RALPH LAUREN CORP: The fashion brand
says it has temporarily closed about half of
its 110 stores in mainland China. CEO Patrice
Louvet said the company has diversified its
supply network away from China over the past
two years because of the U.S.-Chinese tariff war.
“We’ll need to see how employees return” to
factories after the holiday, said Louvet during
an earnings conference call. “We are working on
being as agile as possible.”
MOBILE WORLD CONGRESS: The organizer
of the wireless tech industry’s biggest trade
show, due to be held in Barcelona this month,
is taking extra precautions. It will make
disinfectants available, increase cleaning of high-
traffic areas and advise people against shaking
hands. South Korean tech company LG is pulling
out from the event to keep employees safe, while
China’s ZTE is canceling its press launch.
NIKE: The athletic gear maker has closed about
half its company-owned stores in China, where
it booked $6.2 billion in sales last year, about
16% of all its sales. At stores that are still open,
it has reduced opening hours. The company
did not discuss the impact on manufacturing.
Nike employs 152,800 factory workers in China,
about 14% of all its factory jobs, and 21% of its
footwear, apparel and equipment is produced in
the country.