|                           | PVH CORP.                                                                                                                                                                                                                                                                                                                                                                      |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           | ASSOCIATES INVESTMENT PLAN                                                                                                                                                                                                                                                                                                                                                     |
|                           |                                                                                                                                                                                                                                                                                                                                                                           |
| Date:  June 29, 2015 | By/s/ Dana Perlman                                                           |
|                           | Dana Perlman                                                                                                                                                                                                                                                                                                                                                                   |
|                           | Member of Plan Committee                                                                                                                                                                                                                                                                                                                                                       |

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|                                                    | Page                                                      |
|---------------------------------------------------------|----------------------------------------------------------------|
| Report of Independent Registered Public Accounting Firm | 1                                                         |
| Financial Statements                                    |                                                           |
|                                                    | Statements of Net Assets Available for Benefits                | 3  |
|                                                    | Statement of Changes in Net Assets Available for Benefits      | 4  |
|                                                    | Notes to Financial Statements                                  | 5  |
| Supplemental Schedule                              |                                                           |
|                                                    | Schedule H, Li ne 4i--Schedule of Assets (Held at End of Year) | 17 |

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|                                             | 2014                                                                                                                                        |   | 2013                                                                                                     |
|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|
| Assets                                           |                                                                                                                                        |   |                                                                                                     |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Cash                                             | $     1,418,011                                                                                               |   | $       155,494                                                  |
| Participant-directed investments, at fair value  | 512,775,981                                                                                                                            |   | 412,113,424                                                                                         |
| Receivables:                                     |                                                                                                                                        |   |                                                                                                     |
| Notes from participants                          | 9,458,633                                                                                                                              |   | 7,242,947                                                                                           |
| Due from broker                                  | -                                                                                                                  |   | 94,910                                                                                              |
| Contributions, employer                          | -                                                                                                                  |   | 302,185                                                                                             |
| Contributions, employee                          | -                                                                                                                  |   | 663,898                                                                                             |
| Due from Warnaco Group, Inc. plan merger         |                   -      |   |    85,089,888                                                                             |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Total receivables                                |        9,458,633                                                                                         |   |    93,393,828                                                                             |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Total assets                                     |   523,652,625                                                                                                                     |   |   505,662,746                                                                                  |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Liabilities                                      |                                                                                                                                        |   |                                                                                                     |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Due to broker                                    | -                                                                                                   |   | 10,731                                                                                              |
| Other payable                                    |               -                    |   |                  49 |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Total liabilities                                |               -                    |   |           10,780                                       |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Net assets available for benefits, at fair value | 523,652,625                                                                                                                            |   | 505,651,966                                                                                         |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Adjustment from fair value to contract value for |                                                                                                                                        |   |                                                                                                     |
| interest in common/collective trust relating to  |                                                                                                                                        |   |                                                                                                     |
| fully benefit-responsive investment contracts    |         (929,066)                                                                                   |   |        (355,107)                                                      |
|                                             |                                                                                                                                        |   |                                                                                                     |
| Net assets available for benefits                | $522,723,559                                                                                                                                |   | $505,296,859                                                                                             |
|                                             |                                                                                                                                        |   |                                                                                                     |
|                                             |                                                                                                                                        |   |                                                                                                     |   |

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| Additions                                                           |                                     |
|---------------------------------------------------------------------|------------------------------------------|
|                                                                |                                     |
| Investment income:                                                  |                                     |
|       Net appreciation of investments | $    1,979,069  |
|       Dividend income                 |    20,821,961             |
|    Total investment income                           | 22,801,030                          |
|                                                                |                                     |
| Interest income on notes receivable from participants               | 371,740                             |
|                                                                |                                     |
| Contributions:                                                      |                                     |
|    Employer, net of forfeitures                      | 13,759,342                          |
|    Participants                                      | 29,348,099                          |
|    Rollovers                                         |      2,041,957  |
| Total contributions                                                 | 45,149,398                          |
|                                                                |                                     |
| Total additions                                                     | 68,322,168                          |
|                                                                |                                     |
| Deductions                                                          |                                     |
|                                                                |                                     |
| Payments to participants                                            |    50,895,468             |
|                                                                |                                     |
| Total deductions                                                    |    50,895,468             |
|                                                                |                                     |
| Net increase in net assets available for benefits                   | 17,426,700                          |
|                                                                |                                     |
| Net assets available for benefits at beginning of year              |   505,296,859                  |
|                                                                |                                     |
| Net assets available for benefits at end of year                    | $522,723,559                             |

