europe and Asia; (ii) costs resulting
         from the departure in February 2006 of our former chief executive officer; (iii) costs associated with closing our apparel manufacturing facility in Ozark, Alabama in May 2006; (iv) the tax effects associated with the foregoing pre-tax items; and (v) an inducement payment and
         offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of a portion of such common shares by the holders. The inducement
         payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share.

  (2)    Adjustments for 2005 represent the elimination of (i) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the
         subsequent sale of such common shares by the holders. The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share.

  (3)    Adjustments for 2004 represent the elimination of (i) charges related to debt extinguishment costs; (ii) charges associated with the closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) the tax effects associated with the
         foregoing pre-tax costs; and (iv) a tax benefit associated with the realization of certain state net operating loss carryforwards.

  (4)    Adjustments for 2003 represent the elimination of (i) charges related to integration costs associated with our acquisition of Calvin Klein; (ii) charges associated with the impairment and closing of certain outlet retail stores and exiting the wholesale footwear business and other
         related costs; (iii) a gain resulting from our sale of the minority interest in Gant Company AB; and (iv) the tax effects associated with the foregoing pre-tax items. Calvin Klein integration costs consist of (a) the operating losses of certain Calvin Klein businesses, which we have
         closed or licensed, and associated costs in connection therewith and (b) the costs of certain duplicative personnel and facil ities incurred during the integration of various logistical and back office functions.

                                                                                                                                                                                                                                                                 Investor Update Summer 2018
                                                                                                                                                                                                                                                                                                                      41
                                                                                                                                                                                                                                                                                            For Authorized Use Only
GAAP to Non-GAAP Net Income Per Common Share
                  Reconciliations (2008-2010)
GAAP to Non-GAAP Reconciliations
Net Income Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)
                                                                                                         2010                                                              2009                                                                2008
                                                                                                                  (1)                                                                (2)
                                                                                 GAAP             Adjustments              Non-GAAP                GAAP             Adjustments               Non-GAAP                  GAAP             Adjustments(3)            Non-GAAP
Net Income per Common Share Calculation
Net Income (Loss)                                                              $    54.4          $         (236.0)         $     290.4          $ 153.5             $            7.2          $    146.3           $      39.1          $         (116.9)         $     156.0
Total Shares for Diluted Net Income per Common Share                                67.4                                           67.4             52.5                                             52.5                  52.2                                           52.2
Diluted Net Income per Common Share                                            $    0.81                                    $      4.31          $ 2.92                                        $     2.79           $      0.75                                    $      2.99

(1) Adjustments for 2010 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, short-lived non-cash valuation amortization charges
    and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price; (ii) the costs incurred in connection with our exit from the United Kingdom and Ireland Van Heusen dresswear and accessories business; (iii) the recognized
    actuarial loss on retirement plans; (iv) the tax effects associated with the foregoing pre-tax costs; and (v) a tax benefit related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.

(2) Adjustments for 2009 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our
    global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses; (ii) the recognized actuarial loss on retirement plans; (iii) the tax effects associated with the foregoing pre-tax costs; and (iv)
    a net tax benefit related principally to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.

(3) Adjustments for 2008 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our
    global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses; (ii) fixed asset impairment charges for approximately 200 of our retail stores; (iii) the recognized actuarial loss on retirement
    plans; (iv) the operations of our Geoffrey Beene outlet retail division and the costs associated with the closing of such division; and (v) the tax effects associated with the foregoing pre-tax costs.

                                                                                                                                                                                                                     Investor Update Summer 2018
                                                                                                                                                                                                                                                                             42
                                                                                                                                                                                                                                      For Authorized Use Only
GAAP to Non-GAAP Net Income Per Common Share
Reconciliations (2011-2013)
GAAP to Non-GAAP Reconciliations
Net Income Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)
                                                                                   2013                                               2012                                               2011
                                                                                          (1)                                                 (2)
                                                                   GAAP       Adjustments        Non-GAAP             GAAP       Adjustments        Non-GAAP             GAAP       Adjustments(3)     Non-GAAP
Total Earnings Before Interest and Taxes                       $     513.4     $    (453.5)      $ 966.9          $     660.4     $     (91.2)      $ 751.6          $     491.2     $    (190.7)      $ 681.9

