Fashion retailer Monsoon Accessorize has been criticised for extending supplier payment terms from 60 days to 90 days.
Monsoon Accessorize has also informed new suppliers they will be subject to a mandatory 4% supplier invoice discount.
The Forum of Private Business (FPB) has written to interim managing director Steve Back to ask the retailer to consider reversing the increase and sign up to its Prompt Payment Code which pledges to pay suppliers on time, and not to change terms and conditions mid-way through a contract.
An FPB spokesman said: “Monsoon is hitting new suppliers with a double whammy here. First they increase payment times to 90 days from an already pedestrian 60. Then they slap on an outrageous 4% supplier invoice discount charge.”
A spokesman for the retailer said: “Monsoon Accessorize values all supplier relationships and aims to build them over the long term and to the benefit of all parties. Monsoon Accessorize has agreed discounts with its trading partners over the years which vary from time to time and help drive growth and sustainability for the business and its suppliers.”
Retail Week revealed earlier this month that former Apple retail boss John Browett is to become the chief executive of Monsoon Accessorize next month.
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