Fredrik Olsson, an H&M veteran who most recently led Dubai’s Max Fashion, is switching over to PVH Corp. where he will help the Tommy Hilifger and Calvin Klein brands build in Europe, the Middle East and Africa.
As chief executive officer of PVH EMEA, Olsson will report to PVH’s CEO Stefan Larsson. He will join the company in the fourth quarter and will relocate with his family to Amsterdam, working out of PVH’s EMEA regional headquarters.
During more than 20 years at H&M — the fast-fashion giant where Larsson got his start — Olsson was part of the leadership team that more than doubled the size of the business to $22 billion in sales last year and more than 4,500 stores globally. During his time there, Olsson served as managing director globally for the H&M Brand and as head of global expansion and head of global growth for H&M Group.
Last year, he became CEO of Max, one of the largest fashion retailers in the Middle East.
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Once Olsson makes the switch, he is going to be working with the brand leaders of PVH’s two power brands, Tommy Hilfiger and Calvin Klein, to grow the businesses in the broader region.
Larsson described Olsson as “a unique leader” and said he has a “high-performance track record of driving consistent, profitable, brand-accretive growth.”
“His systematic and repeatable approach of driving growth will be important as we continue to unlock our full potential in the region and make progress towards our vision to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and make PVH one of the highest performing brand groups in our sector,” Larsson said.
Olsson said this was a “pivotal time, as the company continues to make important progress on its long-term, brand-building growth strategy, the PVH+ Plan. I’ve always admired Calvin Klein and Tommy Hilfiger, and the strong European business they have built.”
Larsson has recruited heavily from the fast-fashion world for his leadership team, but is not trying to take Tommy Hilfiger or Calvin Klein down market. (Calvin Klein is in fact heading the other way with a return to the runway planned for next year and Tommy Hilifger often makes a big fashion week splash).
Rather, Larsson has brought a new approach to PVH that is informed by the traits that have made the fast-fashion players so potent over the past two decades. That includes a certain discipline on inventory and a structure that seeks to build a steady business with repeatable results that can churn along.
Last month, PVH said its second-quarter revenues fell 6 percent to $2.07 billion as consumers pulled back around the world, while earnings topped estimates.
Analysts see a work in progress.
Jay Sole, an analyst at UBS, said in a research note at the time: “We think PVH has the brand strength and balance sheet to drive earnings growth over the long term. CEO Stefan Larsson is only in the middle innings of executing his plan to improve PVH’s profitability and we think there are major margin unlocks that should play out over the next few years.”