Net Income per Common Share Calculation
Net Income Attributable to PVH Corp.                           $     143.5     $     (437.5)     $    581.0       $     433.8     $      (52.6)     $    486.4       $     275.7     $     (121.2)     $    396.9
Total Shares for Diluted Net Income per Common Share                  82.6                             82.6              73.9                             73.9              72.9                             72.9
Diluted Net Income per Common Share                            $      1.74                       $     7.03       $      5.87                       $     6.58       $      3.78                       $     5.44

(1)Adjustments for 2013 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of The Warnaco Group, Inc. (“Warnaco”) and the related restructuring; (ii) the loss incurred in
connection with the sale of substantially all of the assets of the G. H. Bass & Co. (“Bass”) business, including related costs; (iii) the income due to the amendment of an unfavorable contract, which resulted in the reduction of
a liability recorded at the time of the Tommy Hilfiger acquisition; (iv) the costs incurred in connection with our debt modification and extinguishment; (v) the interest expense incurred prior to the Warnaco acquisition closing
date related to the $700 of senior notes issued in 2012; (vi) the recognized actuarial gains on retirement plans; (vii) the tax effects associated with the foregoing pre-tax items; (viii) non-recurring discrete tax items related to
the Warnaco integration; and (ix) a non-recurring discrete tax item attributable to an increase in our previously-established liability for an uncertain tax position related to European and U.S. transfer pricing arrangements.
(2)
  Adjustments for 2012 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the costs incurred in connection with our acquisition of
Warnaco; (iii) the interest expense incurred prior to the Warnaco acquisition closing date related to the $700 of senior notes issued in 2012; (iv) the recognized actuarial losses on retirement plans; (v) the tax effects
associated with the foregoing pre-tax costs; and (vi) the tax benefit resulting from the recognition of previously unrecognized net operating loss assets and tax credits.
(3)
  Adjustments for 2011 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the expense incurred associated with settling the unfavorable
preexisting license agreement in connection with our buyout of the TOMMY HILFIGER perpetual license in India; (iii) the costs incurred in connection with our modification of our credit facility; (iv) the costs incurred in
connection with our negotiated early termination of our license to market sportswear under the Timberland brand and the 2012 exit from the Izod women’s wholesale sportswear business; (v) the recognized actuarial losses
on retirement plans; (vi) the tax effects associated with the foregoing pre-tax costs; and (vii) the tax benefit resulting from revaluing certain deferred tax liabilities due to a decrease in the statutory tax rate in Japan.

                                                                                                                                                                                             Investor Update Summer 2018
                                                                                                                                                                                                                                          43
                                                                                                                                                                                                             For Authorized Use Only
GAAP to Non-GAAP Reconciliations (2014-2016)
GAAP to Non-GAAP Reconciliations
(Dollars and Shares in Millions, Except Per Share Data)

                                                                                            2016                                                2015                                                  2014
                                                                            GAAP       Adjustments(1)      Non-GAAP             GAAP      Adjustments(2)      Non-GAAP             GAAP          Adjustments(3)       Non-GAAP
Total Revenue                                                           $ 8,203.1      $           -       $ 8,203.1        $ 8,020.3     $            -      $ 8,020.3        $     8,241.2     $           -        $   8,241.2

Total Gross Profit                                                          4,370.3                (7.3)       4,377.6          4,161.6                19.5       4,142.1            4,326.7                 (6.5)        4,333.2

Total EBIT                                                                   789.2                 (4.9)        794.1            760.5              (81.0)         841.5               529.9              (390.7)           920.6

Net Income per Common Share Attributable to PVH Calculation
Net Income                                                              $    549.0     $           (1.1)   $    550.1       $    572.4    $         (13.3)    $    585.7       $       439.0     $        (168.8)     $     607.8
Total Shares for Diluted Net Income per Common Share                          80.9                               80.9             83.1                              83.1                83.3                                 83.3
Diluted Net Income per Common Share                                     $     6.79                         $     6.80       $     6.89                        $     7.05       $        5.27                          $      7.30

