Swedish fashion retailer H&M, the second-largest player in the world market, has announced plans to buy back all products from suppliers.
Swedish fashion retailer H&M, the second-largest player in the world market, has announced plans to buy back all products from suppliers despite a significant drop in demand for clothing around the world. Thus, the company has decided to support its counterparties in a crisis.
H&M will buy back all clothing, both already manufactured and in production, by existing contracts. The company notes that the orders will be fulfilled without any revision of the cost. In a press release, H&M notes that the problem of selling clothes has affected millions of people around the world, including in countries focused on the production and sale of products for global fashion retailers.
"The H&M Group is working actively at all levels of the company to cope with the situation and support people, business and the environment at this difficult time... H&M Group strives to be as fair and transparent as possible to its factories-suppliers, scrutinizing and evaluating opportunities to mitigate negative consequences for partners and employees in the textile industry," the press release says.