PVH · CIK 78239
What PVH Corp. told the SEC could break it.
Nearly all of PVH's flagged risk runs through one fact — it makes nothing itself, sourcing apparel, footwear and accessories from independent manufacturers in about 30 countries, most of them in Asia — and that supply chain is now caught between two governments. U.S. import tariffs cut 2025 gross profit by about $69 million net of mitigation, with a larger ~$195 million gross hit expected in 2026 at an assumed 15% rate, while China retaliated by placing PVH on its Unreliable Entity List in February 2025, threatening fines or restrictions in a market that generates roughly 20% of its income before interest and taxes. Layered on top are forced-labor import-enforcement risk, Red Sea shipping disruptions on its inbound Asian routes, and €408 million of term loans plus €600 million of notes due in 2027.
6 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. import tariffs on apparelhigh
Higher U.S. import tariffs cut 2025 gross profit by ~$69M gross (net of mitigation); PVH expects a larger ~$195M gross hit in 2026, assuming a 15% tariff rate effective Feb 24, 2026.
“The increased tariffs for goods entering the United States had a net negative impact on our full year 2025 gross profit, including a gross impact of approximately $69 million and a partially offsetting impact from mitigation actions which began in the third quarter and more significantly took effect in the fourth quarter.”
- China MOFCOM Unreliable Entity List (UEL) designationhigh
China's MOFCOM placed PVH on the Unreliable Entity List in February 2025; pending measures could mean fines or restrictions on doing business in China, where ~20% of PVH's income before interest and taxes (and ~6% of revenue) is generated.
“had violated normal market trading principles and in February 2025, it announced its determination and placed PVH Corp. on the UEL.”
- forced-labor supply-chain import restrictionsmedium
The apparel industry faces increased regulation/enforcement over forced labor in supply chains, exposing PVH to import restrictions and detentions on goods linked to flagged regions.
“Our industry has experienced, and we have been impacted by, increased regulation and enforcement, in particular in regards to concerns around forced labor in supply chains.”
SEC filing →As of 2026
Other disclosures
- shipping-route disruption (Red Sea)medium
PVH's inbound shipments from Asian manufacturers are exposed to piracy, military action and terrorism on key shipping routes, such as the ongoing Red Sea disruptions.
“Additionally, shipments are threatened by piracy, military actions and terrorism on shipping routes (like the disruptions that have been occurring in the Red Sea), and similar actions.”
SEC filing →As of 2026
Supplier concentration
- Asia-concentrated contract manufacturingmedium
PVH sources its apparel, footwear and accessories from independent manufacturers in ~30 countries, most in Asia; though no single supplier/country is critical, the Asia concentration exposes it to regional disruption.
“Our apparel, footwear and accessories are produced by and purchased or procured from independent manufacturers in approximately 30 countries, with most being located in Asia.”
SEC filing →As of 2026
Liquidity & debt
- 2027 EUR term-loan & note maturitieslow
PVH must repay or refinance €408M of senior unsecured term loans and €600M of senior unsecured notes coming due in 2027.
“We have senior unsecured term loans (€408 million outstanding as of the end of 2025) and senior unsecured notes (€600.0 million principal amount) coming due in 2027 that will need to be paid or refinanced.”
SEC filing →As of 2026
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