(1)
   Adjustments for 2016 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several
licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the licensing to G-III Apparel Group, Ltd. of the Tommy Hilfiger womenswear wholesale business in the
U.S. and Canada (the “G-III license”), which resulted in the discontinuation of our directly operated Tommy Hilfiger North America womenswear wholesale business in 2016; (iv) the costs incurred in connection with the
restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the noncash gain recorded to write-up our equity investment in TH Asia, Ltd. (“TH China”), our former joint venture for TOMMY HILFIGER
in China, to fair value in connection with the acquisition of the 55% interest that we did not already own (the “TH China acquisition”); (vi) the one-time costs recorded on our equity investment in TH China prior to the
TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in
connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the deconsolidation of our subsidiary that principally operated and managed our Calvin Klein business in Mexico
("the Mexico deconsolidation") in connection with the formation of a joint venture in Mexico to operate that and other businesses; (x) the gain recorded in connection with a payment made to us to exit a TOMMY
HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the early termination of the previous license agreement for the Tommy Hilfiger men’s tailored clothing business in North America (the “TH
men’s tailored license termination”); (xii) the recognized actuarial gain on retirement plans; (xiii) the tax effects associated with the foregoing pre-tax items; and (xiv) the tax benefits associated with discrete items
related to the resolution of uncertain tax positions.

(2)
  Adjustments for 2015 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the operation of and exit from
the Izod retail business; (iii) the costs incurred principally in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection
with the G-III license; (v) the gain recorded on our equity investment in the parent company of the Karl Lagerfeld brand ("Karl Lagerfeld"); (vi) the recognized actuarial gain on retirement plans; (vii) the tax effects
associated with the foregoing pre-tax items; and (viii) the tax benefits associated with discrete items related to the resolution of uncertain tax positions and the impact of tax law and tax rate changes on deferred
taxes.

(3)
  Adjustments for 2014 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with our exit from the Izod retail
business, including noncash impairment charges; (iii) the costs incurred in connection with our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY
HILFIGER stores in North America; (v) the costs incurred related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related
redemption of our 7 3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously consolidated Calvin Klein joint venture in
India; (viii) the recognized actuarial loss on retirement plans; (ix) the tax effects associated with the foregoing pre-tax items; and (x) the tax benefits associated with discrete items primarily related to the resolution of
uncertain tax positions and various Warnaco integration activities.

                                                                                                                                                                                                                                    Investor Update Summer 2018
                                                                                                                                                                                                                                                                       44
                                                                                                                                                                                                                                             For Authorized Use Only
GAAP to Non-GAAP Revenue and Gross Margin Reconciliations

  (Dollars in Millions)

                                                                 2013(1)                   2008(2)                    2003(3)
  GAAP Revenue                                                 $    8,186.4              $    2,492.0               $    1,569.0

  Adjustments                                                             30.0                    (95.0)                     (21.0)

  Non-GAAP Revenue                                                    8,216.4                   2,397.0                    1,548.0

  GAAP Gross Profit                                                   4,219.3

  Adjustments                                                             85.6

  Non-GAAP Gross Profit                                               4,304.9

  Non-GAAP Gross Margin                                                 52.4%

  (1) Adjustments for 2013 represent the revenue reduction due to sales returns for certain Warnaco wholesale customers in connection with initiative to reduce excess inventory levels and the costs incurred in
  connection with the acquisition and integration of Warnaco and the related restructuring.
  (2) Adjustments for 2008 represent the elimination of the operations of the Geoffrey Beene outlet retail division, which was closed.
  (3) Adjustments for 2003 represent the elimination of the operations of certain Calvin Klein businesses, which were closed or licensed.

                                                                                                                                                                                                     Investor Update Summer 2018
                                                                                                                                                                                                                                              45
                                                                                                                                                                                                                    For Authorized Use Only
GAAP to Non-GAAP Reconciliations – 2017, Q1 2017 and Q1 2018
       GAAP to Non-GAAP Reconciliations
       (Dollars and Shares in Millions, Except Per Share Data)

                                                                               2017                                          Q1 2017                                                            Q1 2018
                                                                                                                                                                                                     Positive Impact
                                                                                                                                                                                                       of Foreign               Constant
                                                               GAAP       Adjustments(1)   Non-GAAP           GAAP      Adjustments(2)    Non-GAAP             GAAP     Adjustments(3)      Non-GAAP    Currency                Currency
       Revenue
       Calvin Klein                                        $ 3,461.6      $           -    $ 3,461.6
       Tommy Hilfiger                                        3,893.2                  -      3,893.2
       Heritage Brands                                       1,560.0                  -      1,560.0
       Total Revenue                                         8,914.8                  -      8,914.8      $ 1,989.0      $         -       $ 1,989.0       $ 2,314.6     $           -      $    2,314.6 $         122.8    $      2,191.8

