H&M, Nike Face Boycotts in China as Xinjiang Dilemma Deepens
U.S. and European retail brands in China are suddenly facing a dilemma: Embrace cotton from the contentious Xinjiang region and come under attack in the West, or reject it and risk a boycott in the world’s second-biggest economy.
After social-media users dug out an undated company statement accusing of forced labor in Xinjiang, the Communist Youth League and the People’s Liberation Army calls to boycott the Swedish retailer, Hennes & Mauritz AB. This campaign spreads quickly to Nike.
H&M shares fell as much as 4.4% in Stockholm. Nike shares fell as much as 5.4% in New York before the start of regular trading on Mar 25.
Source: Bloomberg #Mar25
https://www.bloomberg.com/news/articles/2021-03-25/h-m-nike-face-boycotts-in-china-as-xinjiang-becomes-wedge-issue #HM
#Xinjiang #HM #Nike #PLA #ForceLabor #China #XinjiangCotton
U.S. and European retail brands in China are suddenly facing a dilemma: Embrace cotton from the contentious Xinjiang region and come under attack in the West, or reject it and risk a boycott in the world’s second-biggest economy.
After social-media users dug out an undated company statement accusing of forced labor in Xinjiang, the Communist Youth League and the People’s Liberation Army calls to boycott the Swedish retailer, Hennes & Mauritz AB. This campaign spreads quickly to Nike.
H&M shares fell as much as 4.4% in Stockholm. Nike shares fell as much as 5.4% in New York before the start of regular trading on Mar 25.
Source: Bloomberg #Mar25
https://www.bloomberg.com/news/articles/2021-03-25/h-m-nike-face-boycotts-in-china-as-xinjiang-becomes-wedge-issue #HM
#Xinjiang #HM #Nike #PLA #ForceLabor #China #XinjiangCotton