Bestseller offers early and immediate payments to suppliers
Danish fashion group Bestseller has offered its suppliers early and immediate payments on orders through to October to help them through the COVID-19 crisis.
The group, whose brands include Jack & Jones and Vero Moda, had to cut back on some orders when the COVID-19 pandemic hit. "Our own order intake and own revenues have been hit hard, at times being close to zero, but we have tried our very best to minimise the impact passed on throughout our global supply chain," it said in a statement.
However it has now resumed orders and is now releasing payments on current orders, as well as offering early payments on orders through to the autumn.
"We understand the current situation for many manufacturers in our industry, and are determined to support our suppliers in the most effective way at this critical time. Therefore, Bestseller will immediately pay all current invoices early – regardless of the date of invoice. By releasing payments early, we aim to instantly strengthen our suppliers’ cash flow," the company said.
Over the coming three months, orders with Cargo Closing (CC) dates in July, August and September, will be paid with immediate effect implementing "TT10 days". This applies to all orders living up to agreed CC dates. As of 1 October, the company will revert to standard payment terms TT90 days.
