PVH Corp., the American apparel giant that owns popular brands Calvin Klein and Tommy Hilfiger, has announced its temporary suspension of operations in Russia and Belarus due to the ongoing conflict in Ukraine. The company made this decision in response to the war in Ukraine and in line with other major companies like L’Oreal who have also put a halt to their activities in these countries.
According to a filing with the Securities and Exchange Commission, PVH Corp. will close its stores and halt all commercial activities in Russia and Belarus starting from March 7, 2022. This move is significant considering the fact that approximately 2% of the company’s total net revenue in 2021 was generated in these countries. Notably, PVH Corp. does not have any direct operations in Ukraine, and many of its business partners in the country have already shut down their stores.
The decision to suspend operations in Russia and Belarus is part of a larger trend among fashion, beauty, and consumer goods brands who are boycotting these countries as a response to the conflict. For example, L’Oreal has announced the temporary closure of its own stores, as well as its directly operated counters in department stores and e-commerce sites in Russia. Similarly, consumer giant Unilever has chosen to halt imports and exports from Russia due to the invasion of Ukraine.
The action taken by PVH Corp. reflects the concerns of many companies regarding the escalating crisis in Ukraine. By severing business ties with Russia and Belarus, these brands are standing in solidarity with Ukraine and condemning Russia’s actions. The duration of these suspensions is uncertain and will depend on the developments in the conflict. Nevertheless, more companies are choosing to prioritize their values over financial gains. This demonstrates their alignment with the global community’s condemnation of Russia’s invasion and their support for peace and stability in the region.
The ongoing war in Ukraine raises questions about how other companies will respond to the crisis. The actions of PVH Corp., L’Oreal, Unilever, and other major players in the fashion and consumer goods industries serve as an example for businesses worldwide. They emphasize the importance of corporate responsibility and the role companies can play in advocating for justice and human rights.
In summary, PVH Corp.’s decision to temporarily suspend operations in Russia and Belarus is a significant demonstration of the company’s commitment to ethical business practices. By joining other major brands in boycotting these countries, PVH Corp. is making a powerful statement against Russia’s invasion of Ukraine. It serves as a reminder that businesses have the ability to influence global affairs and drive positive change.
Useful links:
1. https://www.nytimes.com/2022/02/25/business/global-brands-cancel-ukraine.html
2. https://www.reuters.com/markets/us/us-fashion-firms-suspend-operations-russia-belarus-over-ukraine-2022-02-25/
