Demand for pyjamas is not helping struggling manufacturers
There is up to R2,8-trillion in unsold clothing worldwide, says McKinsey, and the prospects for 2021 are just as bleak
Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack.
The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of Covid-19 lockdowns and patchy vaccine rollouts.
Some major retailers are still nursing last year’s clothes, which would have been sold off in clearance sales in normal times. British chain Primark, for example, said it was housing about £150m (about R3bn) worth of 2020 spring/summer stock and £200m (about R4bn) from autumn/winter...