Operator

Good morning, everyone, and welcome to today’s PVH Fourth Quarter 2025 and Full Year Earnings Conference Call. [Operator Instructions] Please note this call may be recorded [Operator Instructions] — it is now my pleasure to turn today’s program over to Sheryl Freeman, Senior Vice President of Investor Relations.

Sheryl Freeman
Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. Fourth Quarter and Full Year 2025 Earnings Conference Call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning and Analysis. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material.

It may not be recorded, rebroadcast or otherwise transmitted without PVH’s written permission. Your participation constitutes your consent to having anything you say appear on any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH’s view as of March 31, 2026, of future events and financial performance. These statements are subject to risks and uncertainties indicated in the company’s SEC filings and the safe harbor statement included in the press release that is the subject of this call.

These include

India’s banking sector is showing signs of resilience, even amid market volatility. Updates from private lenders, especially HDFC Bank, indicate steady growth, though some concerns remain.

Aditya Shah, Founder, Hercules Advisors told ET Now, “Systemic loan growth is about 10%–15%, deposits about 10%. HDFC Bank has grown loans at 12%–13% and deposits at 14%—exactly as management planned. Stock reaction may be muted due to AT1 bond and chairman issues, but business numbers are strong.”

On deposit trends, Shah added, “Deposit growth has been strong since the merger. Even if markets stay tough, some money may return to deposits. The main concern is loans and NIM, which take time to recover.”

Smaller lenders and microfinance are also showing signs of recovery. Shah noted, “The micro-lending cycle has bottomed out. Banks like RBL, Suryoday, and Ujjivan are reporting good loan growth. The war may slow lending briefly, but the cycle had turned before that.”

Public sector banks continue to perform steadily. Shah said, “PSU banks will do well for the next one or two years. SBI is best placed. HDFC Bank offers potential if it resolves internal issues and improves NIM.”

IDFC First Bank showed mixed results. “Growth may moderate short-term due to a fraud booking, but long-term the franchise is well placed,” Shah explained.
On NBFCs, he highlighted, “Bajaj Finance saw deposits decline this quarter, though 20% loan growth is fine. We’ll monitor management’s response.” For investment picks, Shah advised, “Top PSU pick: SBI. Contrarian pick: HDFC Bank—valuations are low, and growth potential remains. ICICI Bank is also on a growth cycle for the next three to five years.”

Bottom Line
India’s banks are at an inflection point—growth is returning, and asset quality is stabilizing. However, margins, deposits, and global risks remain challenges. Investors should balance opportunity with caution.

Since 2018 the high street lender has shut more than 800 branches in the UK

Barclays is reportedly planning to return to the high street by opening new branches and bringing back “bank managers”. Vim Maru, chief executive officer at Barclays UK, told the Times he does not want customers to get “stuck in some chatbot” when they need help.

Since 2018, more than 800 Barclays branches have closed – leaving 206 still open around the UK, according to the company’s latest annual report. Mr Maru joined Barclays in 2023, and took over running the UK arm of the bank in 2024.

He said that one of his “early decisions” was to pause the closures and plans to expand again.

In an interview with the paper, Mr Maru said: “What we’re trying to do is something that allows us to differentiate in front of our customers.

“Of course we’re going to be great in digital – but we’re going to be there for you when you need some help and support. You’re not going to be stuck in some chatbot trying to get out of the loop and trying to speak to someone.”

The chief executive does not accept that branches were closed too quickly, but has noted that many customers still “value physical presence”.

“The branch manager or bank manager is back. Most customers come in and they want to talk to the bank manager from time to time,” said Mr Maru.

The decision to move back towards traditional banking comes as previously digital-only banks, such as Revolut, have started moving into the current account market in the UK.

In a statement to the Press Association, Mr Maru said: “Even in a digital world, many customers still value physical presence and the ability to talk to our colleagues when they need support.

“In response to changes to where people work, live and shop over the last few years, we have relocated some of our branches and extended branch opening hours, adding 33,500 hours of in-branch availability per year.

“We are now looking to enhance and invest in our branch footprint alongside our contact centres and app as we continue to meet the changing preferences of our customers.”

MONTECITO, California — The Duchess of Sussex offered fans a rare, intimate look at family life Monday, posting a series of short videos on Instagram showing Prince Archie and Princess Lilibet celebrating Easter at the family’s Montecito home.

Meghan Markle, 44, shared the clips with the simple caption “Happy Easter!” accompanied by an egg emoji. The footage captures the children, ages 6 and 4, enjoying classic holiday traditions in their sprawling backyard garden: darting across the grass with Easter baskets, an egg hunt, Lilibet wearing playful bunny ears while carrying a plush rabbit, and Archie decorating eggs. One segment shows Meghan herself searching for eggs near the family’s chicken coop, nicknamed Archie’s Chick Inn.

