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 Larsson, 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. 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 a lot of opportunity in category, there's opportunity in geography, there's opportunity in channel. Many of you know the As are what I'm about for 2026. When you think about five As, PVH encompasses them. It's about, this year, AI, it's about assortment, it's about activation, it's about affordability, and it's about agility. 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. Stefan, you want to tell us about that tagline and how it applies to PVH? Yeah. First of all, thank you for having Alexis and I here. It's less of a tagline and much more of something I happen to grow a company and grow up in a company where that was the core philosophy. I saw the strength of that because historically, fashion had been loosely connecting the creative idea, the consumer-facing idea, with the underlying business engine. But I'm such a believer in that, in order to create long-term value from brands, you have to take a systematic, repeatable approach. You can't just sit and say, "I hope product is going to get better next season." You have to be very systematic and very disciplined in saying what part of the product, which categories are you going to accelerate, which are the franchises that you put newness and innovation in. So 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 10 years ago. Mm-hmm. What does this mean for the brand clarity? Yes. What it means for PVH, if you think about Calvin and Tommy, they are top five in every region we compete in. They are two of a handful of globally beloved, known, liked brands. 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 market. Calvin and Tommy have the right to play to win with up here as two of the most desirable brands. If you look at, we do deep consumer research, and a few months ago, we did the most recent deep dive. We see that we have built, over the past five years, real strength with the young consumer. We are the strongest with the Gen Z and young millennial. Why that matters is that they are the next generation, or they are this generation and the next generation of consumer, the most important consumers. Within those consumer groups, we stand the strongest with 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. It's big segments. Why are they important to Calvin and Tommy? It's because the consumer loves style. They love brands. They care about product. They care about the experience. What we have done is, in a systematic way, we started with the brands and say Calvin and Tommy collided with culture back in the days because of a very clear DNA. That DNA stays the same, and we are going back to that DNA and making it current. Then we set very clear direction and say, here is Calvin Klein. You saw it in "Love Story". Mm-hmm. Yep. You see. 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 Kelce during the fall campaign. You saw it 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. Then we can talk about the underlying business engines. But from a consumer perspective, it's a lot of heavy lifting, as you know we have done in the past few years. Okay. Now you have a new partner here in Alexis. Yes who's joined from being the global COO and CFO of Sephora. 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? Yeah. Thank you, Dana, and good morning, everyone. It's a pleasure to be here so early in my journey. As you said, I'm new. A month. 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 U.S., and visit a lot of stores already. To answer your question, yes, prior to PVH, I was the global CFO and COO of Sephora for many, many years, and I was part of the team that really scaled Sephora globally. We made it really the largest and the leader, player in beauty retail, as I'm sure you all know. Importantly, we made it highly profitable for the shareholders. How 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 growth. Across all areas of the business, from real estate to digital, to technology, to procurement, to anything that was making the brand really efficient and in a very disciplined manner. We made it a highly profitable and efficient beauty brand, as you all know. Then, I got highly attracted by the PVH opportunity. First, to your point, the power of the two brands, Tommy and Calvin, at a global scale. Two very powerful brands, strong image, strong awareness, huge social engagement that we see on a daily basis continuing to grow. I see a lot of potential in the two brands, and importantly, I see a huge opportunity for PVH 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 PVH, the strategy that is already in motion, even stronger, better, and reinvest behind the two brands. Grow the business, and importantly, grow the EBIT margin and the long-term shareholder value. I'm super excited to be a part of the team, and with Stefan and the leadership team, and to be supporting the future of PVH. Got it. I know it's a month, so it's only been- It's only a month. Four weeks. But I'm even more excited. Any initial operational enhancements that you see benefiting the business? Yes, I think a bit like what actually I experienced at Sephora, I think PVH is coming from a history of a, 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 Stefan and the team have done a super job in already building a lot of those capabilities. But as we know, there are more to come, and the more we are 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. 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. Stefan, 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. We have been hit by some serious disruptions, but one of many areas where Alexis and I connect is, and how we work with the team is, we have to own it. Independently of macro, the same thing is true. Brand relevance will win, translated into product strength, translated into the full funnel engagement. Alexis was mentioning that the full funnel, the social engagement that we have built for Calvin and Tommy. Calvin has now the biggest social engagement in the world of fashion. If you take the five biggest social platforms, Tommy has the third biggest reach, and we have roughly two times the engagement on that reach. Why that is important is even if we see like in North America and APAC, we don't see any big macro disruptions. You can see that on our D2C growth, AUR expansion, et cetera. Then we activate that consumer all the way. 