Xinjiang Cotton: Li Ning, Anta Shares Surge While Nike, Adidas, Burberry Hit With Backlash
The number of fashion brands caught in the crossfires of a heavy political storm in China over Xinjiang cotton is ballooning quickly.
Shares of Chinese domestic sportswear groups - including Li Ning, Anta and Xtep International - have surged, with trending tags on Weibo praising the groups for specifically using Xinjiang cotton.
In contrast, foreign firms that have previously stated their concerns about cotton imports from the region — where multiple investigations found mass detention camps that the Chinese government contends are education camps — have taken steps to remove the cotton from their supply chains. And now their goods are being dragged down from online marketplaces in China because of it.