PVH(PVH) - 2022 Q4 - Earnings Call Transcript
So to your question, the 200 basis points of underlying improvement, as Stefan mentioned, first, we are planning for a significant increase in DTC penetration aligned to the PVH+ Plan and that drives almost 100 basis points of gross margin improvement. And again, starting with both the exchange, [indiscernible] story and then increasingly, these other measures taking a more powerful impact in the second half of the year. And then you talked -- you asked a little bit, I think, about in terms of the internati ...