Shares of luxury brands that rely on Bangladesh for their product sourcing, such as PVH Corp. PVH , Ralph Lauren Corp. RL , and The Gap, Inc.
GAP , have taken a hit in pre-market trading following political upheaval in Bangladesh. What Happened : According to Benzinga Pro, PVH Corp., the parent company of brands such as Tommy Hilfiger, Calvin Klein , and Michael Kors was trading 3.
91% lower during Monday pre-market, while Ralph Lauren Corp. was trading 4.48% lower at the same time.
The Gap, Inc. was also trading 6.45% lower during pre-market.
The Prime Minister of Bangladesh , Sheikh Hasina, has reportedly stepped down from her position and left the country in the wake of violent anti-quota protests. The military has assumed control, with Army Chief General Waker-Uz-Zama announcing the establishment of a temporary government, BBC reported. “We will investigate all the killings and punish the responsible,” he said.
“I have ordered that no army and police will indulge in any kind of firing...
Now, the students' duty is to stay calm and help us.” See Also: Anthony Scaramucci Says If Trump Wants To ‘Get Back In The Race’ With Kamala Harris, Ex-President Will Have To Do This Indian media reports confirmed that the former Bangladesh Prime Minister landed near Delhi at 5:36 pm (local time) on Monday, along with her sister. Why It Matters : Protests that began last month against civil service job quotas have escalated into widespread calls for the 76-year-old prime minist.
