American denim giant LeviStrasdfsssdfsuss has pledged to fully pay for completed and ongoing orders from its global suppliers and provide financial support to all suppliers to help them Survive payment delays successfully. The denim giant issued a public statement saying it is working with its suppliers to find the best way to respond to the global pandemic.
As part of this commitment, LeviStrasdfssdfsuss also plans to use raw materials received by suppliers to produce orders in future seasons.
The company confirmed the extension of payment terms to suppliers, but said the current conditions were “consistent with industry practice” and did not require any discounts on payments.
“Workers Rights Association” stated that Levi Strauss informed all suppliers on July 2 that they can now obtain low-cost financing guaranteed by the company to help them succeed Get over Levi’s late payment.
It added that LeviStrasdfssdfsuss is providing the “International Finance Corporation (IFC)” loan program expansion pipeline and the creation of a new loan facility, which aims to bring ineligible Suppliers eligible for the IFC loan program are included in the list of assistance. Therefore, despite the extension of payment terms, Levi Strauss is now protecting the cash flow of all suppliers.
LeviStrasdfssdfsuss said in a statement: Our purchasing directors maintain close dialogue with suppliers, and we take their situations into consideration in decision-making. In addition, since 2014 we have collaborated with the International Finance Corporation (IFC) on a program through which suppliers can obtain early payment at favorable market prices.
Suppliers who have received the program produce most of our products, and more suppliers will have the opportunity to receive the loan program in the near future. The IFC program also provides preferential prices to suppliers that perform well in our social and environmental assessments, thereby incentivizing suppliers to respect and protect workers’ rights. We are providing more assistance to suppliers who are not covered by the IFC program and are exploring industry efforts to work together to support suppliers and their workers.
As our stores and wholesale partners reopen, we are seeing demand pick up and production resume. In addition, we are sharing with our suppliers that we continue to update health and safety guidelines related to COVID-19, and we will remain open as government regulations allow and will reopen soon. In addition, given the overwhelming needs garment workers face during this crisis, the Levi Strauss Foundation announced in early April that it would provide $1 million to address health, food and safety net issues faced by garment workers in supply areas, especially female workers. </p
