The clothing giant PVH Group recently disclosed the data relating to the second quarter closed down by 33% compared to the same period of 2019, revenues have in fact settled at 1,5 billion dollars, less than 700 million compared to the 2,2 billion achieved by last year.
However, analysts' expectations were exceeded considering the hypothesis that revenues would have stopped at 1,25 billion dollars, this is the reason that pushed CEO Emanuel Chirico to say: “I never thought in my career to talk about a great quarter with revenues down 33%, but I think it's all relative”. However, some data bodes well, if on the one hand the profits of the retail decreased by 24% and those of Wholesale even by 40% on the other hand, e-commerce is growing at a more than optimal rate, specifically during the quarter sales increased by 50% and digital activities regulated directly by PVH up to 87%.
These are the signs that above all bode well for President Chirico: “We are happy with how we are recovering, despite the drop of more than 30%. The pandemic is accelerating a digital trend that was already underway. What I thought would happen in five or six years will already come in the next one or two years. The online channel will remain an important part of the business. When things get back to normal, I think we will see some rebound in physical retail - continued the CEO - but e-commerce will continue to grow at a significantly faster pace than brick and mortar retail ”.
