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Oriental Weavers renegotiate Euro contracts
18
Jun '10
This year, owing to Euro's fall against other currencies, Egyptian carpet manufacturers, Oriental Weavers, is currently negotiating on some its contracts with the European buyers to increase the prices.

Last week, Euro hits its lowest level since the year 2006. Euro-denominated sales sum to about 15 percent of the Egyptian company's total sales.

As per the firm's relations manager, Haithan Moneim, both the falling Euro and the percentage was the least unexpected by the company.

Moneim further added that, currently, Oriental Weavers was re-negotiating for improved prices and the first changes are likely to come into effect from the third quarter of this fiscal.

Weavers exports more than 50 percent of it products to more than 100 countries, and approximately 20 percent of sales come from Europe. More so, it also wheels 85 percent of Egypt's carpet industry.

Moneim, as of now, is hoping that his clients such as the Swedish furniture retailer, IKEA, agrees to bend the prices, especially following the fall of Euro, over 15 percent of its value. He also feels that increased prices might not push the importers to book fewer carpets.

Moneim concluded by saying that, order volumes is ideally based on the demand per say and not the Euro value. Therefore, he thinks that, they are in the right position to negotiate.

Fibre2Fashion News Desk - India

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