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Asia Pacific to lead global apparel business

Sales of apparels in emerging Asia-Pacific countries will continue to grow slightly in 2019 while it will decline in other major regions, including Europe, Middle East and Africa and Latin America says a McKinsey & Company study.

Garment shipments from Bangladesh—the second largest exporter worldwide after China, to India, China and Japan are rising by the day thanks to competitive prices offered by the country and spiraling production cost in China. Sportswear would continue to be the major fashion item in 2019 while sales of other items like apparel and handbags will continue at the same level as of last year. Sales of other fashion items like footwear, jewelry, watches and other accessories will decline in 2019.

Polarisation continues to be a stark reality in fashion: 97 per cent of economic profits for the whole industry are earned by just 20 companies, most of them in the luxury segment. New markets, new technologies and shifting consumer needs present opportunities but also risks. This year is expected to be a year shaped by consumer shifts linked to technology, social causes, and trust issues, alongside the potential disruption from geopolitical and macroeconomic events. Only those brands that accurately reflect the zeitgeist or have the courage to self-disrupt will emerge as winners.