Listed apparel companies in Bangladesh struggled to capitalise on the massive devaluation of the local currency against the US dollar in fiscal year (FY) 2022-23 due to a hike in gas and electricity prices, and fuel and raw material costs.
Several clothing factory owners in global fashion manufacturing hub Bangladesh are asking clients that include H&M to help them pay for an almost 60% government-mandated hike in wages, well aware that weaker sales might stymie their efforts. Following a week of deadly clashes between garment industry workers and police over…
Several clothing factory owners in global fashion manufacturing hub Bangladesh are asking clients that include H&M to help them pay for an almost 60% government-mandated hike in wages, well aware that weaker sales might stymie their efforts. Following a week of deadly clashes between garment industry workers and police over pay, the government on Tuesday said the minimum wage would rise by 56.25% to 12,500 taka ($114) a month from Dec. 1, the first increase in five years. A panel of factory owners, union leaders and officials agreed to the increase unanimously, said Siddiqur Rahman, the owners' representative.