34. H&M explicitly sort to use as many as 700 separate and independent textile manufacturers in low cost countries such as China and Bangladesh to support is fast-fashion strategy. The primary reason for this was: a. To exploit the advantages that come from arms-length contracting in contrast to having wholly-owned business units, and from investing low cost and highly productive economies like China and Bangladesh b. To mitigate against potential opportunistic/hold-up behavior by any individual manufacturer and to exploit labor arbitrage c. To capture the cost advantages that come from outsourcing versus vertical integration along with the benefits that come from aggregating manufacturing across 700 different firms d. To increase the level of flexibility it had with manufacturers to be agile in introducing many new fast-fashion items as quickly as possible at the lowest cost as possible