Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
February 7, 2025
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
One of the positive effects of the rapid globalization is the increasing awareness amongst people and society about ethical and moral as well as environmental issues.
While political leaders and global organisations as well as scientists are concerned about global warming and loosing energy crises, we see the birth and rapid growth of green earth concept covering all fields of enterprise. The building of awareness and addressing issues and concerns is actively promoted by NGOs and interest groups.
In recent years we have also seen the rise of expectations with reference to social responsibilities of the Corporate and Business Houses. The issues that are socially relevant are not limited to the above issues but extend to other humanitarian and environmental issues as well including animal welfare.
Fashion industry has had to be responsible for ethical issues concerning child labour and working conditions of labour at the Supplier’s end. As principle employers, the International Retailers are held responsible in case where the suppliers default on providing the right working conditions and payments to labour.
In the third world countries and south Asian countries there have been practices of using child labour, discriminating between men and women for wages as well as not providing basic amenities and safety to the labour.
In certain instances the retails like GAP and Nike had to face the wrath for the irregularities found at their supplier sites. With rising public outcry and mounting pressure from the interest groups as well as from authorities, the fashion retailers had to stop procurements from the suppliers and make amendments.
As the awareness groups and animal protection groups are becoming more and more visible as well as aggressive, they are raising voice against use of fur and leather in fashion clothing.
Use of animals for testing in by cosmetic industry as well as use of rabbits farming for wool production and culling of some species for their skin are forcing the fashion industry to abandon such product range and cultivate environment and animal friendly products. The proactive action to move away from such practices and follow ethical fashion is seen to be limited to the big and well known fashion brands and houses alone. The smaller as well as local companies continue to push products for commercial gain.
Fashion houses are also turning to be environmentally conscious and finding suitable environmental friendly dyes and chemicals as well as other ingredients that go into making their products and avoid harmful chemicals. Sometimes the products are slightly priced higher when they are environmentally friendly.
In all cases, the trend that we see is that the awareness of the consumer is increasing and the common man is asking questions to the fashion retailers, thus forcing the retailers to adapt ethical practices in fashion business.
In the coming years, the consumer voice and the activities of the interest groups is expected to get stronger pushing for ethical rules to be brought in place holding the International Retailers responsible to ensure they follow ethical practices as well as ensure their suppliers follow the same.
Your email address will not be published. Required fields are marked *