Submit your investment funding proposal. Include your executive summary (critical element I) and a Q&A section (critical element II), and combine those elements with the work you have completed in you

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Final Project: Investment Funding Proposal

Finance, Economics, and Decisions

Final Project: Investment Funding Proposal

When it comes to running a business the company have to be aware of uncertainties that may arise in the company. The managers just have to be ready when they arise so they can resolve them as quick as possible. Managers also manage the financial aspect and outcomes for the company. They project the decision of the financial impact of the company and make recommendations on how to cover the cost of the decisions that are made. Some of these decisions are short term or long term. Other decisions are from a globally viewpoint or international. The purpose of this assignment is to create an external capital funding proposal that provides sufficient detail about the expansion, its costs, and its time frame to give a loan committee a firm sense of the proposed investment. The company I chose to do research on is Nordstrom Inc. The investment proposal for Nordstrom Inc. is the expansion of the company to China and discussing why it is the right time to invest from a global standpoint.

Investment Project: Description

As stated previously, Nordstrom, Inc. is a fashion retailer of shoes, apparel, and accessories for men, women, and, children. The company operates through several retail channels, catalogue, boutique, stores, and the internet. Nordstrom is among the best retail companies in the United States. The entity focuses on providing a high-quality line-up of cosmetics, accessories, shoes, and apparel to its customers. Besides that, Nordstrom has expanded to other countries such as Canada and it should now consider expanding into China.

The company should open an online store in China market to allow Chinese customers to shop online. Apart from opening an online business, the company should also consider opening a Nordstrom Local in China. Nordstrom Local will allow Chinese customers to acquire styling guidance, do pickups and returns after purchasing online, and get help ordering online. The online store will be devoted to constantly providing a variety of quality products and exceptional services that will make the company stand out among the competitors. The store will contain all products from accessories to shoes, to cosmetics, and apparel.

The company will enter the Chinese market through a joint venture. This entry strategy will allow the company to generate enormous profits, increase productivity, and grow faster. A joint venture will also reduce expansion risks. As is well known. International expansions involve multiple risks. These risks can prevent an entity from aggressively pursuing different business opportunities in an overseas market. A joint venture will also allow the company to acquire clients and customers as soon as possible.

China offers a substantial opportunity for many retailers as local consumers demand quality products and they are getting richer each day. However, there are a good number of retailers that have failed in the Chinese market. Many of these retailers failed to cater to consumer needs and taste. Some of these retailers provide products with a lower value. As we all know, anything that is not of great value, it does not give Chinese consumers prestige, it does not give them aspiration, it does not give them status- it is something that the local consumers do not want not unless it is cheap (Rapp, 2018). Nordstrom will, therefore, fill this market need as it will provide quality products with great value.

Just like any other company, Nordstrom needs to measure its success and performances in the Chinese market. The company will, therefore, use financial metrics to measure its performance and success and to prove the financial health and profitability of the entity. Nordstrom will use the current ratio to evaluate its ability to meets its financial obligations in one year. The company will also use the quick ratio to determine if it can meet its short-term obligations. Nordstrom will also use the debt to equity ratio to ascertain how well the entity is utilizing shareholders’ funds and how effective the company is funding its growth.

Resources

In order for the proposed investment to be a success, it requires funding. The entire project will require a total of $200,000. The organization will use the capital for the payment of salaries, product purchases, rental fees for the Nordstrom Local, and legal fees. Nordstrom will, therefore, look for a loan amounting to $150,000. The entity’s assets will be used as the security for the loan.

Apart from the financial resources, the company will also need human resources. Human resource plays a fundamental role in the success of any entity. No company can succeed without employees. Nordstrom will, therefore, hire local employees to assist with the operation of the business. Hiring employees locally will give the company a local network.

The company will also rent a space for Nordstrom Local. A stated above, Nordstrom Local will allow Chinese customers to acquire styling guidance, do pickups and returns after purchasing online, and get help ordering online.

Nordstrom also needs to get government approval to totally take advantages of all the opportunities in the Chinese market. The company will, therefore, gather all documents that the Chinese government requires, prepare to negotiate terms and wait for the approval.

