Supply chain partners that meet the internal environmental, social, and employment-related sustainability standards of US apparel group PVH would receive discounted financing by British multinational bank Standard Chartered under an agreement with PVH Corp.
This is perhaps the first initiative of its kind by any known brand. It aims to incentivize the New York-headquartered fashion business’ global supply base on a day-to-day operational level, including all those engaged in reading jeanswear and other articles developed for flagship brands Calvin Klein and Tommy Hilfiger for retail.
PVH Corp., formerly the Phillips-Van Heusen Corporation is an American clothing company that owns famous brands such as Tommy Hilfiger, Calvin Klein, Warner’s, Olga, and True & Co. The company also licenses brands such as Kenneth Cole New York and Michael Kors.
Bank representatives based in the United States stated that discounted trade finance is likely to engage and incentivize companies across supply chains. This will improve working and environmental standards. He said the bank is proud to facilitate a global supplier partnership that has been initiated and supported by PVH which has shown its environmental, social, and governance commitments.
A spokesman of PVH group said that discounted financing initiative will improve PVH suppliers’ access to financing for investing in their processes to enhance sustainability for the benefit of their businesses and people and contribute to PVH Corp.’s goals of advancing human rights in our supply chain.
PVH arranges discounted financing to compliant supply chain
