This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, historically derived revenue from products made with exotic animal skins, such as snakeskin and crocodile leather. This commercial use of animal hides falls under the animal_exploitation exclusion category.
In September 2020, following appeals by PETA, the company announced it would stop using exotic animal skins in its products. PETA had documented cruelty and unhygienic conditions on farms supplying such materials. The available evidence indicates this was a historical business activity that the company has since banned, but does not provide sufficient detail on the scale or materiality of this revenue stream prior to the policy change.
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Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.