The European textile and clothing industry “is ready to transform the [coronavirus] crisis into an opportunity, and become more digital, sustainable and agile,” according to Euratex, which represents the sector.
One in four manufacturers is considering closing down. Half are experiencing sales shortfalls in excess of 50%, and 80% of them are cutting jobs, with no re-localisation in sight even once the emergency is over.
The textile and clothing (T&C) sector has witnessed subdued performance in 2016, says a recent review. Despite a bright EU economy, T&C activity in EU lost dynamism in particular towards the end of the year.