SAN FRANCISCO – US denim brand Levi Strauss has responded to criticism that it was delaying payment to suppliers amid the Covid-19 pandemic by extending its IFC low-cost financing scheme to all suppliers.
Levi’s had hitherto provided low-cost financing to a portion of its supplier base through a program involving the International Finance Corporation (IFC) yet many suppliers were ineligible for this programme.
This meant they did not have access to the guaranteed low-cost financing necessary to protect cash flow in the face of payment delays.
The US-based Worker Rights Consortium says it has been informed that all Levi’s suppliers now have access to low-cost financing, “guaranteed by Levi’s, to help them weather Levi’s payment delays.”
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