Euratex warning
27/10/2008
The global financial crisis and the possibility of a worldwide recession is likely to cause turmoil in the textile and apparel industry, according to Francesco Marchi, the director of economic affairs at Euratex, the Brussels-based European Apparel & Textiles Organisation.
“Companies are facing a credit crunch and this is putting them in difficult positions,” Mr Marchi said recently. “The demand is not there.”
He went on to say that the situation was affecting not just major markets such as the US, Japan and Europe, but also important emerging economies such as Russia and South Africa.
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