Nordstrom will also consider intellectual property. Nordstrom Company’s website and social media platforms will be a great tool for marketing and promoting the business online. However, as e-commerce business widens, so does the danger that other business may copy the look, features, or the content of the company’s website or the social media platform. In order to, therefore, protect the website from misuse, the company will need to protect its IP rights. This involves applying for a patent. According to Patent Law in China, once the company is granted the patent, no individual or unit can abuse the patent without the company’s permission (Wong, 2019). The company will also need to register its trademark.

Nordstrom will also consider natural resources. As stated earlier Nordstrom is a retail business and, therefore, it does not manufacture its products. However, the products that the company will sell in China will be manufactured from natural resources. For instances, apparel will be made from natural resources such as linen, silk, and cotton.

Time Frame

Due to the current pandemic (COVID-19), the project will begin early next year. The projected economic life of the proposed investment is 30 years. Nordstrom will decide if, when, or how to exit the business when/if it makes constant losses even after trying different strategies to stabilize the venture. The company will use the return on investment (ROI) to determine if /when it is the right time to exit. This financial metric will be utilized to ascertain the efficiency of the project investment. It will measure the loss or gain generated from the investment compared to the initial investment cost. The organization will also use return on equity (ROE) to determine if it is the right time to exit. ROE will help to determine how much the company makes for every cash the investors put into the project.

Justification

Why Now

Now is a good time for the project. Currently, more and more businesses and people are going online. The total number of internet users in China is also increasing. The number of internet users in the country reached approximately 804.5 million in 2018 (Blazyte, 2019). This has driven the volatile growth and development of the e-commerce market in China. Currently, the Chinese e-commerce market is a global leader with a volume of approximately $194 trillion in 2019 (Tenba Group, 2019). Despite the pandemic, these numbers are projected to rise in 2020. This displays a massive opportunity for Nordstrom to succeed in China.

Strategic Fit: Priorities

In the 1st quarter of 2019, net sales (full-price) decreased by 5.1 per cent as compared to the same period in 2018. Net sales (off-price) decreased by 0.6 per cent (Nordstrom, 2019). Net earnings were thirty-seven million dollars as compared to eighty-seven million dollars during the same fiscal period. In 2019, Nordstrom closed two stores, moved one store, and opened three stores. The company is focused on making more investment in off-price, full-price, new, and digital markets. It is also focused on improving investors’ returns and profitability. Nordstrom is assured in its ability to improve profitability and execute its major strategies to serve its customers better. The entity’s investment plan entails the expansion into new international and domestic markets. Nordstrom has already been moving into new markets such as Canada and has been successful in fulfilling the consumer goods. The company is now ready to enter the Chinese market. This investment project in China will enable the company to improve its profitability and investors returns.

Microeconomic

The expansion into China will fill a new niche. Over the past few years, there has been a shift among Chinese rich consumers. Huge logos and symbols are no longer consumer priority, and instead, luxurious labels and quality products have been reforming the retail market and have now become a new signifier of extravagant consumption (Cerina, 2019). This shift has been pushed by variation in the market. While only a few years ago it was all about differentiating between Prada and Gucci, today’s new generation of rich consumers is propelled by the pursuit for craftsmanship, distinctiveness, and quality. Chinese consumers are very active.

They are travelling all over the world and are very connected to the various social media platform, therefore, they are aware of what is trending internationally. Initially, Chinese consumers would be attracted to huge brands, but now they are attracted to brands that are relevant, unique, and new. Nordstrom will, therefore, fill this new niche.

Comparative Advantage

The Chinese’s retail industry is dominated by different brands from different countries. However, Nordstrom has several strategic advantages that will allow it to compete favorably and succeed in the Chinese market. The company’s customer service provides a strategic advantage to the company. Throughout the years, Nordstrom has constantly offered some of the best services in the retail industry.

This has contributed a lot to the company’s long term success. This shows an opportunity for the entity to succeed in the Chinese market. Besides that, Nordstrom is currently offering one of the best online experience in the retail industry. The company also has a huge online presence compared to its competitors (Sinclair, 2017). This displays a huge opportunity for the company to attract Chinese customers.

Risks

With Nordstrom planning a business expansion into China, they need to have a good and clear understanding of the Chinese market. China is an attractive market to expand to. As stated earlier, China is a worldwide leader in the e-commerce market. The country has more e-commerce activities and most online users in the universe. Although these sound like a huge opportunity for the company, Nordstrom has to look at some factors before beginning their expansion. Nordstrom has to look at the internal and external risks relating to the proposed investment. The company also need to look at the internal opportunities relating to the project. They also need to analyse the microeconomic factors that can impact the project investment. The company also need to analyse the sensitivity of its financial projections using different scenarios.