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|                                     |   |                          | Fair Value Measurements at |
|------------------------------------------|--------|-------------------------------|----------------------------|
|                                     |   |                          | December 31, 2014          |
| Asset Category                           |   | Total                         |                       | Quoted PricesIn ActiveMarkets forIdentical Assets(Level 1) |   | SignificantObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |
|                                     |   |                          |                       |   |   |   |   |   |
| Common collective trust funds:(1)        |   |                          |                       |   |   |   |   |   |
| Stable value                             |   | $  56,650,995  |                       | $             -         |   | $ 56,650,995    |   | $           -          |
| Guaranteed investment contract:(2)       |   | 1,869,097                |                       | -         |   | -         |   | 1,869,097  |
| Mutual funds:(3)                         |   |                          |                       |   |   |   |   |   |
| U.S. equity                              |   | 215,032,224              |                       | 215,032,224  |   | -         |   | -          |
| International equity                     |   | 61,107,346               |                       | 61,107,346  |   | -         |   | -          |
| Fixed income                             |   | 56,699,294               |                       | 56,699,294  |   | -         |   | -          |
| Balanced                                 |   | 45,433,800               |                       | 45,433,800  |   | -         |   | -          |
| Real estate                              |   | 9,165,384                |                       | 9,165,384  |   | -         |   | -          |
| PVH Corp. common stock(4)                |   |    66,817,841  |                       |    66,817,841 |   |              -        |   |              -         |
|                                     |   |                          |                       |   |   |   |   |   |
| Total investments measured at fair value |   | $512,775,981                  |                       | $454,255,889 |   | $ 56,650,995 |   | $   1,869,097 |

|                                     |   |                                                                                                      | Fair Value Measurements at |
|------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------|----------------------------|
|                                     |   |                                                                                                      | December 31, 2013          |
| Asset Category                           |   | Total                                                                                                     |                       | Quoted PricesIn ActiveMarkets forIdentical Assets(Level 1) |   | SignificantObservableInputs(Level 2) |   | SignificantUnobservableInputs(Level 3) |
|                                     |   |                                                                                                      |                       |   |   |   |   |   |
| Common collective trust funds:(1)        |   |                                                                                                      |                       |   |   |   |   |   |
| Stable value                             |   | $  44,698,679                                                                              |                       | $             -         |   | $44,698,679  |   | $           -          |
| U.S. equity index                        |   | 19,109,544                                                                                           |                       | -         |   | 19,109,544  |   | -          |
| Mutual funds:(3)                         |   |                                                                                                      |                       |   |   |   |   |   |
| U.S. equity                              |   | 142,028,774                                                                                          |                       | 142,028,774  |   | -         |   | -          |
| International equity                     |   | 48,831,829                                                                                           |                       | 48,831,829  |   | -         |   | -          |
| Fixed income                             |   | 40,449,904                                                                                           |                       | 40,449,904  |   | -         |   | -          |
| Balanced                                 |   | 34,844,073                                                                                           |                       | 34,844,073  |   | -         |   | -          |
| Real estate                              |   | 6,508,190                                                                                            |                       | 6,508,190  |   | -         |   | -          |
| PVH Corp. common stock(4)                |   | 75,641,538                                                                                           |                       | 75,641,538  |   | -         |   | -          |
| Money market funds(5)                    |   |                  893 |                       |                -       |   |                893  |   |              -          |
|                                     |   |                                                                                                      |                       |   |   |   |   |   |
| Total investments measured at fair value |   | $412,113,424                                                                                              |                       | $348,304,308 |   | $63,809,116 |   | $           -          |

