Increasing costs from China and other overseas apparel wholesalers are causing retailers in the U.S. to start sourcing locally or look to other avenues to save costs, a new report says.
And according to Reuters, for larger brands that require the big volume that only China can supply, rising prices are quickly becoming a reality.
“Apparel prices are going to go up. It’s as simple as that,” Perry Ellis Chief Executive George Feldenkreis is quoted as saying, and he added that a rise of up to 10 percent will be seen next year. “The American consumer will have to accept it.” And that will be another hurdle for both big and small retailers, hard hit by the ongoing economic doldrums, continued high unemployment and ongoing financial worries.
For the complete story, including input from some industry analysts, click HERE.