At a time when the prices of main raw materials for textiles and apparels, like cotton and other man-made fibres are growing fast, global retailers are contemplating renegotiating prices with their suppliers in order to keep the production costs down.
A top official from a body has urged retailers to factor in the wages of the workers of their suppliers while renegotiating these prices.
Speaking to fibre2fashion, Martin Cooke, Deputy Director of the UK-based Ethical Trading Initiative (ETI) said, “Let's be clear, it's poor workers around the world who have been hit hardest by the global recession, and are most vulnerable to any rises in production costs”.
He added by saying, “It's therefore even more critical that retailers factor in the costs of a living wage for workers in their price negotiations with their suppliers, and work with their suppliers to make sure that workers' wages rise over time.”
Cotton prices have touched 15-year historic highs in recent years at the New York Cotton Futures Market and in the process have crossed the US $1 / lb mark.
Fibre2fashion News Desk - India
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