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| (1) | Valued at the net asset value of the fund(s), as determined by a pricing vendor or the fund family.  The Plan has no unfunded commitments related to these common collective trust funds.  These funds invest in (a) guarantee contracts and instruments and (b) securities that make up the S&P 500 Index in the same proportion as the index. These funds are redeemable on a daily basis without restriction. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) |  Valued at fair value by discounting the cash flows that would be paid out if the plan were to discontinue using a rate based on current yields of similar instruments with comparable durations.  The discount rate was 3.58% at December 31, 2014. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (3) |  Valued at the net asset value of the fund(s), as determined by the closing price in the active market in which the individual fund is traded. |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Valued at the closing price of PVH Corp. common stock as determined by the closing price in the active market in which the securities are traded. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) Valued at the net asset value of the fund(s), as determined by a pricing vendor or the fund family.  The Plan has no unfunded commitments related to these funds.  These funds invest in short-term, high quality fixed income securities issued by banks, corporations and the U.S. government and maintain a constant $1 net asset value.  These funds are redeemable on a daily basis without restriction. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                        |   | Guaranteed                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------|
| Level 3 - Reconciliation                                                                                                                    |   | Investment Contract                                                                                |
|                                                                                                                                        |   |                                                                                               |
| Beginning balance—January 1, 2014                                                                                                     |   | $        -         |
| Transferred from Warnaco Group, Inc.                                                                                                        |   | 2,405,248                                                                                     |
| Total loss                                                                                                                                  |   | (90,568)                                                                                           |
| Sales and disbursements                                                                                                                     |   |    (445,583)                                                                        |
| Ending balance—December 31, 2014                                                                                                      |   | $1,869,097                                                                                         |
|                                                                                                                                        |   |                                                                                               |
|                                                                                                                                        |   | Year Ended                                                                                         |
|                                                                                                                                        |   | December 31, 2014                                                                                  |
|                                                                                                                                        |   |                                                                                               |
| The amount of total gain for the year attributable to the change in unrealized gains or losses relating to assets still held at December 31 |   | $   50,241                                                                     |

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|                           | Fair Value at12/31/2014      |   | Valuation Technique  |   | Unobservable Inputs                                               |   | Discount Rate     |
|--------------------------------|------------------------------|--------|----------------------|--------|-------------------------------------------------------------------|--------|-------------------|
|                           |                         |   |                 |   |                                                              |   |              |
| Guaranteed Investment Contract | $1,869,097    |   | Discounted cash flow |   | Discount rate equal to a margin added to the 7 year treasury rate |   | 3.58%   |

| Mutual funds                   | $ 6,426,841                                     |
|--------------------------------|----------------------------------------------------------------|
| PVH Corp. common stock         | (4,576,392)                                               |
| Guaranteed investment contract |          (90,568) |
| Common collective trust funds  |         219,188        |
|                           |                                                           |
|                           | $  1,979,069                                         |

|                                     |        2014    |       2013          |
|------------------------------------------|---------------------------------------------------|---------------------------------------------------|
|                                     |                                              |                                              |
| American Beacon Large Cap Value Fund     | $43,434,680                                  | $51,744,252                                  |
| Europacific Growth Fund R5               | 34,957,133                                   | -         |
| Fidelity Balanced Fund                   | 45,433,800                                   | 34,844,073                                   |
| Mainstay Large Cap Growth                | -         | 48,128,894                                   |
| Metropolitan West Total Return Bond Fund | 37,158,990                                   | 40,449,904                                   |
| PVH Corp. Common Stock                   | 66,817,841                                   | 75,641,538                                   |
| T. Rowe Price Blue Chip Growth           | 43,895,191                                   | -         |
| Thornburg International Value Fund       | -         | 41,893,534                                   |
| Vanguard Institutional Index             | 72,853,007                                   | -         |
| Wells Fargo Stable Return Fund U         | 56,650,995                                   | 44,698,679                                   |

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|                                               | December 31, 2014 |
|----------------------------------------------------|-------------------|
|                                               |              |   |
| Average yields:                                    |              |   |
| Based on annualized earnings(1)                    | 3.55%             |   |
| Based on interest rate credited to participants(2) | 3.56%             |   |

| (1) |  Computed by dividing the annual actual aggregate earnings of the contract by the fair value of the outstanding investments on the last day of the Plan Year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Computed by dividing the annual actual earnings credited to participants by the fair value of the outstanding investments on the last day of the Plan Year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                      |   | 2014                                                                 |   | 2013                                                          |
|-----------------------------------------------------------|--------|----------------------------------------------------------------------|--------|---------------------------------------------------------------|
| Net assets available for benefits per the financial       |   |                                                                 |   |
|    statements                              |   | $ 522,723,559                                                   |   | $ 505,296,859                                                 |
| Amounts allocated to withdrawing participants             |   |          (12,904)  |   | (18,226)                                                      |
| Adjustment from fair value to contract value for          |   |                                                                 |   |                                                          |
|   fully benefit-responsive investment contracts |   |          929,066        |   |          355,107 |
|                                                      |   |                                                                 |   |                                                          |
| Net assets available for benefits per the Form 5500       |   | $ 523,639,721                                                        |   | $ 505,633,740                                                 |

