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Fast Retailing Hasn’t Decided to Join Bangladesh Safety Pact

Author: Yuki Yamaguchi and Masahiro Watanabe, Bloomberg BusinessWeek, Published on: 27 May 2013

Fast Retailing Co. [which owns Uniqlo], hasn’t decided if it will join a safety pact to improve fire and building safety in Bangladesh following the country’s worst industrial disaster. The agreement has been supported by other retailers including Hennes & Mauritz AB and Inditex SA. The measure comes in the wake of collapse of the Rana Plaza factory building that killed at least 1,127 people a month ago and as more than 1 million consumers signed petitions urging companies to join the program. “We are still considering if the company is going to join the pact, but we haven’t made the decision yet,” Naoto Miyazawa...[of] Fast Retailing, said...Fast Retailing has no timeline for making a decision to join the pact, Miyazawa said...Wal-Mart Stores Inc. (WMT) has said it won’t agree to the pact “at this time” and will instead make public safety inspections at all of its suppliers’ authorized factories in Bangladesh.

Read the full post here

Related companies: Fast Retailing H&M Inditex Uniqlo (part of Fast Retailing) Walmart