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 sequentially improved D2Cs, our store business, Q1 to Q2. 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 Kelce, you want that kind of. Or if it's Tate McRae and Calvin Klein, or Sadie Sink, or Jung Kook. We win when we make that experience true in every door and store. That's where we are spending a lot of our time today. Yep. Part of the activation. Yes, 100%. 100%, 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. We drive double-digit AUR expansion in denim. When I'm out, which you know I'm out a lot in stores. I'm going to get out again on Monday. I'm heading to Europe again. When I'm out in the Calvin stores, the biggest challenge now is we don't have enough inventory behind the best-selling styles. 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. From a macro perspective, it is the same job we have to do, it is 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. Yep. When I think about what you do by region, by category- Yeah I love how you call it by category, hero and fashion. Yes. Because both Tommy and Calvin have hero and fashion products. Yes. Where is the opportunity? What do you see as hero and fashion for each? So when we look at Calvin as an example, underwear, denim. 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 Klein. So there are very clear categories where the consumer. And it is not just us saying this, it is 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 Jung Kook in the windows. We had super strong denim impact, super strong underwear impact. Why is that important? It is because it is what the consumer already loves with the brand, and it is just amplified. Then when they come in and they buy their underwear, they buy their denim, they say, "That is a really cool T-shirt. The outerwear." So that is how we build it. Tommy is same. We have one of the best-looking stores in Sawgrass, if you head down there. Both Calvin opened two weeks ago, and two years ago, we renovated our big Tommy store. It is fantastic. There you see the strength in sweaters. The strength in outerwear, the strength in shirt. Sweaters sounds like, "Give me a break. Make me excited about sweaters." But it is actually really exciting because we are building out franchises in sweaters that are true to Tommy, that is a lot of innovation in new layers, like the cable knit sweater. It's super strong in both men's and women's. It's year-over-year, the consumer sees, "That's where I can get my best sweaters. That's where I can get overall. That's where I get classic American style that feels relevant today at a really good value." So the affordability. Tommy's product value is super strong, stronger than what we communicate, and that's one thing that Alexis Rollier, of many. Because what I've said to Alexis is, "Yes, you're new, but it's also when you are new, you have the most unbiased view. Yep. You flagged, like, the product price is really good, the product value. Yes. We don't talk enough about that. You also got another A in there, amplify. Yeah. I like that word amplify. Yes. Speaking of amplify, what about by channel? Wholesale and your own retail, e-commerce? Yes. D2C is where we have the fastest impact of the strategy that we execute. You can see it in double-digit growth in consumer- Yeah traffic to e-commerce. You see it in e-commerce growth across the regions, across the brands, AUR expansion. Then on the wholesale-- D2C is led by e-commerce growth and new customer acquisition and better retention and better lifetime value of that consumer. Then on the wholesale side, we are getting really close to our best wholesale partners, closer than any other time. I was in Berlin two weeks ago for the Zalando Partner Day and just speaking about how they use their 50, 60 million consumers that they have and how we can get the consumer knowledge and the data in jointly growing our brands together. It's Zalando, it's Amazon, it's Tmall, but it's also Macy's here in the U.S. I got to know Tony also 10 years ago. When he came into Macy's, I knew that if he can do what he did at Bloomingdale's at the price of Macy's- Yep Wow. And that's what he's doing. Right. Exactly. We were in Dadeland, Miami, and had a newly renovated shop in shop for Calvin and Tommy as well, and performing really well. And Tony and the team created a great shopping experience. Mm-hmm. You have a transition going on, a licensing transition. What is the significance for each brand? How is it going? Yeah. It is going well. If we back up and say, where are we with licensing is a big, profitable, reoccurring revenue and profit stream for us. It is beyond that because what we have done over the past few years is we have taken back control of our women's wholesale in North America. 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. We are already now growing the underlying, the go-forward licensing business. We have a $350 million licensing business. We are starting to grow that. We will grow it next year, then we will grow it, total licensing will start to grow starting next year. What is special for Calvin and Tommy and the own and operate and the licensing is that we are now taking so much control of the core brand proposition to the consumer and the consumer acquisition. You see that in the social media, you see that in e-commerce traffic, you see that in our core, how we grow our core categories. Outside of the core, we are working with some of the best partners in the world, whether it is eyewear or it is small leather goods or belts or shoes. What is good here is, I do not 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. Also working closer than ever, but we have had the heavy lifting of taking back from our former partner in North America, the women's North America