PVH has a large and diversified global licensing business, which is a key competitive advantage globally. Through the multiyear takeback of its licensed women's wholesale business in North America, PVH will directly operate the key lifestyle expression of Calvin Klein and TOMMY HILFIGER through the world of underwear, sportswear, and jeans, which create the halo for the brands' expression and price position in wholesale. PVH will also partner with key experts for certain wholesale category businesses where the partner can provide deep category and channel expertise. The approach supports the company's long-term, brand-building growth strategy, the PVH+ Plan, and drives further scale in the marketplace.