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Okay. Good morning, everyone. On to the next session, and I think it's going to be one of the most exciting sessions of the day. I'm thrilled to have with us today the senior executives of PVH, CEO Stefan Larson, CFO Alexis Rollier, and the whole PVH team right in front also. Thank you very much for joining us today. Many of you know I love brands. Brands are exciting. And when you think about brands and you think about the brands and iconic brands that PVH owns Tommy Hilfiger and Calvin Klein there's a lot of opportunity there's an opportunity in category there's opportunity in geography there's opportunity in channel many of you know the A's are what I'm about for 2026 and when you think about five A's PVH encompasses them it's about this year AI it's about assortment it's activation it's affordability and it's about agility. So to tell us a little bit more about where PVH sits right now, given that if you know Stefan Larsson, in all the years I've known him, the key message that he has, systematic repeatable growth. So Stefan, you want to tell about that tagline and how it applies to PVH. Stefan Larsen, Ph.D.: Yeah, it's less, so thanks, first of all, thank you for having Alexi and I here and it's less of a tagline and much more of something I I happen to grow a company and grow up in a company where that was the core philosophy and I saw the strength of that because historically fashion had been like loosely connecting the creative idea the consumer facing idea with the underlying business engine but I'm such a believer in that you in order to create long-term value from brands you have to take a systematic repeatable approach so you can't just sit and say I hope product is going to get better next season you have be very systematic and very disciplined in saying what part the product which categories are you going to accelerate which are the franchises that you put newness and innovation in so that's that's very much shaped it was shaped from my early days in my career and it was also very much front and center when we saw each other the first time ten years ago. And what does this mean for the brand clarity? Yes, so what it means for PVH, if you think about Calvin and Tommy, they are top five in every region we compete in. So there are two of a handful of globally beloved, known, liked brands. So if we take two steps back and say where is the fashion and apparel moving? I believe what we are seeing over the past few years is you're either becoming one of the most beloved and desirable brands or you fall into the sea of generic part of the of the market and Calvin and Tommy have the right to play to to win with up here as two of the most desirable rounds so if you look at we do deep consumer research and a few months ago we did the last the last deep dive the most recent deep dive and we see that we have we we have built over the past five years real strength with the young consumer so we are the strongest with the Gen C and young millennial and why that matters is that if they are the ones they are the next generation or they are this generation and the next generation of consumer the most important consumers and within those consumer groups we stand the strongest we the status shopper and the style enthusiast and why those segments are the most important those segments with their value counterpart is roughly 40% of the total market she's big segments why are they important to Calvin and Tommy it's because the consumer loves style they love brands they they they care about product they care about the experience so what we have done is in a systematic way we start to with the brands and say, Calvin and Tommy collided with culture back in the days because of a very clear DNA. And that DNA stays the same, and we are going back to that DNA and making it current. And then we make, and then we set very clear direction and say here is Calvin Klein, you saw it in Love Story. You see, and what does that look and feel like today and going forward? Tommy's world of classic American cool, classic American style meets pop culture. What does that mean today? You saw it with Travis Kelsey during the fall campaign. You saw in the runway. So it means to us that very clear brand direction, very clear consumer focus, and then we build the product strength, the consumer engagement, and invest in the marketplace. And then we can talk about the underlying business edges. But from a consumer perspective, That's what, it's a lot of heavy lifting, as you know, we have done in the past few years. And now you have a new partner here, an Alexi, who's joined from being the global COO and CFO of Sephora. So Sephora, global brand, we all know it, it's like a candy store for some. What learnings from your role at Sephora are a benefit to PVH? Thank you, Dana, and good morning, everyone. It's a pleasure to be here so early in my journey. So as you said, I'm new, a month in the company, And already, actually, a lot happened in a month. I had the opportunity to onboard and to meet many people and start in Europe, go in the US, and visit a lot of stores already. But to answer your question, yes, I was prior to PVH, I was the global CFO and CEO of Sephora for many, many years, and I was part of the team that really scale Sephora globally. We made it really the largest and the leader player in beauty retail as I'm sure you all know but also importantly we made it highly profitable for the shareholders and how we we did it is really being extremely disciplined in cost management in gross margin management making space in the P&L reinvesting behind the brand and the rules and across all areas of the business from real estate to digital to technology to procurement to anything was making the brand really efficient and in a very disciplined manner and we made it highly profitable and efficient beauty brand as you all know and then I got highly attracted by the pvh opportunity first to your