H&M says hello to yuan and bye to dollar
• Sweden's H&M defies bleak economy
Wall Street Journal said Swedish fashion giantAB is looking into sourcing its clothes in yuan to protect its purchasing costs from further strengthening of the U.S. dollar, and on the same day reported a 23% jump in quarterly net profit.
"A lot of our rivals have already begun paying directly in yuan," H&M's head of investor relations, Nils Vinge, told the newspaper.
Vinge added that doing so will become easier as China loosens its tight grip on the currency. The Swedish retailer sources the majority of its clothes in Asia, and about 80% of its total purchasing costs are in dollars.
Last Updated (Thursday, 21 June 2012 09:36)