Apparel giant PVH Corp lowered its 2024 outlook, projecting full‑year revenue to remain roughly flat after previously expecting modest growth. The revision follows a sharp drop in second‑quarter sales, which the company attributes to the lingering impact of the war in Iran on its Europe, Middle East and Africa (EMEA) operations and broader regional uncertainty.

CEO Stefan Larsson said PVH is juggling two opposing forces: accelerating brand momentum for Calvin Klein and Tommy Hilfiger, and deteriorating consumer confidence in the EMEA market. While the Americas and Asia‑Pacific divisions continue to post growth, the Middle‑East conflict is eroding discretionary spending, squeezing margins on key apparel lines throughout the quarter and beyond.

Analysts note that tariff‑refund benefits PVH expected from recent trade adjustments will be insufficient to offset the EMEA slowdown. The flat‑revenue guidance trims the company’s growth narrative and could pressure its stock, which has hovered near historic lows. Investors will watch whether the firm can sustain momentum in its stronger regions without further geopolitical shocks.

With earnings season approaching, PVH’s revised outlook underscores how regional conflicts can outweigh macro‑economic tailwinds for global apparel brands. The firm’s ability to leverage brand strength in the Americas and APAC will be critical to offsetting the EMEA drag. Market participants now price in a more cautious revenue trajectory for the remainder of the year.