H&M assures garment suppliers it will pay for orders per agreed payment terms, while other retailers cancel orders & delay payments during pandemic
"H&M comes to its garment suppliers' rescue", 30 March 2020
... H&M yesterday assured its garment suppliers of taking shipment of goods that have already been manufactured, much to the relief of some Bangladeshi exporters.... at a time when apparel suppliers across the world, including those from Bangladesh, are being slammed by work order cancellations and delayed shipments.
"We will stand by our commitments to our garment manufacturing suppliers by taking delivery of the already produced garments as well as goods in production," said H&M in a media message...
H&M sources garment and textile items worth nearly $4 billion from more than 230 Bangladeshi factories annually...
"We will, of course, pay for these goods and we will do it under agreed payment terms. In addition, we will not negotiate prices on already placed orders," H&M said. At this point, it is necessary to temporarily pause new orders as well as evaluate potential changes on recently placed orders. "We will start placing orders again as soon as the situation allows,"...