Home / Knowledge / News / Apparel/Garments / Fashion & apparel retailers hit hard by economic crisis

Fashion & apparel retailers hit hard by economic crisis

06
Aug '09
The Chief of the European Fashion and Textile Export Council, Mr Reinhard Doepfer has said that there is a likelihood that nearly 33 percent of the 42,000 retailers in Russia could go bust by the end of this year.

This has come about due to a tightening in consumer spending by the Russian consumer after the economic crisis hit the country last year. This is also expected to have an impact on European fashion clothing suppliers.

Experts from Russia have however hit back by saying that the figure for shutdown quoted by Doepfer is too high and though a few retailers are making adjustments by closing unviable store outlets, the closure figure may be closer to 10-15 percent.

Germany is the second largest fashion clothing exporter after Italy amongst the countries of the European Union and has seen sales of fashion clothing to Russia take a hit in dipping by 6 percent in the first quarter of 2009.

German suppliers expect sales to dip by at least 30 percent in the autumn-winter season in exports to Russia and the entire East European region. Russian GDP shrank by 9.8 percent in first quarter of 2009.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 17th Aug 2019

EBA benefit withdrawal to hurt 4 mn Cambodians: GMAC

The Garment Manufacturers Association in Cambodia recently said the...

Pic: Infinited Fiber

Textiles | On 17th Aug 2019

Infinited Fiber receives lead investment from RGE

Singapore-based RGE Pte Ltd has joined a group of investors including ...

Pic: Macy's

Apparel/Garments | On 17th Aug 2019

Macy's net sales down to $5,546 mn in Q2 of 2019

Macy's Inc reported net sales of $5,546 million in Q2 of 2019 ending...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Top executives, Textile industry

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Harsh Shah,

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Francesco Gozio,

Francesco Gozio

Italian company Marzoli is a leading manufacturer of the complete line of...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search