Internal

We can define internal risks as the risks faced by an entity from within its organization. They normally emerge during the usual business operation of the entity. Internal risks can be predicted and, hence, easy to be minimized. The major internal risks that relate to the investment are human-factor risks, physical risks, and technological risks.

Let’s start with human-factor risk. Human-factor risk includes union strike, dishonesty by workers, ineffective leadership or management, and failure by external suppliers or producers, just to name a few. These factors can generate operational challenges for the company.

For instance, strikes may force the company to close for a short-term, resulting in a loss in sales and revenue. This might even inhibit the company from meeting its financial estimates. To avoid this issue, the company will ensure it maintain effective personal management through empowerment and effective compensation.

Physical risks, on the other hand, involve any risk to assets, buildings, or employees. Major physical risks that Nordstrom may face include theft, fires, or water damage. Physical risks may result in replacement or repair costs and may also result in legal costs if the company is found accountable in some way. Physical risks can also impact the company’s financial estimate. The company has purchased insurance to protect itself from anything that can potentially jeopardize its operation.

Technological risks include unexpected changes in the distribution, delivery, or manufacturing of an entity’s product or services. Since Nordstrom wants to introduce an online store in China, the major technological risks that might face the company is cyber-attack, security breaches, password thefts, just to name a few. Many companies have been affected by technological risk - a good example is Target. In 2013, Target Company experienced a huge breach of its payment system where the company lost around forty million debit and credit card numbers (Finkle & Dhanya, 2013). The company also stated that seventy million clients had their addresses, names, telephone numbers, and emails stolen. The breach resulted in huge losses which even resulted in the resignation of the company’s CEO. If for instance, Nordstrom is affected by cyber-attack, the company can lose income. It can incur extortion losses and even incur extra expenses. This may prevent the company from meeting the financial estimates.

To reduce this kind of risk, Nordstrom will invest more in the current technology. The company will also work with experts and federal law enforcement in China to prevent such a problem.

Nordstrom’s most vital internal opportunity relating to expanding into China is extensive expansion experience. Nordstrom has adequate experience expanding into Canada. This will enable them to concentrate on the weaknesses and strengths of that expansion and to apply them to this investment project. The company’s original plan and strategy to enter into Canada market surely was not ideal, and if the company have a chance to do it over again they would certainly change a number of things. Expanding into China market will be the correct time for the company to make fewer mistakes and use a shorter time to launch the store. The distant and big goal is to increase sales and revenue while the more focused and narrow goal is to enter into the Chinese market in a shorter period and with fewer mistakes.

Nordstrom has also built skills at entering new markets and has learned extensive skills at making them a success. These skills will enable the company to expand successfully into the Chinese market and achieve its long-term and short-term goals.

External

External risks are the type of risks that arise from outside the entity. The outside events that causes external risks cannot be controlled by an entity and cannot be predicted. Therefore, it is somehow difficult to minimize the accompanying risks. China seems to be among the vast markets with a strong and sound government.

However, China is made up of dissimilar markets which differ in their levels of social and economic development. The central government of China has been taking major steps to enhance the general business conditions by establishing a more contemporary financial system, instituting a firmer rule of law, and developing a clearer business environment. Because of these improvements in the business environment and China’s fast economic growth, the country offers foreign entities huge business opportunities. However, while the advantages of conducting business in China can be enormous, the risks associated with doing business in the country is huge. The major external risks that relate to the investment are political risk and cultural risk.

Let’s first look at political risk. Political risk relates to the changes in government policy or political environment. This includes changes in export and import laws, changes in taxes, changes in tariffs, and many others. There are several political risks connected with conducting business in China. One major political risk is nationalization. In 1949, China government nationalized several privately-owned and foreign companies. The central government centralized the control of resources through nationalization and collectivization. Besides nationalization, there is also a risk of contract repudiation and confiscation (lucasdipasquale.com). These political risks can affect Nordstrom to a large extent as it can negatively impact the financial success of the project investment. Nordstrom has, therefore, hired an expert to provide a clear analysis of the issues. The company has also purchased political risk insurance. This cover can protect the company against the loss of income, property, or commercial assets due to political risk.