The post provides one of the most extended recent glimpses into the private world of Prince Harry and Meghan’s young family since they stepped back from senior royal duties and relocated to California in 2020. The couple has been protective of their children’s privacy, rarely sharing images or videos, making Monday’s Easter posts stand out.

In the clips, Archie, with his recognizable red hair, runs energetically through the yard. Lilibet appears in bunny ears, toddling along with a stuffed bunny. The children are seen from various angles, including some from behind, as they hunt for hidden eggs amid the lush Montecito landscape. Other moments include family activities like feeding chickens, evoking a relaxed, sun-filled California spring day.

Royal watchers noted the timing coincides with Easter observances by the broader British royal family, including a service at St. George’s Chapel in Windsor attended by King Charles III and other senior royals. The contrast between the formal Windsor gathering and the informal California backyard celebration highlighted the divergent paths taken by the two branches of the family.

Meghan’s Instagram account, which she uses to promote her lifestyle brand As Ever and share personal moments, has featured the children sparingly in recent months. Earlier posts included cameos by Archie and Lilibet in behind-the-scenes videos for As Ever collaborations, such as flower arranging and product shoots at home. In one March video, the children playfully interrupted their mother’s work, with Lilibet whispering to Meghan and Archie dashing into frame, prompting the caption “Mama’s little helpers.”

The Duchess has also shared other family snippets, including Archie skiing with his father in early April, captioned “My boys. Quick learner, Archie! So proud ❤️.” Those clips showed Harry and his son gliding down slopes, underscoring the family’s active outdoor lifestyle.

Monday’s Easter videos arrive as the Sussexes continue building lives centered on philanthropy, media projects and family in their Montecito estate. The nine-bedroom, 16-bathroom property, purchased for $14.65 million in 2020, includes extensive grounds that have become the backdrop for many of the rare shared moments.

Prince Archie Harrison Mountbatten-Windsor was born in London in May 2019. Princess Lilibet Diana Mountbatten-Windsor followed in June 2021 in Santa Barbara, California. Both children hold the titles of prince and princess, granted after King Charles ascended the throne in 2022, though the family primarily uses them in formal contexts.

The couple has spoken in interviews about striving for a normal childhood for their children, away from the intense scrutiny of royal life in Britain. Harry, in particular, has cited privacy and safety concerns as reasons for the family’s low public profile regarding the children.

Fans and royal commentators reacted quickly to the Easter posts. Many praised the sweet, unscripted nature of the clips, with comments highlighting the children’s energy and the joyful family atmosphere. Supporters viewed it as a warm holiday gesture from the Duchess. Others noted the ongoing debate around the Sussexes’ approach to sharing family images, with some critics arguing the videos still protect the children’s faces from clear, prolonged exposure.

The posts also come amid continued public interest in the couple’s relationship with the British royal family. Harry and Meghan have maintained some distance since their 2021 Oprah interview and the 2023 release of Harry’s memoir “Spare,” though occasional olive branches, such as Harry’s brief visits to Britain, have occurred.

Meghan has focused on entrepreneurial ventures in recent years. Her lifestyle brand As Ever, launched with products ranging from jams and teas to home goods, has expanded through collaborations. The brand’s emphasis on home, garden and family-friendly living aligns with the aesthetic of Monday’s Easter videos.

Earlier in the week, Meghan was spotted shopping locally in Montecito for Easter items, including traditional baskets and throwback toys like Magic Rabbit playing cards and Sea Monkeys, according to onlookers. The choices reflected a preference for simple, creative play over high-tech gifts, consistent with the couple’s stated desire for a grounded upbringing.

The Easter sharing fits a pattern of occasional, carefully curated glimpses the Sussexes provide. Previous rare videos have shown carefree days, such as grocery list-making with Lilibet or zoo visits with Archie. These moments humanize the family for their global audience while maintaining boundaries.

Royal experts suggest such posts serve multiple purposes: connecting with supporters, promoting Meghan’s brand initiatives and reinforcing the narrative of a happy, settled life in California. At the same time, the selective nature of the shares — often showing activities from behind or in motion — continues to spark discussion about privacy versus public engagement.

As Easter Monday unfolded, the British royals marked the holiday with traditional church services and family gatherings at Windsor. King Charles, who has been undergoing treatment for cancer, appeared publicly in recent days, sending a message of continuity within the institution.

The Sussexes, by contrast, embraced a more casual observance. Sources close to the couple described the day as filled with egg hunts, outdoor play and quality family time, with Harry actively participating alongside Meghan and the children.

The videos quickly garnered significant engagement on Instagram, with thousands of likes and comments within hours. Hashtags related to the post trended among royal watchers, mixing admiration for the family’s apparent joy with speculation about future public appearances.

