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Bordo Group Vice President Şahin made evaluations on what awaits the textile industry in 2021, especially for ready-to-wear clothing.
*** This release is originally published in Turkish.
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ISTANBUL (TR) - Bordo Group Vice Chairman Fahri Şahin said that there will be serious dynamism in the textile industry in 2021. Stating that 2021 will be better than feared and textile companies may have to make critical decisions if the pandemic continues and government supports are cut off, Şahin said, “We must be optimistic; however, we must be prepared for any scenario.”
Stating that they think that the global economy will recover and sales will gain momentum in the coming year, Şahin said, “After the crises, the labor market usually opens. Therefore, we think that a serious acceleration will occur in the sector in 2021. Emphasizing that textile companies should have the resources to finance themselves until the second half of 2021, Şahin said, the problem of comfortable and low-cost access to credit sources. Noting that there are risks such as excessive fluctuation in foreign exchange and unpredictability in the exchange rate, Şahin said, ”Firms that can manage these risks can turn the negativities of 2020 into opportunities.”
Şahin said, “In the past, global buyers and brands used to view purchases or reports only on a balance sheet or table basis; But now the risk management paradigms have changed. So not just to maximize profit; they have gained experience in keeping their supply chains at minimum risk. Therefore, we have a partial advantage in regions where we have become disadvantaged in competition.”
Emphasizing that the 40-year reign of conformism in the fashion and textile sector was destroyed during the pandemic, Sahin said: “This reign left behind debris; the sector remained under this debris. Those who can read the new world order quickly can come out from under this wreckage. Because the turnover of global brands now makes e-commerce brands for several years. Consumer habits and the textile sector are experiencing rapid change. For this reason, the textile sector should take into account the shopping habits of Generation Y and Z in 2021.”
Noting that the familiar management approach in the sector should be reviewed, experienced textile Sahin noted that a paradigm has emerged in which everything from supply chains to manager-staff relations will change. "Therefore, this process really needs to be managed very well. We can't rule the new era with our old habits. We can't dry today's laundry with yesterday's sun, so to speak! We need to read the new system and the new world very well."
Noting that in the last 8 months, the global fashion industry has seen an unpredictable increase in online shopping revenues and online shopping penetration has recorded a growth equivalent to 6 years of growth, Fahri Şahin said, "However, in 2020, an unprecedented decline in fashion industry revenues has been recorded all over the world. In Europe, more than 40 percent of consumers spent less on textiles. Because the time spent at home has increased, and street wear products are no longer needed as much as they used to be.”
"Retail stores, corporate offices and global supply chains have been very affected by Covid-19. The global fashion industry has been rocked. Many textile companies may not survive in 2021. Delays in the Covid-19 vaccine could lead to the fourth quarter of 2023.”
According to Fahri şahin, global fashion revenues in the second quarter of 2020 decreased by 34 percent compared to the same period in 2019. Total revenue in the sector is estimated at between $ 340 billion and $ 440 billion in 2020. Three-quarters of European companies registered in the fashion sector will not survive without government support programs. Assuming these subsidies are not continuous, it is estimated that 20 percent to 30 percent of companies in the global fashion sector will go bankrupt or be bought by large companies.
Fahri Sahin made the following recommendations for the sector prepared for 2021: "Textile company managers should secure the channel strategy, geographical focus, product diversity and supply chains and act boldly in this regard. As a sector, we are now in better shape during the epidemic that started 1 year ago. At least we have a good experience in crisis management. I think 2021 will be better than feared, but if the pandemic continues and government support is cut, textile companies may have to make critical decisions. We must be optimistic; but we must also be prepared for any scenario.”