Arch norwegian in Asia

By David Stenerud
Norwatch

Helly Hansen still has its main office in Norway, even though the Norwegian owner share has been reduced to 17 prosent through Orkla and a minority share owned by Gjensidige. The international investment company Invescorp controls 68 per cent of the shars, and production is mostly contracted to factories in Asia.

CFO Stig Aune of Helly Hansen agrees with NUPI researched Arne Melchior (see ownnarticle) that China will drain other countries in  Asia of contractors. He still means Helly Hansen has a lot to gain in stability towards contractors.

- We have 20-30 subcontractors in Asia,. All long-term, Aune says.

The CFO does not say it outright, but it itmclear that he considers himself in another position than life-style companies like Nike and Adidas.

- We’re not shopping around the get the lowesy hourly rates. We  stand for quality, and is selling function. We just cannot make a profit from producing and selling products that does not live to to what they promises, he says.

- Our philosophy is: you cannot get good quality without good working conditions in the mill, he adds.

Norwatch Newsletter 9/10-02