Meghan and Harry’s decision to step back as working royals in 2020 stemmed from what they described as overwhelming media pressure and lack of support. Since then, they have pursued independent projects, including Netflix deals, Spotify podcasts and Harry’s Invictus Games work, while raising their family.

Lilibet celebrated her fourth birthday last June with limited public fanfare, while Archie turned six in May 2025. The family has marked milestones privately, occasionally sharing photos taken by Harry or Meghan themselves.

Monday’s post underscores the couple’s commitment to a California lifestyle centered on nature, animals and simple traditions. The chicken coop, garden activities and backyard play reflect an emphasis on hands-on experiences for the children.

As the children grow, questions persist about their future exposure to public life and potential royal roles. For now, the Sussexes appear focused on shielding them while allowing occasional, controlled peeks for well-wishers.

The Easter videos represent a light, festive moment amid ongoing global interest in the couple. They offer reassurance to fans that Archie and Lilibet are thriving in their sun-drenched California home, engaged in the timeless joys of childhood.

Whether more family content will follow remains uncertain, but Monday’s share provided a welcome dose of seasonal warmth from the Duchess of Sussex and her young family.

Elon Musk on Monday amplified sharp criticism of California’s approach to homelessness, quoting a lengthy video clip in which he describes a “homeless industrial complex” as “really dark” and labels some nonprofits “drug zombie farmers” whose funding depends on keeping people on the streets.

The post on X, simply read “Incentives drive outcomes” and quoted a video from the account @teslaownersSV. In the nearly four-minute excerpt from a recent Joe Rogan Experience podcast, Musk detailed what he sees as a perverse incentive structure in the state’s multibillion-dollar homelessness programs.

“The homeless industrial complex is really dark, man,” Musk says in the clip. “That network of NGOs should be called, like, the drug zombie farmers. Because the more homeless people … the more money they get from the state of California and from all the charities.”

Musk, chief executive of Tesla and SpaceX and owner of X, argued that many nonprofits and government-funded organizations receive payments based on the number of people they serve rather than measurable results in reducing homelessness or addiction. He claimed this creates an economic motive to maintain — or even increase — the visible street population rather than resolve underlying issues such as severe drug addiction, particularly fentanyl, and untreated mental illness.

“Homeless implies that somebody got a little behind on their mortgage payments and if they just got a job offer they’d be back on their feet,” Musk said. “But someone who is totally dead inside shuffling along down the street with a needle dangling out of their leg … homeless is the wrong word. It’s propaganda.”

He went further, alleging coordination between some organizations and law enforcement that discourages arrests of drug dealers. “They don’t arrest the drug dealers because if they arrest a drug dealer, the drug zombies would leave and they would stop getting money,” Musk stated. He described the system as a “self-licking ice cream cone” in which billions of taxpayer dollars flow annually without clear accountability or progress.

The comments echo Musk’s long-standing frustration with conditions in San Francisco and Los Angeles, cities where he has lived and worked. He has repeatedly pointed to visible encampments, open drug use and public disorder as deterrents to business and quality of life. California has spent an estimated $24 billion or more on homelessness programs in recent years, yet the state’s unsheltered population remains among the highest in the nation, according to federal data.

Musk’s post quickly drew widespread engagement, amassing millions of views within hours. Supporters praised him for highlighting what they call systemic waste and failed policies under long-term Democratic leadership in Sacramento. Critics accused him of dehumanizing vulnerable people and oversimplifying a complex crisis involving poverty, mental health, addiction and housing shortages.

The video Musk shared originally aired during a conversation with comedian and podcaster Joe Rogan. In it, Musk referenced businesses such as Square and Stripe relocating operations from San Francisco, citing street conditions as a factor. He also noted a local tax on financial transactions that he said funneled revenue into homelessness programs without solving the problem.

California Gov. Gavin Newsom’s administration has defended its record, pointing to billions invested in housing, shelter and treatment programs through initiatives like the Homelessness Housing, Assistance and Prevention program. State officials argue that progress has been made in placing thousands into housing, but they acknowledge challenges including a surge in fentanyl-related deaths and the lingering effects of the COVID-19 pandemic. Recent budget proposals have included reduced funding for some homelessness grants, sparking concern among advocates who warn that cuts could reverse gains.

Musk’s remarks come as he plays an influential role in national policy discussions through his companies and his platform on X. As a major donor and vocal supporter of certain political candidates, including those critical of California’s governance, he has used social media to weigh in on issues ranging from crime to regulation.

The billionaire has personal ties to the state: Tesla maintains significant operations in California, though Musk has moved much of the company’s headquarters to Texas. He has also criticized what he calls excessive regulation and high taxes in the Golden State, once calling it a place where “people are fleeing” due to crime and cost of living.