Cultural risk, on the contrary, entails cultural differences. While there is a long history of Chinese-business relationships, it is still possible for Nordstrom’ workers to offend someone or make a mistake due to ignorance/cultural difference. Chinese culture and the United States culture are different in terms of ethics and values. In China, hierarchy plays a significant part in business culture with managers and leaders being more notable than in most western countries. Chinese managers and leaders also expect obedience and respect from their subordinates (Martinez, 2019). Confrontation and direct conflict are highly discouraged in China. It does not matter that the truth has to be spoken, honour and respect to every individual supersede that. Unlike Chinese, Americans are always sensitive when it comes to meeting deadlines.

These cultural contrasts can, thus, make penetration through the Chinese market more challenging. The sharp cultural differences can even affect the financial success of the investment project in China. Therefore, Nordstrom has taken time to inquire and research on Chinese culture and history. The company is also planning to establish a relationship with local companies. Having a strategic presence on the ground can help the company better manage its transactions and help increase its image with the local.

Microeconomic

Microeconomic entails factors of resources usage and availability that impact businesses and individuals. Microeconomic factors include employees, customers, suppliers and product distribution, shareholders, and competitors. Some of the economic factors that might impact the proposed investment include consumers, competitors, and product distribution.

Customers/consumers have the most adverse and direct microeconomic effect on a company (Kokemuller, 2019). The truth is that a company cannot successfully operate without attracting potential and targeted customers. Let’s have a look at Macy’s in China. Macy’s, the American retail giant, was once among the most famous online shops in China providing Chinese customers with imported goods through an exclusive partnership with Alibaba. However, in 2018 the company closed its online store on Tmall marketplace. This closure marked a complete departure of the retailer in China. Liu Dingding, an analyst based in Beijing, attributed Macy’s failure in the country to not keeping up with changing consumer demand. According to Liu, the Chinese market is changing much quicker than European and U.S markets and companies need to be on par with the changes (warc.com). To avoid this kind of mistake and to ensure the proposed project become a success, Nordstrom needs to take time and conduct a thorough market analysis.

The level of competition in the market is also another microeconomic factor that Nordstrom need to consider. Most companies out here worry every day if they can survive in a market and if they can earn a profit. Competition for these companies is one of the most harmful knockouts to profits. Companies have to fight against every competitor to prove to customers why their businesses should be preferred over other businesses. They also have to fight to every money when the economy slows down and when times get tough.

One of the major reasons for international failure is competition. Let’s take a look at the case of Best Buy. Best Buy Company entered the Chinese market in 2006, opening nine retail stores in China.

However, in 2011, the company closed all of its retail stores in the market (O’Brien, 2015). One of the major reason for its failure is competition. Even though Best Buy has widespread success and achievement in America and other nations, the company faced intense competition in the Chinese market from Chinese electronic entities such as GOME Electronics. The competition led to the exit of the company from China. This is a clear indication that competition can be good and sometimes bad for a company. In our case, the level of competition in the apparel industry in China is manageable. This is an indication that Nordstrom can survive in the Chinese market. Besides that, Nordstrom has been successful for the past one hundred years, therefore, market saturation would not be a microeconomic problem to the company, so long as it prepares itself properly.

Product distribution is also a microeconomic factor that needs to be considered as it can present a huge risk to Nordstrom if the company cannot figure out how they are going to get their products to China from Canada and the U.S. This is a vital factor that requires the company to research and comprehend before making any decision. The company should decide if they should ship products to China from Canada and U.S or purchase from local manufacturers.

Sales Fall

If sales fall twenty per cent short the projected financial estimate, then Nordstrom needs to take action to determine why and how the projected estimates were not met. As stated earlier, one of the major reason for international failure is competition.

If there are shopping stores that are more competitive than Nordstrom’s, then perhaps this could be the reason for the twenty per cent fall. The 20% fall can also indicate that inventory is not moving as quickly as expected. On the contrary, decisions will be easier and faster to make if the sales are twenty per cent higher. Investment in China might significantly increase the company’s profit so long as the sales numbers have been understood by the company’s financial team.

Time Value of Money

There were two parts that needed more information, the Time value of money and Sales fall/increase.

