We Liked Everything We Saw but Nothing We Heard
By 2003 the PVH company was a great company: it was professionally managed, well organized, and very well thought out. It ran like a bank. All the senior managers were very smart. We managed our inventory extremely well. We always made significant profits while maintaining a sense of fairness not only toward the people who worked for us but around the world as well.
However, we weren’t growing. Our assets weren’t stagnant, but they were definitely mature: we had a little growth but really no growth ...