ICB » Fashion » H&M Group tops Fashion Transparency Index 2020

H&M Group tops Fashion Transparency Index 2020

“Fashion Transparency Index was launched as an initiative in the Fashion Revolution week ahead of the 2013 Rana Plaza disaster in Bangladesh”

Swedish fashion group H&M has scored the first position on the fashion transparency index. The index is a measure of how open and transparent is a brand about their supply chain, worker’s condition, production process, etc. However, it does not rank a brand according to the policies they follow but the transparency of these policies.

“It is a great honor to be ranked as number one in the Fashion Transparency Index 2020 and a great recognition of our work”. We always aim to be as transparent as possible in our progress towards a more sustainable fashion future, as well as the challenges ahead, in order to keep driving industry change. We are committed to continuing taking a step for greater transparency so customers can make informed decisions and drive a positive impact in the industry through our extensive work to become fully circular and climate positive, while being a fair and equal company,” said Hanna Hallin, Global Strategy Lead for Transparency at H&M Group

Fashion Transparency Index is an initiative with a motive to create awareness for the textile industry. It covers important issues like supply chain policies, laborers working conditions, transparency in operations, and promotion of circular economy.

Source: Yahoo Finance

Gone are the days, when customers were only concerned about the price and the utility of the product they buy. The people of today want to know everything. They are rational and aware. The company which understands this can only survive in the long run. With everything going around, people have started prioritizing the things that matter equally. Even today they want to be served the best but not at the cost of anyone else’s rights. Therefore, transparency in operations has developed as an important factor to add to the goodwill of a company.

H&M Group that owns H&M, Monki, Arket, etc. was the pioneer of starting publishing the list of its suppliers in 2013. Since then, the company has rigorous policies towards staying true and open to its customers. They allow easy access to the information on the products customers choose to buy. The company’s website helps its visitors know about the production country, the material used, suppliers, and a lot more. Apart, from that, the company also promotes the idea of a circular economy. It encourages shoppers to be part of their noble initiative by inviting old clothes to the store from people’s wardrobe. It issues a voucher in return for the clothes which are then recycled.

The global fashion retailers have always understood its responsibly towards society. And now, by topping the list of Fashion Transparency index it has proved that it does not hesitate in standing for the right things. The group is also in talks with various stakeholders regarding subsiding the impact of coronavirus pandemic on the fashion industry.

The group holds the number one position against 250 fashion brands. Other brands that saw their names in the top 5 were C&A, Adidas/Reebok, Esprit, and M&S. On the other hand, Pepe Jeans, Max Mara, Mexx rank the lowest in the list.

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