PVH CEO Stefan Larsson’s Pay Rises to $16.3M
Stefan Larsson, the chief executive officer of PVH Corp., has seen his compensation package increase by 4.3 percent to $16.3 million last year. The majority of this increase came in the form of stock and option awards, valued at a total of $11.6 million. However, Larsson’s actual payout will be dependent on the performance of PVH’s shares, directly linking his pay to the shareholder’s pocketbook.
In addition to stock and option awards, Larsson also received a salary of $1.4 million and incentive pay of $2.8 million. Larsson took over as CEO of PVH in 2021 and has been actively working on reshaping the company. This includes spinning off the Heritage Brands division, unwinding the licensing deal with G-III Apparel Group, and focusing on boosting the Tommy Hilfiger and Calvin Klein businesses through the PVH+ strategic plan.
“We have focused on improving the relevance and sell-through of our fall 2024 assortment across both brands,” Larsson mentioned in a letter to shareholders outlining the company’s progress. “We have established a global product kitchen for Calvin Klein and developed a strong product assortment for Tommy Hilfiger, set to launch in fall 2025.”
Furthermore, PVH recently made a significant change at the top of Calvin Klein by appointing David Savman as the global brand president. Savman took over from Eva Serrano, who had been in the brand’s top position for over two years. Despite the brand’s higher profile and notable ad campaigns featuring celebrities like Bad Bunny, Jeremy Allen White, and Kendall Jenner, transitioning to a “global product kitchen” approach took longer than expected, causing delays.
In conclusion, Larsson’s leadership at PVH has been marked by a focus on product innovation, marketing strategies to connect with the current trends, and a shift towards a more global approach in brand management. PVH’s strategic moves under Larsson’s guidance indicate a commitment to driving growth and success in the highly competitive fashion industry.
