As per a research report on the Global Fashion Luxury Cashmere Clothing Consumption Market, China is the world’s largest supplier of raw materials, accounting for about 70 per cent of cashmere in the world, while Italy is China’s largest export destination, in April 2017; Italy imported 98 tonne of cashmere from China, accounting 78 per cent of the month’s exports.
Due to its rapid economic growth, China remains the largest cashmere consumption market, in the world. Many famous brands have set up offices in China including: Loro Piana and Brunello Cucinelli. Although China is the largest cashmere garment manufacturer, its own brand market share is low. Most of these exist as OEM. This has led to local enterprises in China at the bottom of the interests of the value chain for a long time.
Over the next five years, LPI (LP Information) projects cashmere clothing will register a 3.9 per cent CAGR in terms of revenue, reach US$ 3,230 million by 2023, from US$ 2,580 million in 2017.