To help suppliers survive the Coronavirus crisis, Danish fashion brand Bestseller intends to not only pay for all its current orders immediately but also implement early payments till October. The brand recognizes the predicament faced by supply factories, and their employees, and wants to ease the financial pressures faced by them. It will pay for its July, August and September orders within 10 days of delivery. It will revert back its standard payment terms, within 90 days of delivery, from October 01.
The company is also accelerating the consolidation of supply chain by reducing the number of suppliers it buys from. Over the past four months, the company has faced significant challenges and disruptions due to the global COVID-19 pandemic, and had to make difficult decisions in order to protect colleagues partners, and supply chain.
The company also meets its suppliers in all production countries face-to-face multiple times per year, to follow up on actual progress and developments, and address issues whenever needed.