H&M may be raising its prices, but for a reason you’ll actually love. The company is aiming to create better conditions in the factories in which their clothes are made. H&M announced its Fair Living Wage policy last month, saying that “all textile workers should be able to live on their wage.” What a breath of fresh air! Its goal is to give raises to over 850,000 of its workers by 2018. Helena Helmersson, the company’s head of sustainability, said that higher prices “might be a possibility,” though so far there has been no official decision to increase prices. Even if it does, it’s hard to imagine H&M ever becoming so expensive that it loses is standing as one of the most affordable places to shop. A few extra dollars added to the price of my sweater is certainly worth improving a textile worker’s standard of living.
H&M shared a few thoughts with Fashionista about the changes in their business:
“We don’t think that this strategy will result in a price increase for our customers. It is an investment in our customer offering and will benefit H&M long term. It is important to remember that wages are only one of several factors that influence the sourcing costs and the prices in our stores. We also believe that this will lead to more stable production markets, with better efficiency and productivity. Long term this will be profitable for both us and our suppliers.”
When it comes to retail, this time of year usually brings nothing but depressing news about Black Friday disasters and over-the-top materialism. It’s nice to know that kindness is in style this season (I know, I’m cheesy!).