PVH Corp., the owner of Calvin Klein and Tommy Hilfiger, saw its shares drop by 20% after providing sales guidance for the year that fell short of expectations. The company expects a decrease in revenue of 6% to 7% this year, compared to a 2% increase last year. PVH cited the sale of its Heritage Brands and a challenging macroeconomic environment in Europe as factors contributing to the expected decrease. Despite efforts to strengthen the Calvin Klein and Tommy Hilfiger brands, revenue growth has been weak in certain regions, such as North America and international markets for Tommy Hilfiger. [Extracted from the article]

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