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PVH Corp, H&M Could Feel Impact From Suez Canal Blockage

A ship blocked the Suez Canal for six days.
A ship blocked the Suez Canal for six days, causing major supply chain disruption. Shutterstock.

It’s been a week since the enormous cargo ship that blocked one of the busiest trade routes in the world was released, but it will likely be months before supply chain patterns recover.

The six-day disaster caused a delay for about 370 ships. Europe’s supply chain is expected to be hit the hardest, but several brands in the US, including PVH Corp and Walmart, will also experience shipping setbacks, according to a report from S&P Global Market Intelligence.

Stefan Larsson, chief executive officer of PVH Corp, told investors in a call last week that the company was anticipating “minimal impact” from the Suez Canal disruption, but added that the company’s “actual 2021 results could differ materially from our current outlook as a result of the occurrence of any of the uncompensated events.”

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