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No signs of garment sector recovery - Report
24
Aug '11
There are no signs of recovery in Greece's garment manufacturing sector, a study conducted by the Foundation for Economic and Industrial Research (IOBE) revealed.

The IOBE report said that the garment manufacturing sector has witnessed slump during the 2000-10 decade. During the period, the industrial output index of garment sector declined by 68.4 percent.

The contraction only increased during 2008-10 and the garment sector reduced by 28.5 percent in 2010. The situation remained similar in the first quarter of current year, which recorded a year-on-year fall of 28.7 percent.

The report added that the present economic crisis is further putting pressure on the country's garment industry through increased competition from countries that have comparatively lower wages, and also in the form of liquidity problems for businesses.

There are numerous small businesses in the Greek garment sector which have been unable to withstand the problems faced by the industry during the last decade.

Large garment manufacturers, having well-known brands, are also unable to face competition from international retailers. The IOBE study says that these manufacturers lack specialized departments for innovation and design, and they neither have qualified personnel, nor required organizational capacities.

The report suggests that the garment sector needs to invest in technology that will enable production of high value-added apparels. It recommends setting up of design workshops or 'creativity centres' to attract more originality to the sector.

It also suggests complete revamp of the supply chain. It directs the Government to frame policies aimed at greater controls over the quality of imported garments, and decreasing red tape.

Fibre2fashion News Desk - India

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