The net present value of the investment needs to be determined. The project’s initial investment is $200,000. Let’s assume the discount rate is 10%, time is 3 years, and cash flow per year is 100,000. In that case, the NPV will be $25,394.44. The NPV is positive, this means that the project investment is favourable and will give the company a return for its investment.

The internal rate of return also needs to be determined. The IRR will measure how well the project proposal performs over time. When the project has a higher IRR, the project would be favourable. However, when the project has a lower IRR then that’s mean that the investment is not viable.

It is also important to determine the payback period. The project’s initial investment is $200,000. Let’s again assume that the cash flow per year is $100,000. The payback period will, therefore, be 2. Anything more than 2 will indicate that the investment is less worthy.

The time value of money affects NPV and IRR calculations and my overall analysis. The concept indicates that the money the company have currently is worth more than the money it receives in the future. The payback period ignores the time value of money.

Financial impact: Expansion

Is has been proposed that the Company need to expand its operation in the outside market such as China as this would give the company an opportunity of growing more in this market as for instance China would offer a wider market for the various company products. The company would in that case make some investment in China which would serve as a capital outlay for the investment. The growth in China would help the company to increase its cash flow, be able to maintain a revenue stream that would help support the loans for the expansion (Nordstrom, n.d.).

Nordstrom would have to make some plans that would help in maintaining the marginal cash flows which would also help in measuring the success growth of the company as the expansion is expected to grow through 7 to 10 years. This expansion would depend on the expansion strategy depending on the incremental, annual and cumulative cash benefits and outflows (Levine-Weinberg, 2017, March 24).

The cash inflows are mostly expected to be extracted from the company sales as the company would not be licensing in China and the incremental costs would also be in form of labor. The China report shows that the company has an average revenue for the retailers of $10.5 million as at the same time the expected retail sales is also being expected to decrease from 8.2% to 7.7% in 2018. However, the e-retail is also expected to grow from 8.6% to 12.4% from 2016 through 2018 (Levine-Weinberg, 2017, March 24).

Taking into account the current and the past history of Nordstrom financial position, this would help the in the projection of the company financial position for the coming years in China based on the recent success of the company expansion in the outside market. Hence this would necessitate analyzing of the current performance and the projected potential of the company in the next 7 to 10 years. In that matter the initial projection would be estimating when there are no chances of expansion, then when there is expansion, then the worst scenario of what may happen and lastly the best scenario. All this expansion would affect the revenue of the company cash flows, pre-tax, expenses and the other accounting information (Gomes-Casseres, 2015, August 6).

The assumption is that is Nordstrom Inc. would not get any funding, then it means that the company would not expand hence their growth would be a consistent growth through the next 7 to 10 years at an average rate of 3% as this is an average for the entire current financials.

It is assumed that the company would grow at a constant rate of 3% each year ((Nordstrom, n.d.).

It is assumed that the company would have a constant growth rate of 5% annually. There would be a possible growth rate, however the growth rate may not be more aggressive as compared to the start, it would therefore have the increase in growth for the expected time durations.

The assumption in this case is that the company would have a gradual 15% decline within the speculated years. In such a scenario, the company would be regarded to have failed in the speculated time duration of 7-10 years as this would result to the company losing sales in the China market. At this point the best decision is for the company to pull out of this market.

An assumption in this case would be that the company would be making a 15% increase in the speculated time duration.

In this situation, Nordstrom would be doing great in the new market China. After the speculated time duration, the management may decide as to whether they would be expanding more to the external market or not.

Project financing for an international expansion can be completed through both internal financing and global capital market. Global capital markets provide a wider source of funding from the investors in the international market through Eurobond and Eurostock giving an opportunity for the company using global capital market credibility of using their funds. However, the problem of using global capital market is that there are various regulations associated with it as there is also a complex financial discloser associated with it (Bragg, 2018, February 11).

External funding would help the company in sponsoring some of the other things and investments that it may like to do without necessarily using its own funds.

The company in that way would be able to have cash for the payment purposes which would improve its credit ratings while it invests using external source of funding. The company would have a higher probability of growing if it’s given external funding aiding to its success ((Robertson, 2019, February 6).

Getting external sources may also provide the company with the needed information and advice regarding the external market which may help in the event when the company would want to expand further internationally as investors may provide information for the best investments.

However external source of funding may pose some challenges to the company in the event when the company may wish to expand as the stakeholders and the investors may ask the company to give up some of its ownership in exchange for them to fund the expansion of the company. This would mean that Nordstrom would lack the power of making decisions on its own as this would need to ask permission from the investors first (Gomes-Casseres, 2015, August 6).

