STOCKHOLM – Swedish fashion retailer, H&M, has told its garment suppliers it will accept and pay for the shipments of goods which have already been manufactured or which are already in production. The move comes as a huge relief to suppliers in its key sourcing hubs, of which Bangladesh is the most significant. It also sets a precedent which other retailers will now be under huge pressure to follow. Among the most significant of these – in terms of orders cancelled from Bangladesh – are Primark, Inditex, Bestseller, VF Corp, C&A, M&S and Target Corp.
We understand that US company PVH and UK retailer, M&S, will now follow the position of H&M by paying for part or wholly produced items.
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