Fast fashion is at risk of hitting a speed bump if a looming crisis sweeps through Bangladesh’s banking sector.
Financial institutions in the south Asian nation face a credit crunch following mass deposit withdrawals in March and soaring levels of non-performing loans.
Analysts and investors fear a full-blown crisis could spill over into Bangladesh’s strongest link to the global economy — the production of textiles and ready-made garments for fast fashion brands and retailers such as H&M, American Eagle Outfitters, Zara, Walmart and Target.
“Although the loan book composition across commercial banks in Bangladesh tends to vary
Azim Group, a multi-national garments holding company based in Bangladesh, recently has launched an enterprise- ‘Global Steel and Engineering Limited’ at Shailabil, Paruhala, Dhamrai, Dhaka. With the launch of the enterprise, Azim group sets its footprint into the steel industry.
Azim Group is one of the pioneers in garments industry of Bangladesh. It has been exporting readymade garments to various markets of the world including USA, Europe, South America, Russia, Japan, China and Australia.
To step into anothe...