The US apparel industry had total revenues of $371.2bn in 2013, representing a compound annual growth rate of 4.8% between 2009 and 2013. The performance of the industry is forecast to follow a similar pattern with an anticipated of 4.9% for the five-year period 2013 – 2018, which is expected to drive the industry to a value of $472.4bn by the end of 2018.
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Internationally speaking, the Apparel Industry is concentrated in the hands of large retail firms who look for few vendors with bulk orders and thus opt for vertically integrated companies. Hence, there is a need for integrating the operations from spinning to apparel making by the sourcing countries in order to gain advantage from the changed scenario. Both, the trade skills and soft skills, design capabilities, textile technology, management and negotiating skills will also be significant determinants.
To conclude, it can be said that in future, the factors that will affect the rise or fall of the Apparel Industry of sourcing countries include labour standards, tariff preferences, access to materials and supplies, political and economic stability among others. With the increase in demand for performance apparel, the sectors like Industrial Clothing and Sports Wear will experience growth and due to the increased fashion consciousness globally,