Press Release 3% VAT Reduction

PRESS RELEASE

July 20 2020, Düsseldorf

Contact info
Jessica Teeuw
jessica@thecanoshoe.com
+49 177 4011201

3% VAT Reduction Adds Value to Mexican Artisans

  • CANO works with Mexican artisans to preserve local craftsmanship
  • The savings from the 3% VAT reduction are invested in further enhancing the artisan's working conditions
  • CANO's community manager is connecting with the local artisans to establish what improvements would have the most impact

Because of COVID-19, many businesses in Germany have been struggling. The German parliament has voted to reduce its tax rate by 3% until the end of the year. This reduced tax rate has led some brands to lower their prices or take a larger profit margin. At CANO, we are keeping our prices the same but will invest the tax savings into new workplace enhancements for our Mexican artisans.

Choosing to invest the tax savings

Initially, CANO thought about reducing the prices of the products, so customers would benefit from the tax reduction, and buying ethical products would be more affordable. However, changing the prices of our products would be a huge hassle, as we would have to change the price of each product manually - now and at the end of the year. Instead, we have decided to invest the money in a way that would have substantial impact. As a brand that is committed to helping our workers, we see this VAT reduction an opportunity to have a bigger positive social impact. So instead of using the 3% to increase our profit, we have decided to use the money to support the people who could really use our help after the set-backs of the corona crisis: our artisans.

Close contact with artisans

Our community manager Alejandra is visiting our workshops in Mexico and is speaking directly with our artisans. We want to get their feedback on what we can do to improve their living quality and working standards even more. Based on this information, we will use the money to invest in workplace improvements for our huarache workshop.

CANO is a young shoe brand committed to preserving traditional craftsmanship in a modern world. That is why the people at CANO are setting new standards of collaboration, fairness, and sustainability in the fashion industry. CANO is working with the blockchain transparency company retraced to show consumers its whole supply chain and create connection through transparency.