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What recovery? Clothes retailers cut orders while factories fight to survive | Hellenic Shipping News Worldwide


What recovery? Clothes retailers cut orders while factories fight to survive
Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack.
The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of COVID-19 lockdowns and patchy national vaccine rollouts.
Some major retailers are still nursing last year’s clothes, which would have been sold off in clearance sales in normal times. British chain Primark, for example, told Reuters it was housing around 150 million pounds ($205 million) worth of 2020 spring/summer stock and 200 million pounds from autumn/winter. ....

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What recovery? Clothes retailers cut orders while factories fight to survive


5 Min Read
LISBON/DHAKA (Reuters) - Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack.
The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of COVID-19 lockdowns and patchy national vaccine rollouts. 
Some major retailers are still nursing last year’s clothes, which would have been sold off in clearance sales in normal times. British chain Primark, for example, told Reuters it was housing around 150 million pounds ($205 million) worth of 2020 spring/summer stock and 200 million pounds from autumn/winter. ....

New York , United States , United Kingdom , Sachsen Anhalt , City Of , Ron Frasch , Vanessa Oconnell , Miran Ali , Anneli Palmen , James Davey , Steve Rowe , Ruma Paul , Asif Ashraf , Hugo Boss , Shahidullah Azim , Li Fung , Raffy Kassadjian , Thomson Reuters Trust Principles , Star Network , Saks Fifth Avenue , Castanea Partners , Hong Kong Based , Bangladesh Garment Manufacturers , North American , Parker Lane Group , Great British ,