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IAF President optimistic about global apparel industry's growth

Rahul Mehta, the new International Apparel Federation (IAF) and CMAI President global apparel industry is expected to grow 3.5 per cent to over $500 billion this year in line with its performance last year. After a long lull, followed by the economic crisis of 2008, year 2013 saw industry reporting a growth of 3 per cent compared to 2.5 per cent in 2012, which began showing green shoots of recovery.

Mehta feels that developing countries like India where consumption is on the rise may see a growth of 17 per cent and positive signs of US economy will further encourage it, balancing weaker demand from Europe. He further added saying, the global trade dynamics are changing and growth would further be led by a turnaround in Japan, coupled with strong sales in other emerging Asian nations such as Cambodia and Sri Lanka.

Mehta is of the opinion that among all the apparel categories, women's wear leads the pack in Asia with growth of about 22 per cent followed by men's and kids’ wear. However, as far as luxury and sports apparel is concerned, continued financial pressure in the developed world could make a negative impact.

Mehta pointed out that around 60 per cent of garment sourcing happens in Asia, 20 per cent in Latin America and 20 per cent in Europe and by 2020, some of the sourcing may shift to Europe and the US as brands’ showing keenness in close to home sourcing. He feels that overall, sourcing could see a decline to 55 per cent in Asia.

iafnet.eu

 
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