PVH (NYSE:PVH) is the S&P 500's' newest component. The company's stock replaces that of Big Lots (NYSE:BIG) on the bellwether index. Formerly, PVH was a component of the same organization's MidCap 400 index; its place will be taken by Big Lots.

PVH, a clothing manufacturer headquartered in New York, will also occupy a spot on the S&P 500's apparel, accessories, and luxury goods sub-industry index.

S&P did not specify when these changes would take place. In the past year, the company's stock has outperformed the index, advancing 55% against the S&P 500's 12%.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of Big Lots. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.