Business

Page Industries a ‘hold’ after WRAP’s re-certification

WRAP audited the unit as per its commonplace process in October 2020 and has re-certified the power to be socially compliant. Jockey additionally issued a assertion in assist of Page.

Page Industries (Page) right now launched an replace mentioning that Worldwide Responsible Accredited Production (WRAP) has given re-certification to the corporate’s Unit-3—plant on the centre of controversy submit Norges Bank’s findings. In addition, Jockey International (Jockey), in its assertion, has reaffirmed Page’s observe report, long-standing partnership and appreciation of its co-operation on the problem and the resultant clearance.

We imagine WRAP’s re-certification and, most significantly, a assertion from Jockey, ought to settle the uncertainty associated to the problem. However, we retain our name on the corporate being unable to retain market share. Hence, preserve ‘Hold’.

WRAP audited the unit as per its commonplace process in October 2020 and has re-certified the power to be socially compliant. Jockey additionally issued a assertion in assist of Page. Key highlights of the identical: Page Industries’ observe report and long-standing partnership with Jockey didn’t match with the allegations printed within the report by the Council on Ethics for the Norges Bank pertaining to Page Industries, Unit-3; Page labored transparently with WRAP to conduct the audit and preserve certification for Unit-3. Jockey is happy to verify that Page Industries, Unit-3, has been issued its re- certification by WRAP, persevering with its long- standing popularity and upholding the very best commonplace of rules as a accountable, moral chief within the attire manufacturing enterprise, offering an worker pleasant environment.

The Unit-3 plant has been on the centre of controversy submit the findings of Norges Bank’s unbiased audit and its consequent determination to exit its funding in Page. Page, as per its dialogue in the course of the Q2FY21 name, additionally talked about it’s in contact with Norges Bank for a re-audit.

We imagine the re-certification from WRAP and, most significantly, a assertion from Jockey ought to settle the uncertainty associated to the problem. Any additional replace from Norges Bank will likely be a minor incremental constructive. However, we retain our bigger name that the corporate will lose market share (seen in Q2FY21 as properly). Hence, we preserve ‘Hold’.

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