Penneys sees no price hikes despite Strait of Hormuz closure disrupting clothing supply

Clothing producers in South Asia are heavily impacted by the closure of the Strait of Hormuz, a key shipping chokepoint. Penneys (Primark) states it does not expect price increases, suggesting it has absorbed costs or diversified supply chains. The closure threatens broader trade flows, but this retailer's stance signals limited immediate pass-through to consumers.