PVH ceases trading in Russia and Belarus
PVH, owner of Calvin Klein and Tommy Hilfiger, has become one of the latest companies to temporarily cease trading in Russia following the country's invasion of Ukraine. As of 7 March it also stopped all commercial activities in Belarus.
The company explained that it had no direct operations in Ukraine and that the majority of its business partners in the country had closed their stores.
Reuters reported that in 2021 the PVH group generated about 2% of its total net revenue in Russia, Belarus and Ukraine.
PVH follows in the footsteps of a host of international fashion and beauty players from across the industry that have decided to stop trading in the countries as the large-scale military invasion of Ukraine continues. Most recently L'Oréal and Estée Lauder have made the same decision.
On Tuesday Uniqlo's CEO defended the company's position to keep its 49 stores in Russia open, stating that he feels clothing is a "necessity of life".