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US clothing magnates critical of China after pocketing huge profit
15 Nov '06
1 min read
There is a strong relationship between American clothing magnets' who rake huge profits and China.
In 2005, 12 American clothing magnates earned a total of US $48.141 billion at 11.7 percent rise.
Underlining the 'great association' with China, the industry experts commented that 2005 was lucrative year for clothing makers of US.
For instance, Levi Strauss, which last year opened a dozen new factories in China, recorded 413 percent profits. This was probably 'the best time in many years.'
However, in January this year, the President of American National Council of Textile Organization (NCTO), Cass Johnson stated that after 2005, China has monopolized American and EU markets leaving 31 textile and clothing factories closed and more than 31600 people lost their jobs.
In 2005, 12 American clothing magnates earned a total of US $48.141 billion at 11.7 percent rise.
Underlining the 'great association' with China, the industry experts commented that 2005 was lucrative year for clothing makers of US.
For instance, Levi Strauss, which last year opened a dozen new factories in China, recorded 413 percent profits. This was probably 'the best time in many years.'
However, in January this year, the President of American National Council of Textile Organization (NCTO), Cass Johnson stated that after 2005, China has monopolized American and EU markets leaving 31 textile and clothing factories closed and more than 31600 people lost their jobs.
Fibre2fashion News Desk - China
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