At a time when many global buyers have hit the headlines for all the wrong reasons – cancelling orders, holding back payments, demanding discounts – Italian fast-fashion group Teddy seems to an aberration.
Established in 1961 and boasting of 600 stores spread across 40 countries, the company which sources more than US $ 200 million worth apparel items annually from Bangladesh, has come forward to pledge its support to the Bangladesh readymade garment sector which is going through some tough time lately.
Teddy Group, which owns six brands including Rinascimento, Terranova and Calliope, in a recent virtual meeting with the Bangladesh embassy in Rome not only confirmed that they do not have any order cancellations with suppliers in Bangladesh but also confirmed that the company is all set to give a demand letter of substantial amount by the end of this month.
However, due to falling demand for apparel items globally, the amount could be slightly lesser compared to what it used to be in the same season in previous years, the company underlined.
Such a move by the Teddy Group has come in for appreciation by the Embassy of Bangladesh in Rome, which thanked Teddy Group for setting an example for others to emulate while also hailing their ethical and responsible business approach.
