Looming global recession, fallouts of the Russia-Ukraine war, which is showing little chances of ending anytime soon, and the persistent higher inflation have hit Bangladesh garment exporters.
Reports claimed this adding apparel manufacturers are facing significant decline in fresh work orders from the global buyers as brands and retailers struggle to deal with piled up inventory, even as consumer spending on clothes, particularly in Europe, witnesses a major decline.
In the given scenario, different apparel manufacturers are, reportedly, adopting different strategies to tide over the difficult times.
Reports further added, Envoy Textiles, which is one of the top apparel exporters in Bangladesh catering predominantly to European buyers and usually sits on orders for more than three months, has less than a month’s order now as retailers are, reportedly, ordering less following demand for garment items coming down on account of higher inflation and recession fears.
In the given scenario, Envoy Textiles’ Chairman Kutubuddin Ahmed, reportedly, instructs the research and development department to produce low-cost fabrics as consumers are not buying high-end garment items.
Similarly, another big apparel exporter, DBL, which again catered predominantly to the European market, is pursuing market diversification.
Speaking to the media, Managing Director of DBL Group, MA Jabbar, reportedly, maintained DBL has started selling garment items in the US in large volumes, with more than 10 per cent of its total exports already destined for USA, which was earlier only accounted for 2 per cent of total export as 98 per cent made its way to Europe.
