The rapid spread of the COVID-19 pandemic across countries is expected to pull down apparel companies’ revenue by 10-15 per cent in the current fiscal, on top of muted growth in 2019-20 due to lacklustre demand in the domestic and export markets.
International buyers have deferred shipments and cancelled orders till further notice. As a result, the apparel sector is witnessing significant turbulence and the ongoing spring-summer season is likely to suffer a major setback.
Most textile companies have stopped production as part of the lockdown and shipment of material ready for dispatch has also been hit.
Shrinking profits
This story is from the April 04, 2020 edition of The Hindu Business Line.
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This story is from the April 04, 2020 edition of The Hindu Business Line.
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