The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
More than three-quarters of the Indian garment industry’s micro, small and medium enterprise (MSME) manufacturers surveyed as part of a new study conducted by the Clothing Manufacturers Association of India (CMAI) say they are contemplating reducing their staff by more than 25 percent.
Meanwhile, 72 percent of respondents said more than 50 percent of their orders had been cancelled by buyers, leading to “a huge problem of dead inventory in the coming months,” the report read in part.
In addition, 72 percent of respondents said they have received less than 25 percent of payments due in April, and another 12 percent reported receiving less than 50 percent of payments due to them last month.
Few are optimistic of a turnaround in the near-term, with 90 percent of respondents believing May will be a worse month for their business than April, and more than 20 percent saying they don’t believe the industry will begin to recover until 2022.
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This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.