licensing, and then growing the core of the business ourselves, and then growing the licensing 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 drive the flywheel. You need the flywheel. Yeah. We need to drive that. Mm-hmm. Got it. Because we have a lot to learn from them. I was just meeting with one of our biggest licensees two days ago, and they are so good on their category expertise. Combining then two of the most desirable brands with- The one plus one should equal three. Absolutely. The other thing that always helps is the marketing. Yeah. DNA connectors, you've- Yeah You've mentioned it a bit. Yeah. What's coming up? Is it category license that connects with marketing, events? Yes. Marketing is where we had shorter lead times. If you look at these journeys, it takes years, and we are in the middle of it. We have built the foundation now. We have the team in place. We have the capabilities in place. Marketing is shorter lead time. You have seen us connect Calvin Klein with culture and the young consumer, connect Tommy Hilfiger with culture and the young consumer, whether it's Travis Kelce, whether it's the fashion shows. 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. Right Sitting front row, and we dress them in the current mainline. So when they amplify the activation, Yes. We have this organic impact 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. But what we are working a lot with, and Alexis, feel free to jump 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 within feel the fit is these five fits. And Sadie Sink will tell you which her three favorite fits are. Now we are connecting the brand engagement marketing all the way down to the store and the floor. Then you walk Sawgrass and you see Sadie Sink, and you have seen the campaign, and that is why we are selling out on the loose fit baggy jeans as an example. But we have more to do here. Alexis, you come from a world where you are super disciplined on the- Yes Marketing effectiveness, et cetera. Right. And I fully agree that the work that I see at PVH on the two brands, on the upper funnel, on the brand building, on the excitement is 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 we saw it in stores last week, it is absolutely powerful. It delivers results, delivers better sales, a better client experience. So now we need to scale it to make it- Yes At scale and to be very disciplined on getting the full funnel experience, allocating the marketing dollars where it makes sense for the consumer. This is a huge opportunity. I would say the most important, we have those two incredible assets that are the brands and amazing upper funnel marketing activities already. Now it is all about activation. Discipline too. Discipline. That is why what I looked for in why I felt after the first meeting with Alexis in the recruiting of my new CFO was that you were right, is because Alexis is as interested in the business driving as the financial steering. My experience coming back to systematic repeatable value creation is you have to connect those two. Yep. 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 going to 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. There's one other store just closer to home for everyone. Yes. The Soho store- Yes that opened less than a year ago. Yes. And we used that as a testing ground. So if you haven't been, it's on Broadway, best foot traffic location in Soho. So if you're down in Soho, take a look. Very strong underwear impact. Very strong denim impact. So 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 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 can then pick between 50 colors. You can pick your own three-pack. Based on seasonal colors, limited edition, and it's working really, really well. 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. Yeah. You can play part of it. Yep. It is our biggest product. Yep. So please stop by Soho. Summing it all up, when you think about systematic repeatable growth, what are the proof points that are now in place- Yes to deliver sustainable and- Yes systematic repeatable growth? Yes. 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 points. Secondly, we have the proof points in e-commerce growth, double-digit traffic growth to e-commerce, and we are starting to get more and more targeted with our power segments that I talked about earlier. Then it is the actual growth of e-commerce. That is another proof point. It happens in all three regions, despite any macro. Thirdly, it is how we drive D2C growth where we do not have any macro impact, like North America and APAC. The consumer is holding up really well, and we drive D2C growth with AUR expansion. Then it is down in the categories, to your point, to say we drive double-digit denim growth. We drive mid-single-digit underwear growth. Then say, "Yeah, but that is two categories." Yes, but it is 50% of Calvin Klein. Then to Alexis' point, we are now scaling that to 60%, to 70%. We are scaling. Same with Tommy. We are driving double-digit growth in sweater, mid-single-digit growth in shirts. But it is that keeping focus 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. Yep That have the experience. You have met some of our team members. Yes, David. Mm-hmm. Yes. Super strong in Calvin Klein, and we have it across the management team now. Building these capabilities, we had to build the product capability for Calvin Klein. We didn't have it in one place. We had to build that. We ran into some execution challenges last year. But thanks to that, we can now drive double-digit denim growth. 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. Yeah. You don't have to convince anyone. I have a 16-year-old daughter. I don't have 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 then our stores. So that's the job of the job for us. Yeah. Terrific. I want to thank you very much for joining us today. Thank you. Thank you. Thank you all for being here. We look forward to continuing to following the path of progress, and we're all going to go to Soho to check out the Calvin Klein store. Yes. Thank you. Thank you. Thank you. Thank you so much