Fabric Products,Fabric Information,Fabric Factories,Fabric Suppliers Fabric News Vietnam’s clothing and textile industry still maintains growth in European and American market share

Vietnam’s clothing and textile industry still maintains growth in European and American market share



Although the impact of the COVID-19 epidemic on the global fashion industry has been very obvious, and many large fashion brands and well-known supply chains are facing closure, Vietnam’s clothing and tex…

Although the impact of the COVID-19 epidemic on the global fashion industry has been very obvious, and many large fashion brands and well-known supply chains are facing closure, Vietnam’s clothing and textile industry has maintained its leading position in the United States and Europe. The market share is still growing.

According to a report released by the world-renowned consulting firm McKinsey at the end of 2020, Inditex, the owner of the Zara brand, announced the closure of 1,200 stores, which is equivalent to 16% of Inditex’s global retail locations. Similarly H&M had planned to open more than 165 new stores in 2020, but due to the new crown epidemic, this goal was not achieved. Japanese fashion company Uniqlo has closed about 350 stores, accounting for 7% of its global sales. As a result, global fashion industry profits have fallen by 93%, more than 10 large fashion brands and well-known supply chains are facing bankruptcy, and as many as 200,000 employees in the U.S. fashion industry are unemployed.

However, due to the uninterrupted production of clothing and textiles in Vietnam, the market share of Vietnam’s clothing and textile industry in the United States has continued to grow in the past year, ranking first in market share for many consecutive months. , and reached 20% market share for the first time.

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Author: clsrich

 
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