KARACHI, Nov 23: A leading US textile buyer, Steve and Barry, which runs 98 stores, has hinted at doubling purchases from Pakistan from $50 million to $100 million.

This was stated by Jitendra Bhatia, manager, sourcing and vendor development, while speaking to members of the Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) recently.

Mr Bhatia said his firm was keen to buy jeans, jackets and sportswear from Pakistan for sale to university students who were its major customers. He said the firm had shifted its offices to India to save working cost and had appointed agents in Pakistan.

He said further that his company was ready to make purchases directly from big manufacturers and assured that the payment would be made within 65 days after the shipment.

Steve and Barry is buying textile products from 21 countries, of which Pakistan, China and Bangladesh are main suppliers. Purchases from Pakistan covered up to 40 per cent of its total buying. Mr Bhatia indicated to increase buying up to $50 million worth of pieces per annum.

The Prgmea members raised questions about the low price paid by Steve and Berry, delay in payments and clearance of goods at US ports as well as rumours of negative image about the firm prevailing in the market.

Responding to the points, Mr Bhatia said the firm believed in low profit margin that reflected in its price structure. “It is trying to revert to its original payment schedule of 35 days after the acceptance of documents. The image of the firm is being tarnished by some agents and vendors removed by the management,” he added. He said further there was not a single instance of halting payments to an exporter.

The Prgmea members urged the Steve and Barry manager to reduce the payment time for small and medium exporters in order to ease their liquidity position. The two sides also agreed to hold regular meetings to discuss and sort out problems faced by garment exporters in supplying goods to the US.