point the power of the two brands to me and Calvin at the global scale two very powerful brands strong image strong awareness huge social engagement that we see on a on a daily basis continuing to grow so i see a lot of potential in the two brands and importantly i am i see huge opportunity opportunity for ph to really connect the strategy to what i've been i would say leading in the past decade at sephora which is really the financial discipline and the operational excellence to really make the plan of ph the strategy that is already in motion even stronger better and reinvest behind the two brands and grow the business and importantly grow the ebit margin and the long-term share of the value so i'm super excited to be a part of the team and we have with stefan and the leadership team and to be supporting the future of ph and i know it's a month so it's only been four weeks but i'm uh even more excited any initial operational enhancements that you see benefiting the business yes i think a bit like uh what But actually, I experienced at Sephora, I think PVH is coming from a history of, I would say, a decentralized organization. It's a global business, two brands, multiple regions, that step by step are working more and more together, so building global capabilities. I think Stéphane and the team have done a superb job in already building a lot of those capabilities. But as we know, and there are more to come, And the more we're going to leverage that global footprint and this, I would say, global capabilities, the more it's going to make all our business initiatives faster, cheaper, more efficient, our time to market to the consumer even more powerful. And that's a bit what I led at Sephora for many years, coming from a fragmented and decentralized organization into something that is more globally consistent and powerful to really go faster and delight the client better than anybody else. Great. So, Stéphane, the global environment, how are you navigating the macro given your broad global reach that you have? And does it differ at all by brand? It's a good question. the macro comes up to all of us and and we have seen we we have been hit by some serious disruptions but one of many areas where alexi and i connect is and how we work with the team is we have to own it so independently of macro the same thing is true brand relevance will win translated into product strength translated into the full funnel engagement and alexia was mentioning that the the full funnel the social engagement that we have built for calvin and tom and calvin has now the biggest social engagement in the world of fashion if you take the five biggest social platforms and tommy has the third biggest reach and we have roughly two times the engagement on that reach so why that is important is even if we see like in north america and apac we see see, we don't see any big macro disruptions, and you can see that on our D2C growth, AUR expansion, et cetera, and then we activate that consumer all the way. But even in Europe, where we have been hit with the Middle East war, the consumer sentiment is tough out there, but we saw from Q1 to Q2 that we were able to, we grew e-commerce year over year. We grew, we sequentially improved D2Cs, our store business, Q1 to Q2. And so it's all about where the macro gets tough, we need to get even more aggressive in executing all the way. Because if you think about the Calvin and Tommy, and some of you, I hope, have seen the fashion shows, the fall campaign, the Travis Kelsey. You want that kind of, or if it's Tate McRae and Calvin Klein, or Sadie Sink, or John Cook. you want we win when we make that experience true in every door and store and that's that's where we are spending a lot of our time today part of the activation yes a hundred percent hundred percent because even where we have tough macros we see that in calvin klein where we lean into denim as an example we drive double digit growth and we drive triple digit aur expansion in denim and And when I'm out, which you know I'm out a lot in stores, and I'm going to get out again on Monday, I'm heading to Europe again. But when I am out in the Calvin stores, the biggest challenge now is we don't have enough inventory behind the best selling styles. So we have the demand, because we have channeled that from the iconic DNA of Calvin Klein, which is very much rooted in underwear and denim, and then all the way. So from a macro perspective, it's the same job we have to do. It's just even more important. And we see even more of a difference when the macro gets tough. Where we execute all the way, we still drive growth. And when I think about what you do by region, by category, and I love how you call it by category hero in fashion. Because both Tommy and Calvin have hero in fashion products. Where's the opportunity? What do you see as hero in fashion for each? Yeah, so when we look at Calvin as an example, underwear, denim, so underwear and denim is roughly half of Calvin Klein. But if you take the jeans lifestyle concept around denim, then underwear and the jeans lifestyle becomes 80% of Calvin Kline. So there are very clear categories where the consumer, and it's not just us saying this, it's the research with the consumer that says, We love Calvin Klein for underwear and denim. Why is that so important? We were with the board last week in Miami, and we have a newly renovated store in Sawgrass Mills, the number one outlet center in America. And it was so good because we had Sadie Sink and Tate McRae and John Cook in the windows. We had super strong denim impact, super strong underwear impact. Why is That Important? It's because it's what the consumer already loves with the brand, and it's just amplified and then when they come in and they buy their underwear they buy their denim they say ah that's a really cool t-shirt ah the outerwear so that's how we build it and and tommy is saying we have one of the best looking stores in sawgrass uh if you head down