After a
heavy recession in the last decade European market is now slowly started to
gain speed in the retail business of apparel but a growth of nearly about 3.1%
in the last five years in 2014 there are still some hopes for the retail
market, therefore, the verdict predicted that it might take a decade or up to
2017 to recover from this heavy recession so it is much more important that
retailers try to seek out those gaps to find opportunities in such a limited
time span. As we all know that the sales of branded apparels as that of locals
(other) brands has not been so consistent and before the global economic crunch
the retail sector of apparel and textile was ruling all over the world but due
to economic slowdown there was a sudden decline in their overall sales and that
has caused many problems.
Though
most of the other countries are slowly under recovery and are doing well in the
last few years European market is still slowly paced. We all know that the
textile industry in Europe is very popular and almost stands on the top
comparing with other countries and is one of the main sources of income for the
locals. The versatile nature of the designers and different demands of the
customers have forced the retailers to increase the number of brands in any
showroom and the reason why this has contributed much more than expected in the
European economy.
The
main reason why the European countries are struggling is some of the countries
are still struggling to recuperate from the financial loss that they have
faced. There are still some hopes but Germany is doing much better and has
taken a global lead in the clothing sector. The reason is they have provided
customers a wide range of brands with reasonable prices and that has attracted
more retailers to open up their stores in Germany.
Talking about South Asian countries as they are
not only the most populated regions but also are emerging as a strong contender
in textile market and the reason being abundant availability of cheap labours
along with water and other raw materials required for the textile industry and
some good healthy production of cotton has set up a good potential in this
region. Big countries like the US, UK and other such countries are strongly
dependent on the textile that is being imported from this region. Countries
like India, Sri Lanka and Bangladesh are the most beneficial due to the removal
of textile quota from the developing countries.
According to a report given by Apparel Export
Promotion Council, in 2013, the textile export from India was about $40 billion
and the total global export accounted for about $772 billion in which India
contributed almost about 5.2%and the share has increased by 17.2% in 2013. Displaying a growth rate of 23% India beats
China and Bangladesh while the growth rate of global textile is only 4.7%. The
growth is exceptional and remarkable and has left countries like Germany and
Italy behind to become the second textile exporter in the world.
Due to
such exceptional work South, Asian countries are doing much better as compared
to other countries in the textile market.
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