Another problem associated with the external source of funding is the interest rates. For instance, borrowing money from a banking institution would attract some charges and interest on the funds. The investors would also at appoint want a rate of return for the investment expansion agreed upon. This interests also adds to the costs of loans which may at a point be a burden to the company as it would reduce the profits ratio of the company (Gomes-Casseres, 2015, August 6).

The internal funding involves use of the company internal sources such as the savings, revenues, liquidation and other assets in generating money for the company. Since this aspect does not involve using the creditors’ resources, it would necessitate that the company have a solid grasp of working capital and have a healthy financial position. Nordstrom have a healthy financial accounts which is an advantage in the event when they would want to expand using the internal capitals.

Internal capital is associated with different advantage s as for instance the company would be able to make quick decisions and they also have a freedom on acting on any decisions immediately. In that case they can execute any decision in the company at any point without having any delays from the lenders such as the banks who may need to do a quick analysis of the company before they release the funds. The cost associated with this type of capital is also low as the company would be avoiding some interest associated with borrowing (Leonard, 2018, October 29).

Nordstrom would only require to have extra expenses such as interests or administrative costs which would help in liquidation of the assets that would be used in offsetting the investment. Nordstrom would also not need require collateral before they are given the loan giving them an opportunity to move forward with the investment at any point.

The main pro of internal funding is that it keeps the power within the company. However internal source of funding also has some cons associated with it as it puts the company under some strains if the company would decide on operating on its own, eventually the working capital would decrease in no time which may cause some problems in the event when they would eventually need an external source of funding ((Leonard, 2018, October 29).

The external stakeholders who holds some experience in the industry helps in increasing the effectiveness and enables the company to grow in the market. For that case the company may use internal funding as the company is in a better financial position and would also help Nordstrom to avoid some of the undesirable disclosure that are also associated with global capital market (Gomes-Casseres, 2015, August 6).

After analyzing the advantages and disadvantages of internal funding, it’s evident that it takes a lot of time and energy in determining the best funding source that can be adopted by a company especially in cases when the company need to make a quick decision. For instance, business combinations are also another form of funding as this would mean two companies joining each other and operate as a single entity with the aid of the management. Business combination is another strategic approach that avoids legal and cultural barriers in entering an external market. Using combination would be the best form of alliance as it would help the company to expand giving it a combined capability and intellectual property (Levine-Weinberg, 2017, March 24).

This would be somehow a better option that should be regarded by the company in the event when Nordstrom would achieve the following; business combination need to have a more and stronger potential in the expansion process as compared to when the company would do it alone, secondly this combination need to work together to achieve the speculated results as mostly combinations are associated with its own challenges.

The combination would also have to create a solid joint value and implement it. Achieving efficiency in the governance which would involve cooperation. Lastly the value that would be created from this investment has to be shared between the respective companies. This is aiming at equality that would leave both of the parties better off as compared to the point when starting the joint business. This would also encourage both companies to share resources with an aim of improving the reward at the end of the day (Bragg, 2018, February 11).

The company has a trusted and its reliability is evidenced from it’s manufacture of quality products in its entire market with an aim of expanding to the external market internationally. The company has been expanding in the other markets in the recent past and its operations has been successful and its aim is also expanding in the China market. The expansion has improved the company financials as recorded in the company financials for the years 2015 through 2018. Expansion in the external market helped also in expanding the sales and increasing both the net sales and the revenue. The aim of the company is attaining the customer wants and needs and for the due time, the company has been exceeding the needed expectations.

The company historical expansion shows that the company has been successful giving the company stability in all its markets. The successful expansion of the company gives the company a better historical record of expansion which continues to grow as the company grows (Robertson, 2019, February 6).

Regarding the company’s legal and ethical standards, the company holds itself to the uppermost level as the company measures sustainability performance as it also addresses systematic challenges in the textile industry. Since it’s among the Carbon Disclosure Project, it also motivates the companies to disclose their environmental impacts. The company is also a part of the International Labor Organization Conventions, the Fair Labor Standards Act, and UN Guiding Principles on Business and Human Rights. As well as Alliance for Bangladesh Worker Safety and Business for Social Responsibility (Bragg, 2018, February 11).