there both calvin opened two weeks ago and two years ago we opened we renovated uh our big Tommy store it's fantastic and there you see like the strength in sweaters the strength in outerwear the strength insured and it's sweater sounds like give me a break give me make me excited about sweaters but it's actually really exciting because it's we are building out franchises in sweatters that are true to Tommy that is a lot of innovation in new lives like the cable knit sweater it's super strong in both men's and women's and it's year-over-year the consumer sees ah that's where I can get my best sweaters that's what I can overall that's why I get classic American style that feels relevant today at the really good value so the affordability Tommy Tommy's product value is super strong stronger than what we communicate and that's one thing that alexia of many because what i've said to alexis yes you're new but it's also when you're new you have the most unbiased yep so you you you flagged like the product price is really good the product value yes and we don't talk enough about that you also got another a in there amplify i like that word amplify yes speaking of m5 what about by channel wholesale in your own retail e-commerce yes but so d2c is where we have the fastest impact of the strategy that we execute um and you can see it in double digit growth in consumer traffic to e-commerce you see it in e- commerce growth across the regions across the brands aur expansion and and then on on the wholesale so dtc is led by e-commerce growth and new customer acquisition and better retention and better lifetime value of that consumer and then um on on the wholesale side we are getting really close to our best wholesale partners closer than every time any other time i was in berlin two weeks ago for the zalando brand day and just speaking about how they use their 50 60 million consumers that they have and and how we can get the consumer knowledge and the data in jointly growing our rounds together so it's Salon do it's Amazon it's t-mall but it's also Macy's here in the US Tony I got to know Tony also ten years ago when he came into two Macy'S I knew that if he can do what he did at Bloomingdale's and the price of MacyS wow and that's what he's doing right exactly so we were in Dateland Miami and had a newly renovated shopping shop for Calvin and Tommy as well and performing really well and this Tony and the team created a great shopping experience and then you have a transition going on a licensing transition what's the significance for each brand how's it going yeah it's going well and if we back up and say where are we with licensing licensing is it's a big profitable reoccurring revenue and profit stream for us but it's beyond that because what we have done over the past few years is we've taken back control of our women's wholesale in North America and the reason why we have done that is we are building a licensing business because now we are through that transition end of this year so we are starting to we are already now growing the underlying the go-forward licensing business we have a 350 million dollar licensing business we are starting to grow that we'll grow it next year and then we'll grow it total licensing will start to grow starting next year what is special for Calvin and Tommy and the own and operated and the licensing is that we are now taking so much control of the core brand proposition to the consumer and the consumer acquisition and you see that in the social media you see in e-commerce traffic you see that in our core how we grow our core categories but then outside of the court we are working with some of the best partners in the world whether it's it's eyewear or it's small leather goods or belts or shoes and and what's good here is I don't believe anyone else in the market has such strength in the underlying brand proposition and driving that flywheel that can then drive the second engine which is the licensing engine so also working closer than ever but we have had a the heavy lifting of taking back from our former partner in North America the women's North America licensing and then growing the the core of the business ourselves and then growing the licensing in in a super high quality way and when we speak with our licensing partners they say it's fantastic to work with you guys because you you drive the flywheel you need the fly with that we need to drive that we have a lot to learn from that winter I was just meeting with one of our biggest licenses two days ago and and they are so good on their category expertise and combining them two of the most desirable brands with the one plus one should equal three absolutely and the other thing that always helps is the marketing DNA connectors you mentioned it a bit what's coming up is a category license that connect with marketing events yes so marketing is where we had shorter lead times so if you look at these journeys takes years and we're in the middle of it we have built the foundation now we have the team in place we have their capabilities in place marketing is short deleted so you have seen us connect calvin klein with culture and the young consumer connect tommy with culture in the young customer whether it's whether it is travis kelsey whether it to fashion shows and the fashion show is much more than the actual fashion show nowadays the fashion show is the vehicle where the brand can play the lead role but we have 400 global talent sitting front row and we dress them in in the current main line so when they amplify uh the activation they we have this organic impact like that goes into current season yes they are at a fashion show for the next year collection but they are dressed in this year's season so it's really but what we're working a lot with and and alexi you feel free to jump in in terms of we have been very successful in creating desirability up here and now what you see with Calvin Klein as an example we take Calvin Klein