The rapid spread of the COVID-19 pandemic across countries is expected to pull down apparel companies’ revenue by 10-15 per cent in the current fiscal, on top of muted growth in 2019-20 due to lacklustre demand in the domestic and export markets.
International buyers have deferred shipments and cancelled orders till further notice. As a result, the apparel sector is witnessing significant turbulence and the ongoing spring-summer season is likely to suffer a major setback.
Most textile companies have stopped production as part of the lockdown and shipment of material ready for dispatch has also been hit.
Shrinking profits
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