Will The Textile Industry Get Worse Next Year?

Zhu Yong, vice president of Shanghai textile (Group) Co., Ltd. put forward the above view in an interview with our reporter at the second Shanghai fashion industry summit held recently. Zhu Yong believes that the global financial crisis has increased the difficulties of the textile industry in two aspects.

First, the outbreak of the financial crisis led to a sharp reduction in demand and a sharp reduction in textile exports.

On the other hand, due to the difficulties of banks themselves, the credit rating and credit granting have further increased the difficulties of textile production export enterprises.

Mr. Lin, a well-known clothing brand agent in the world, said that the decline in consumption power, especially the number of high-end clothing purchases, will be reduced. Although China is the largest producer and exporter of textile products, it is not the only victim.

At present, hundreds of clothing stores have been shut down in the US, which originated in the global financial crisis, and the same collapse has also occurred in the European continent.

"Many India exporters have closed their businesses.

A big exporter in Mumbai has closed two factories and laid off 2000 workers. "

VimalKirtiSingh, director general of the India Garment Export Promotion Committee, said in a letter to India's Ministry of commerce that the country's garment enterprises are facing more and more difficulties, and many enterprises have begun large-scale layoffs.

Pacific Sunwear has closed 150 stores, and LaneBryant, fashion Bug and Catherines are closing 150 retail outlets.

It is reported that 6 Java western textile enterprises such as PTInspirantAditama and CVOgivano have been forced to cut production or suspend business.

Chi Sheng Yan, general manager of LG clothing brand in South Korea, told reporters that the financial crisis is undoubtedly a good opportunity for Asian enterprises that have always sought to become the world famous clothing brands. As long as we seize the opportunity, the powerful clothing enterprises in Asia can jump into world-class clothing brand enterprises through acquisitions. "The Chinese market is particularly important, and it will also become the world's brand must occupy the market."

Chi Sheng Yan said that if Asian garment enterprises want to have a place in the world garment market, cooperation between the 3 countries of China, Korea and Japan may be a great opportunity.

For most of the domestic textile enterprises that are difficult to successfully pform, they either fail or are bought, and have little choice.

"It's time to reshuffle."

Mr. Lin said that some textile companies with high added value will have profits even if prices drop substantially.

These enterprises can take advantage of the development of the industry through cheap acquisitions.