       EBIT
       Calvin Klein                                              410.5              -           410.5
       Tommy Hilfiger                                            318.5           (183.2)        501.7
       Heritage Brands                                           104.3              -           104.3
       Corporate                                                (200.9)           (48.0)       (152.9)
       Total EBIT                                                632.4           (231.2)        863.6          113.2             (79.3)        192.5            244.3              (6.9)           251.2

       Net Income per Common Share Attributable
       to PVH Calculation
       Net Income                                         $     537.8     $       (86.6)   $    624.4     $     70.4    $        (59.8)   $    130.2      $     179.4    $         (5.4)    $      184.8
       Total Shares for Diluted Net Income per
       Common Share                                               78.6                           78.6           79.0                             79.0            78.2                               78.2
       Diluted Net Income per Common Share                 $      6.84                     $     7.94     $     0.89                       $     1.65      $     2.29                       $       2.36 $          0.20    $         2.16

       (1)
         Adjustments for 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with
       agreements to restructure our supply chain relationship with Li & Fung Trading Limited (“Li & Fung”), under which we terminated our non-exclusive buying agency agreement with Li & Fung in 2017 (the “Li & Fung
       termination”); (iii) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement
       of certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (v) the net costs incurred in
       connection with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center; (vi) the costs incurred in connection
       with an amendment to Mr. Tommy Hilfiger’s employment agreement pursuant to which the Company made a cash buyout of a portion of the future payment obligation (the “Mr. Hilfiger amendment”); (vii) the costs
       incurred in connection with the early redemption of the Company’s $700 million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of the Company’s €600 million 3 1/8% senior notes; (ix) the
       recognized actuarial loss on retirement plans; (x) the tax effects associated with the foregoing pre-tax items; (xi) the tax benefits associated with discrete items related to the resolution of uncertain tax positions; (xii) the
       discrete net tax benefit recorded in connection with the enactment of the U.S. Tax Cuts and Jobs Act of 2017 in the fourth quarter of 2017; and (xiii) the discrete tax benefit related to an excess tax benefit from the exercise
       of stock options by our Chief Executive Officer.

       (2)
          Adjustments for the first quarter of 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred
       in connection with the Li & Fung termination; (iii) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in
       connection with the noncash settlement of certain of the Company’s benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were
       transferred to an insurer; (v) the costs incurred in connection with the consolidation within the Company's warehouse and distribution network in North America; and (vi) the tax effects associated with the foregoing
       pre-tax items.

       (3)
             Adjustments for the first quarter of 2018 represent the elimination of the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets, and the resulting tax effect.
                                                                                                                                                                                                                                             Investor Update Summer 2018
                                                                                                                                                                                                                                                                                46
                                                                                                                                                                                                                                                      For Authorized Use Only
GAAP to Non-GAAP Gross Debt/Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) Reconciliations
      GAAP to Non-GAAP Reconciliations
      Debt/EBITDA
      (Dollars in Millions, Except Ratios)
                                                                                                                                                                              LTM Q1
                                                                                                        2014(1)   2015(2)   2016(3)  2017(4)          Q1 2017 (5) Q1 2018 (6)  2018
      GAAP Net Income Attributable to PVH Corp.                                                       $     439 $     572 $    549 $    538           $      70 $       179 $      647
      Pre-Tax Items Deemed Non-recurring or Non-operational                                                 391        81         5     231                  79           7        159
      GAAP Interest and Taxes                                                                                91       188      241        96                 43          65        118
      GAAP Depreciation and Amortization                                                                    245       257      322      325                  77          83        331
      Depreciation and Amortization Items Deemed Non-recurring or Non-operational                             (6)       (6)     (50)     (38)               (10)         (7)       (35)
      Non-GAAP EBITDA as presented                                                                    $ 1,160 $ 1,092 $ 1,067 $ 1,152                 $     259 $       327 $    1,220

