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|                           | PVH CORP.                                                                                                                                                                                                                                                                                                                                                                                         |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                           | ASSOCIATES INVESTMENT PLAN FOR                                                                                                                                                                                                                                                                                                                                                                    |
|                           | RESIDENTS OF THE COMMONWEALTH                                                                                                                                                                                                                                                                                                                                                                     |
|                           | OF PUERTO RICO                                                                                                                                                                                                                                                                                                                                                                                    |
|                           |                                                                                                                                                                                                                                                                                                                                                                                              |
|                           |                                                                                                                                                                                                                                                                                                                                                                                              |
| 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) | 14 |

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|                                                      |      2014                                                          |      2013                                                                |
|-----------------------------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
|                                                      |                                                                                        |                                                                                              |
| Assets                                                    |                                                                                        |                                                                                              |
|                                                      |                                                                                        |                                                                                              |
| Cash                                                      | $     4,658                                                   | $      1,244                                                   |
| Participant-directed investments, at fair value           | 840,700                                                                                | 666,823                                                                                      |
|                                                      |                                                                                        |                                                                                              |
| Receivables                                               |                                                                                        |                                                                                              |
|                                                      |                                                                                        |                                                                                              |
| Notes from participants                                   | 66,375                                                                                 | 79,912                                                                                       |
| Contributions, employer                                   | -                                                        | 1,065                                                                                        |
| Contributions, employee                                   |          -       |         2,009                                             |
|                                                      |                                                                                        |                                                                                              |
| Total assets                                              |    911,733                                                                   |     751,053                                                                   |
|                                                      |                                                                                        |                                                                                              |
| Liabilities                                               |                                                                                        |                                                                                              |
|                                                      |                                                                                        |                                                                                              |
| Other payables                                            |             85                  |         -         |
|                                                      |                                                                                        |                                                                                              |
| Total liabilities                                         |             85                  |         -         |
|                                                      |                                                                                        |                                                                                              |
| Net assets available for benefits, at fair value          | 911,648                                                                                |   751,053                                                                          |
|                                                      |                                                                                        |                                                                                              |
| Adjustment from fair value to contract value for interest |                                                                                        |                                                                                              |
| in common/collective trust relating to fully              |                                                                                        |                                                                                              |
| benefit-responsive investment contracts                   |       (3,393)                                                 |       (1,560)                                                       |
|                                                      |                                                                                        |                                                                                              |
| Net assets available for benefits                         | $ 908,255                                                                                   | $  749,493                                                                              |

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| Additions                                                  |                                       |
|------------------------------------------------------------|--------------------------------------------|
|                                                       |                                       |
| Investment income:                                         |                                       |
| Net appreciation of investments                            | $     2,419  |
| Interest and dividend income                               |     19,780             |
|                                                       | 22,199                                |
|                                                       |                                       |
| Interest income on notes receivable from participants      | 3,489                                 |
|                                                       |                                       |
| Contributions:                                             |                                       |
|      Employer, net of forfeitures | 50,672                                |
|      Participants                 |     97,724             |
|                                                       |                                       |
| Total additions                                            | 174,084                               |
|                                                       |                                       |
| Deductions                                                 |                                       |
|                                                       |                                       |
| Payments to participants                                   |     15,322             |
|                                                       |                                       |
| Total deductions                                           |     15,322             |
|                                                       |                                       |
| Net increase in net assets available for benefits          | 158,762                               |
|                                                       |                                       |
| Net assets available for benefits at beginning of year     |   749,493                        |
|                                                       |                                       |
| Net assets available for benefits at end of year           | $908,255                                   |

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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                             |   | $245,500            |                       | $         -      |   | $245,500 |   | $           - |
| U.S. equity index                        |   |                |                       |   |   |   |   | - |
| Mutual funds:(2)                         |   |                |                       |   |   |   |   |   |
| U.S. equity                              |   | 215,923             |                       | 215,923 |   | -     |   | - |
| International equity                     |   | 71,062              |                       | 71,062 |   | -     |   | - |
| Fixed income                             |   | 159,240             |                       | 159,240 |   | -     |   | - |
| Balanced                                 |   | 18,201              |                       | 18,201 |   | -     |   | - |
| Real estate                              |   | 16,831              |                       | 16,831 |   | -     |   | - |
| PVH Corp. common stock(3)                |   |   113,943 |                       |   113,943 |   |          -     |   |             - |
|                                     |   |                |                       |   |   |   |   |   |
| Total investments measured at fair value |   | $840,700            |                       | $595,200 |   | $245,500 |   | $           - |