denim campaign it's not just a Calvin Klein brand campaign now it's denim and within denim is feel the fit and we didn't feel the fit is these five fits and Sadie Sink will tell you which her three favorite fits are so so now we are connecting the brand engagement marketing all the way down to the store and and the floor and then you walk Sawgrass and you see Sadie Sink and you have seen the campaign and that's why we're selling out on the loose fit baggy jeans that's an example but we have more to do here so Alexa you come from a world where you are super disciplined on the marketing effectiveness etc right and I fully agree that I mean the world that I see a pH on the two brands on the upper funnel, on the brand building, on excitement, it's quite amazing already. I think to Stefan's point, the opportunity is really to take it all the way down to the consumer activating to use your point. When we do so, and so it installs last week, it is absolutely powerful. It delivers results, it delivers better sales, a better client experience. So now we need to scale it to make it at scale and to be very disciplined on getting the full funnel experience, allocating the marketing donors where it makes sense for the consumer. But this is a huge opportunity. But I would say the most important, we have those two incredible assets that are the brands and amazing upper funnel marketing activities already. So now it's all about activation. And discipline. And discipline too. And that's why what I looked for in why I felt after the first meeting with Alexi in the recruiting of my new CFO was that you were right, is because Alexi is as interested in the business driving as the financial steering. And my experience coming back to systematic repeatable value creation is you have to connect those two. And that's what you have such great experience. And you have just been here a month, but already bringing that perspective in and say, guys, we're gonna increase our discipline now with here is how we are driving the business, And here is how we are driving the financial performance, and here is step-by-step how we do it. And there's one other store just closer to home for everyone, the Soho store, that opened less than a year. Yes, and we use that as a testing ground. So if you haven't been, it's on Broadway, the best foot traffic location in Soho. So if your down in Sohoo, take a look. Very strong underwear impact, very strong denim impact. What you will have seen over the past few months is that we have increased the denim impact, We have increased underwear impact. And we are testing new things. Like one innovation in underwear is our strongest underwear is for men's and women's, the iconic waistband. It's called the Icon, Icon Cotton Stretch. And what we do with that now is we play with it. So when you go to Soho, you can either for women's and men's, for both, you could then pick between 50 colors. So you can pick your own three pack. So based on seasonal colors, limited edition, and it's working really, really well. And especially the young consumer likes that because when we do something that's iconic and current and fresh, it's a little bit going back to beauty. It's more interactive. You can play part of it. And it's our biggest product. So yeah, so go, please stop by Soho. So summing it all up, When you think about systematic repeatable growth, what are the proof points that are now in place to deliver sustainable and systematic repeatables growth? Yes, so if we start with the brands and their standing with the consumer and the next generation consumer, we have built real strength there. We have the proof point. Secondly, we have the prove points in e-commerce growth, double digit traffic growth to e-commerce. And we're starting to get more and more targeted with our power segments that I talked about earlier. Then it's the actual growth of e-commerce. That's another proof point. It happens in all three regions, despite any macro. Thirdly, it's how we drive D2C growth where we don't have any macro impact, like North America and APAC, the consumer is holding up really well, and we drive the D2G growth with AUR expansion. And then it's down in the categories to your point to say, We drive double digit denim growth. We drive mid single digit underwear growth. And they say, yeah, but that's two categories. Yes, but it's 50% of Calvin Klein. And then to Alexis' point, we are now scaling that to 60% to 70% of, we're scaling. Same with Tommy, we are driving double digit growth in sweater, mid single-digit growth in shirts. But it's that keeping focus on systematically on systematically just improving that with increased discipline, financial and operational discipline. But those are the proof points. But the real value-creating opportunity is ahead of us because now what took so long? What took so Long was to get the team in place that have the experience. So you have met some of our team members. Yes, David. Yes, super strong in Calvin Klein. And we have it across the management team now. Then building these capabilities, we had to build the product capability for Calvin Klein. We didn't have it in one place. We had to built that. We ran into some execution challenges last year. But thanks to that, we can now drive double-digit denim growth. So it's a step. What you should expect from us is increasing discipline in step-by-step, creating value from these fantastic brands. But it comes back to the brands. is you don't have to convince anyone. I have a 16-year-old daughter. I don't need to convince her that Calvin Klein is cool from an underwear and denim or Tommy Hilfiger is cool. She just wants that translated, and she sees it in social e-commerce and in our stores. So that's the job of the job for us. Terrific. I want to thank you very much for joining us today. Thank you all for being here. We look forward to continuing to follow the path of progress, and we're all going to go to Soho to check out the Calvin Klein Thank you