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|                                                       |   | 2014                                               |
|------------------------------------------------------------|--------|----------------------------------------------------|
|                                                       |   |                                               |
| Benefits paid to participants per the financial statements |   | $50,895,468                                   |
| Add: Amounts allocated to withdrawing participants at      |   |                                               |
|   December 31, 2014                              |   | 12,904                                        |
| Less: Amount allocated to withdrawing participants at      |   |                                               |
|   December 31, 2013                              |   |        (18,226) |
| Benefits paid to participants per the Form 5500            |   | $50,890,146                                        |

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|   |                          |                                                             |   |                         |
|--------|-------------------------------|------------------------------------------------------------------|--------|------------------------------|
|   |                          | (c)                                                              |   |                         |
|   | (b)                           | Description of investment                                        |   | (e)                          |
| (a)    | Identity of issuer, borrower, | including maturity date, rate of                                 | (d)    | Current                      |
|   | lessor or similar party       | interest, collateral, par or maturity value                      | Cost   | value                        |
|   |                          |                                                             |   |                         |
|   | American Beacon Funds         | American Beacon Large Cap Value Fund;                            |   |                         |   |
|   |                          | 1,581,167.816 shares                                             | **     | $43,434,680                  |   |
|   | Dimensional Fund Advisors     | DFA U.S. Targeted Value Portfolio                                |   |                         |   |
|   |                          | Institutional; 1,125,890.917 shares                              | **     | 24,938,484                   |   |
|   | American Funds                | Europacific Growth Fund R5;                                      |   |                         |   |
|   |                          | 743,136.331 shares                                               | **     | 34,957,133                   |   |
|   | Fidelity Funds                | Fidelity Balanced Fund;                                          |   |                         |   |
|   |                          | 1,995,335.978 shares                                             | **     | 45,433,800                   |   |
|   | Hartford Funds                | Hartford HLS Small Cap Growth Fund IB;                           |   |                         |   |
|   |                          | 784,114.821 shares                                               | **     | 21,516,111                   |   |
|   | Lazard Funds                  | Lazard Funds Emerging Markets Portfolio                          |   |                         |   |
|   |                          | Institutional; 559,740.964 shares                                | **     | 9,621,947                    |   |
|   | Metlife                       | Metlife, Inc. Guaranteed Investment Contract; 181,912.531 shares | **     | 1,869,097                    |   |
|   | Metropolitan West             | Metropolitan West Total Return Bond M                            |   |                         |   |
|   |                          | Fund; 3,405,956.902 shares                                       | **     | 37,158,990                   |   |
|   | Prudential                    | Jennison Mid Cap Growth Z; 209,711.491                           |   |                         |   |
|   |                          | shares                                                           | **     | 8,394,751                    |   |
|   | T. Rowe Price                 | Blue Chip Growth; 652,522.544 shares                             | **     | 43,895,191                   |   |
|   | Vanguard                      | Institutional Index Fund; 386,139.856 shares                     | **     | 72,853,007                   |   |
|   | Vanguard                      | Total Bond Market Index Admiral;                                 |   |                         |   |
|   |                          | 1,797,636.089 shares                                             | **     | 19,540,304                   |   |
|   | Vanguard                      | Total International Stock Index Admiral;                         |   |                         |   |
|   |                          | 635,702.547 shares                                               | **     | 16,528,266                   |   |
|   | Virtus Mutual Funds           | Virtus Real Estate Securities Fund I;                            |   |                         |   |
|   |                          | 228,278.551 shares                                               | **     | 9,165,384                    |   |
|   | Wells Fargo Funds             | Wells Fargo Stable Value Class U;                                |   |                         |   |
|   |                          | 1,164,939.245 shares                                             | **     | 56,650,995                   |   |
| *      | PVH Corp.                     | PVH Corp. Common Stock;                                          |   |                         |   |
|   |                          | 521,322.000 shares                                               | **     |    66,817,841 |   |
|   |                          |                                                             |   |                         |   |
|   |                          | Total investments, at fair value                                 |   | $512,775,981                 |   |
|   |                          |                                                             |   |                         |   |
| *      | Notes receivable from         | Participant notes receivable maturing at                         |   |                         |   |
|   |   participants      | various dates through 2029 and bearing                           |   |                         |   |
|   |                          | interest at rates from 4.25% to 9.25%                            | **     | $   9,458,633 |   |

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| Exhibit No. |
|-------------|
|        |
| 23.1        | Consent of Independent Auditors |