      Gross Debt, Including Current Portion and Short-term Borrowings                                 $   3,557   $   3,225   $ 3,242    $ 3,106                               $    3,291
      Capital Lease Obligations                                                                              18          15        16         16                                       16
      Total Debt                                                                                      $   3,575   $   3,240   $ 3,258    $ 3,122                               $    3,307
      Gross Leverage Ratio                                                                                  3.1         3.0       3.1        2.7                                      2.7

      (1)
        Amounts that were deemed non-recurring or non-operational for 2014 were (i) the costs incurred in connection with our integration of Warnaco and the related
      restructuring; (ii) the costs incurred in connection with our exit from the Izod retail business, including noncash impairment charges; (iii) the costs incurred in connection with
      our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY HILFIGER stores in North America; (v) the costs incurred
      related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related redemption of our 7
      3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously consolidated Calvin
      Klein joint venture in India; and (viii) the recognized actuarial loss on retirement plans.

      (2)
        Amounts that were deemed non-recurring or non-operational for 2015 were (i) the costs incurred in connection with our integration of Warnaco and the related
      restructuring; (ii) the costs incurred in connection with the operation of and exit from the Izod retail business; (iii) the costs incurred principally in connection with the
      discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection with the G-III license; (v) the gain
      recorded on our equity investment in Karl Lagerfeld; and (vi) the recognized actuarial gain on retirement plans.
      (3)
        Amounts that were deemed non-recurring or non-operational for 2016 were (i) the costs incurred in connection with our integration of Warnaco and the related
      restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs
      incurred in connection with the G-III license; (iv) the costs incurred in connection with the restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the
      noncash gain recorded to write-up our equity investment in TH China to fair value in connection with the TH China acquisition; (vi) the one-time costs recorded on our equity
      investment in TH China prior to the TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation
      adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs recorded in
      connection with the Mexico deconsolidation; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe; (xi) the costs
      incurred in connection with the TH men's tailored license termination; and (xii) the recognized actuarial gain on retirement plans.

      (4)
        Amounts that were deemed non-recurring or non-operational for 2017 were (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash
      amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the relocation of the Tommy
      Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement of certain of the Company’s benefit
      obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (v) the net
      costs incurred in connection with the consolidation within the Company’s warehouse and distribution network in North America, which included a gain recorded on the sale
      of a warehouse and distribution center; (vi) the costs incurred in connection with the Mr. Hilfiger amendment; (vii) the costs incurred in connection with the early redemption
      of the Company’s $700 million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of the Company’s €600 million 3 1/8% senior notes; and (ix) the
      recognized actuarial loss on retirement plans.

      (5)
        Amounts that were deemed non-recurring or non-operational for the first quarter of 2017 were (i) the costs incurred related to the TH China acquisition, primarily consisting
      of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the relocation of
      the Tommy Hilfiger office in New York, including noncash depreciation expense; (iv) the costs incurred in connection with the noncash settlement of certain of the Company’s
                                                                                                                                                                                            Investor Update Summer 2018
      benefit obligations related to its retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; and
      (v) the costs incurred in connection with the consolidation within the Company's warehouse and distribution network in North America.
                                                                                                                                                                                                                               47
                                                                                                                                                                                                     For Authorized Use Only
      (6)
        Amounts that were deemed non-recurring or non-operational for the first quarter of 2018 were the costs incurred related to the TH China acquisition, consisting of noncash
      amortization of short-lived assets.
GAAP to Non-GAAP Cash Flow Reconciliations
  GAAP to Non-GAAP Reconciliations
  Cash Flow
  (Dollars in Millions)
                                                                                                                  LTM
                                                2014      2015      2016      2017       Q1 2017     Q1 2018     Q1 2018
                              (1)
  Cash Flow from Operations                 $     749 $     854 $     903 $      644    $      (57) $    (126) $      575
  Less:
  Capital Expenditures                            256       264       247        358           68          77         367
  Dividends                                        12        12        12         12            6           6          12
  Free Cash Flow                            $     481 $     578 $     644 $      274    $    (131) $     (209) $      196

  (1)
     Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash
  flows was adopted in the first quarter of 2018. As a result, contingent payments to Mr. Klein are now included in cash
  flow from operations. Prior amounts have been adjusted to reflect the retrospective application of this guidance.

                                                                                                                            Investor Update Summer 2018
                                                                                                                                                               48
                                                                                                                                     For Authorized Use Only
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