Much to the relief of some Bangladeshi exporters, Swedish retail giant H&M has assured its garment suppliers of taking shipment of goods that have already been manufactured. The brand will also pay for these goods under agreed payment terms. In addition, it will not negotiate prices on already placed orders. However, H&M has decided not to place any import orders in Bangladesh for now due to the adverse impact of COVID-19 outbreak on the global economy.

H&M made this announcement at a time when apparel suppliers across the world, including those from Bangladesh, are being slammed by work order cancellations and delayed shipments.

The Swedish company sources garment and textile items worth nearly $4 billion from more than 230 Bangladeshi factories annually. The brand will start placing orders again as soon as the situation allows. It is well aware that the suppliers, and their employees, are extremely vulnerable in this situation.

Companies such as H&M play a key role in many developing countries, as well as global trade. The brand is investigating how it can support countries, societies and individuals from a health and financial perspective. In this first urgent phase, It plans to focus our efforts on countries that are highly dependent on the textile industry.