27 December 2023, Mumbai
The year it was!
2023's storm clouds of inflation, disrupted supply chains, and global economic woes tightened our industry's belt. Yet, amidst the turbulence, glimmers of resilience emerge.
Consumer spending
plunged after advanced economies hiked rates, with US and EU garment imports nosediving. The new minimum wage mandates set for 2024 add further pressure. However, a record holiday sales surge offers a ray of hope.
Rising production costs due to increased electricity, gas, and finance expenses, coupled with the global push for living wages, necessitate price adjustments.
Going forward
To ensure sustainability, we've built bridges with global partners, with some brands already adapting to our changing landscape.
Looking ahead, strategic innovation and open communication with buyers are vital for future investments, expansion, and navigating the uncertainties of tomorrow.
Our pursuit of long-term sustainability requires unwavering collaboration and adaptation, weaving a new path towards resilient horizons.
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