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|                                     |   |                                                            | 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                             |   | $196,404                                                        |                       | $           -   |   | $196,404 |   | $           - |
| U.S. equity index                        |   | 9,995                                                           |                       |  - |   | 9,995 |   | - |
| Mutual funds:(2)                         |   |                                                            |                       |   |   |   |   |   |
| U.S. equity                              |   | 155,239                                                         |                       | 155,239 |   | - |   | - |
| International equity                     |   | 51,201                                                          |                       | 51,201 |   | - |   | - |
| Fixed income                             |   | 110,594                                                         |                       | 110,594 |   | - |   | - |
| Balanced                                 |   | 15,244                                                          |                       | 15,244 |   | - |   | - |
| Real estate                              |   | 11,520                                                          |                       | 11,520 |   | - |   | - |
| PVH Corp. common stock(3)                |   | 116,297                                                         |                       | 116,297 |   | - |   | - |
| Money market funds(4)                    |   |           329 |                       |          -      |   |          329 |   |              - |
|                                     |   |                                                            |                       |   |   |   |   |   |
| Total investments measured at fair value |   | $666,823                                                        |                       | $460,095 |   | $206,728 |   | $           - |

| (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 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. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | 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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | 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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Mutual funds                  |       $ 6,655 |
|-------------------------------|---------------------------------------------|
| PVH Corp. common stock        | (6,663)                                     |
| Common collective trust funds |     2,427               |
|                          |                                        |
|                          | $  2,419                          |

|                                     | 2014                      | 2013                            |
|------------------------------------------|---------------------------|---------------------------------|
|                                     |                      |                            |
| Wells Fargo Stable Return Fund U         | $245,500                  | $ 196,404                  |
| PVH Corp. Common Stock                   | 113,943                   | 116,297                    |
| Metropolitan West Total Return Bond Fund | 101,681                   | 110,594                    |
| Vanguard Institutional Index             | 80,809                    | -      |
| American Beacon Large Cap Value Fund     | 62,036                    | 74,609                     |
| Vanguard Total Bond Market Index         | 57,559                    | -      |
| Mainstay Large Cap Growth                | -     | 56,660                     |
| Thornburg International Value Fund       | -     | 43,174                     |

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|                                                | 2014                                            | 2013                                            |
|-----------------------------------------------------|-------------------------------------------------|-------------------------------------------------|
| Net assets available for benefits per the financial |
| statements                                          | $ 908,255                                  | $ 749,493                                  |
| Adjustment from fair value to contact value for     |                                            |                                            |
| Fully benefit-responsive investment contracts       |        3,393 |        1,560 |
|                                                |                                            |                                            |
| Net assets available for benefits per the           |                                            |                                            |
| Form 5500                                           | $ 911,648                                       | $ 751,053                                       |

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|   |                               | (c)                                                                                                                           |   |                |
|--------|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|
|   | (b)                                | Description of investment                                                                                                     |   | (e)                 |
|   | Identity of issuer, borrower,      | including maturity date, rate of                                                                                              | (d)    | Current             |
| (a)    | lessor or similar party            | interest, collateral, par or maturity value                                                                                   | Cost   | value               |
|   |                               |                                                                                                                          |   |                |
|   | American Beacon Funds              | American Beacon Large Cap Value Fund;                                                                                         |   |                |
|   |                               | 2,258.308 shares                                                                                                              | **     | $  62,036 |
|   | Dimensional Fund Advisors          | DFA U.S. Targeted Value Portfolio Institutional;                                                                              |   |                |
|   |                               | 894.725 shares                                                                                                                | **     | 19,818              |
|   | American Funds                     | Europacific Growth Fund R5; 677.101 shares                                                                                    | **     | 31,851              |
|   | Fidelity Funds                     | Fidelity Balanced Fund; 799.319 shares                                                                                        | **     | 18,201              |
|   | Hartford Funds                     | Hartford HLS Small Cap Fund; 440.806 shares                                                                                   | **     | 12,096              |
|   | Lazard Funds                       | Lazard Funds Emerging Markets; 901.923 shares                                                                                 | **     | 15,504              |
|   | Metropolitan West                  | Metropolitan West Total Return Bond Fund;                                                                                     |   |                |
|   |                               | 9,320.016 shares                                                                                                              | **     | 101,681             |
|   | T. Rowe Price                      | Blue Chip Growth Fund; 611.928 shares                                                                                         | **     | 41,164              |
|   | Virtus Mutual Funds                | Virtus Real Estate Securities Fund I; 419.192 shares                                                                          | **     | 16,831              |
|   | Vanguard                           | Institutional Index Fund; 428.311 shares                                                                                      | **     | 80,809              |
|   | Vanguard                           | Total Bond Market Index Admiral;                                                                                              |   |                |
|   |                               | 5,295.175 shares                                                                                                              | **     | 57,559              |
|   | Vanguard                           | Total International Stock Index Admiral; 911.824                                                                              |   |                |
|   |                               | shares                                                                                                                        | **     | 23,707              |
|   | Wells Fargo Funds                  | Wells Fargo Stable Return Fund U;                                                                                             |   |                |
|   |                               | 5,048.331 shares                                                                                                              | **     | 245,500             |
| *      | PVH Corp.                          | PVH Corp. Common Stock; 889.0 shares                                                                                          | **     |   113,943 |
|   |                               |                                                                                                                          |   |                |
|   |                               | Total investments, at fair value                                                                                              |   | $840,700            |
|   |                               |                                                                                                                          |   |                |
| *      | Notes receivable from participants | Participant notes receivable;  loans maturing at various dates through 2019 and bearing interest at a rate of 4.25% | **     | 66,375              |

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