Public health experts and homelessness researchers caution against broad-brush characterizations. Many emphasize that the majority of people experiencing homelessness are not chronically addicted or mentally ill in the extreme manner Musk described; short-term economic hardship, domestic violence and lack of affordable housing play major roles. Studies show that permanent supportive housing combined with treatment can reduce street homelessness when properly implemented and funded.

Still, Musk’s framing resonates with a growing chorus of critics who point to audits revealing poor oversight of nonprofit spending. Some California cities have reported that a significant portion of homelessness dollars goes to administrative costs, outreach and temporary shelters rather than long-term housing. A 2025 state audit highlighted fragmented programs and limited data on outcomes.

In Los Angeles, for example, voters approved multiple ballot measures generating billions for homelessness, yet tent encampments remain visible in many neighborhoods. Similar complaints have surfaced in San Francisco, where voters in 2024 passed measures aimed at clearing streets but implementation has lagged.

Musk concluded his comments on the podcast by calling the situation “diabolical.” He suggested that without reforming incentives — perhaps by tying funding to measurable reductions in street homelessness rather than head counts — the cycle would continue.

The Monday X post is the latest in a series of Musk’s interventions on domestic policy. He has previously used the platform to advocate for stricter enforcement against open drug use and encampments, aligning with “tough love” approaches favored by some conservatives and moderate Democrats.

Reaction on X was swift and polarized. Conservative commentators hailed the post as a rare dose of candor from a high-profile figure. “Finally someone with the guts to say it,” one user wrote. Others shared videos of street conditions in major California cities as evidence.

Advocates for the unhoused pushed back, arguing that Musk’s language stigmatizes people already facing trauma. “Calling human beings ‘drug zombies’ doesn’t help anyone,” one nonprofit leader tweeted. “We need compassion and evidence-based solutions, not sound bites.”

Musk did not add further commentary in the post beyond the clip and his four-word caption emphasizing incentives. The quoted account, Tesla Owners Silicon Valley, has more than 2.8 million followers and frequently shares content supportive of Musk and Tesla.

As of Monday afternoon, the original post had garnered tens of thousands of likes, thousands of reposts and hundreds of replies. Many replies echoed Musk’s points, sharing anecdotes from California residents frustrated by visible decline in public safety and cleanliness.

The episode underscores broader national debates over homelessness policy. With cities across the country grappling with similar challenges, Musk’s high-visibility critique could influence public discourse and political pressure on elected officials.

For now, Musk’s message remains simple: incentives drive outcomes. In his view, California’s current system incentivizes failure. Whether that sparks meaningful reform or merely fuels online debate will be determined in the weeks and months ahead as lawmakers finalize budgets and communities continue grappling with the human and fiscal toll of street homelessness.

Shares of Wipro Limited rallied as much as 3% to their day’s high of Rs 201 on the BSE on Monday, after the company announced a major multi-year strategic transformation deal with Olam Group, marking one of its largest engagements. The company has secured an 8-year contract with the total deal value expected to exceed $1 billion, including a committed spend of $800 million.

Under the engagement, Wipro will deliver end-to-end transformation services to Olam Group through a consulting-led and AI-powered approach. The company will leverage its industry expertise, partnerships with leading technology providers, and its Wipro Intelligence platform suite to support the transformation.

The scope of the deal will span Olam Group’s ‘farm-to-fork’ value chain, covering areas such as farming, forecasting, trading, supply chain operations, and customer engagement. The objective is to enhance operational effectiveness, improve resilience, and support long-term growth at scale.

Olam Group, a Singapore-headquartered food and agri-business with a valuation of over $50 billion, employs nearly 40,000 people and is majority owned by Temasek Holdings.

As part of the agreement, Wipro will also acquire Olam Group’s IT and digital services arm, Mindsprint. Upon completion, Mindsprint will become a wholly owned subsidiary of Wipro, subject to regulatory approvals and customary closing conditions. The transaction is expected to be completed by the end of Q1 FY27, that is by, June 2026.

Primarily based in India, Mindsprint has over 3,200 professionals and has been a key enabler of Olam Group’s digital transformation journey. It brings deep domain expertise in the food and agri-business sector, along with strong capabilities in supply chain transformation, digital platforms, and proprietary IP-led solutions.
Its offerings include Farmsprint for plantation management, Procuresprint for AI-enabled procurement transformation, SprintAP for payables transformation, Salessprint for sales operations, and Tradesprint for commodity trading and risk management.Commenting on the development, Olam Group Co-Founder and Group CEO Sunny Verghese said the partnership with Wipro brings together Mindsprint’s sector expertise and Wipro’s global capabilities to drive transformation across the value chain.

Wipro CEO and Managing Director Srini Pallia said the engagement is a key step in expanding the company’s farm-to-fork capabilities and scaling the impact of its AI-led offerings in the food and agri-business segment.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)