: H&M on Friday said it would temporarily stop purchasing Brazilian leather over concerns that cattle ranching contributes to deforestation in the Amazon, making it the largest company limiting busine
: H&M on Friday said it would temporarily stop purchasing Brazilian leather over concerns that cattle ranching contributes to deforestation in the Amazon, making it the largest company limiting business in Brazil to protest the fires scorching the region., a spokesperson said the ban will be in place “until there are credible assurance systems in place to verify that the leather does not contribute to environmental harm in the Amazon.
It’s unclear how disruptive the move will be to H&M’s business because only a small portion of H&M’s leather comes from Brazil. The rest originates from Europe, the spokesperson said. H&M is the second retailer to halt leather orders from Brazil. Last week, VF Corp., which owns Timberland, Vans and North Face, also said it wasn’t going to buy leather from Brazil.
H&M’s chairman Stefan Persson is the wealthiest person in Sweden, where the retailer is based. He has a net worth of $18.1 billion, according to , due to his 32% stake in the company. His son, H&M’s CEO Karl-Johan Persson, is also a billionaire, with a net worth of $1.8 billion.: Plumes of black smoke have covered Brazil over the last month as the fires gained international media attention and sparked outrage from world leaders. Scientists agree that the fires are man-made, resulting from an uptick in deforestation from Brazil’s cattle ranching and soy industry.
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