China Adds PVH and Illumina to 'Unreliable Entity' List

The designation accuses the companies of harming Chinese firms and could lead to sanctions and business restrictions.

China's Ministry of Commerce placed PVH, the parent company of Calvin Klein, and biotech firm Illumina on its 'unreliable entity' list, alleging harm to Chinese companies.
The designation allows for potential sanctions, including trade restrictions, fines, and revocation of work permits for foreign staff.
PVH responded by expressing surprise and disappointment, emphasizing its compliance with laws during 20 years of operations in China, while Illumina stated its commitment to serving global health and compliance with regulations.
Shares of PVH and Illumina fell in U.S. markets following the announcement, with Illumina's stock down nearly 4% and PVH's down over 2% in premarket trading.
The move is part of broader trade tensions between the U.S. and China, with China also investigating other U.S. firms like Alphabet for alleged anti-monopoly practices.