Bestseller, Danish fashion retailer, announced that it will release payment to all suppliers for all of its orders and implement early payment until October to support suppliers combat the coronavirus crisis.
The payment for the July, August and September orders will be made within 10 days of delivery.
From 1 October it will revert back to its standard payment terms, within 90 days of delivery. Moreover, the company also plans to reduce the number of suppliers it buys from.
The company further reveals that it has continued to pay all its suppliers even during the lockdown and tried to support the entire supply chain in order to safeguard jobs.
“Over the past 4 months, we have faced significant challenges and disruptions due to the global COVID-19 pandemic, and we have all had to make difficult decisions in order to protect our colleagues our partner and indeed our supply chain,” said Bestseller.
