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Euro safety net offered by Parkers

Parkers Fashion Group, which distributes womenswear brands including Airfield, Nice Connection and Sonja Marohn, is drawing up plans to offer retailers a safety net against volatile currencies when paying for autumn 09 stock.

Parkers, which usually sells its brands in euros, has come up with a scheme to re-price its goods at a fixed rate in sterling at the time a retailer places an order. The scheme is designed to protect its customers if sterling weakens further against the euro when invoices are due for payment later this year.
It will also help retailers to lock in margin and plan for the season ahead.

In addition, Parkers said if the euro and sterling adjust to a more favourable rate for UK retailers by September and October, when payments are due, it will release the
fixed-rate prices and reduce the cost to retailers, to assist them further.

Parkers Fashion Group partner Glynn Alwyn-Jones, who is also chairman of the International Fashion Federation, said that although the deal would likely cost the
business money, the priority was to help retailers through the recession.

“In difficult times we all have to work in partnership with each other,” he said. “This is my fourth recession and I’m still here because I’ve worked through them. It could cost us thousands, but if we don’t help each other now there may be retailers that don’t survive and that will cost us more in the long run.”

Details of the plan will be finalised over the next fortnight, when the company starts to sell its autumn 09 collections.

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