Greeks paving a way in their textile industry recession

YarnsandFibers News Bureau 2014-12-27 10:30:00 – Greece

The Greeks are trying to find their way to overcome the downslide in its textile and clothing industry.The prime reasons for their downslide is improper tax policy,loss of traditional industries and most importantly no secret concept to expand.

Athens had decided to set a uniform tax rate of 26 percent. Greece's business community is ,however,never sure of how much tax they would be asked to shell out, and this hinders companies from effectively planning their investments and costs.

Yet,a startup from the city of Thessaloniki is on a success path. Marianthi Milona takes a look at the firm's concept for success.

In fashion designer Christos Bibitsos' outlet, however, sewing machines are in full swing. Twenty women employees working here make everything from sewing patterns to finished men's garments. Everything is made on-site at "Modus Vivendi.

Christos Bibitsos says that Bibitsos is at the moment a very popular designer of men's underwear in Greece, and he has been present on the market for over 20 years.The history of the Greek textile industry is a sad one. And this despite the fact that there has traditionally been no other fabric better than Greece's, he added, stressing that "right now, the trend of companies relocating to other low-cost countries appears to be irreversible."

For over 50 years, Greece's textile and clothing industry had maintained a considerable lead over its competitors from other countries. Orders came from across Europe, be it for nylon fabrics or valuable cotton textiles. A clothing industry got established, particularly in northern Greece, in the late 19th century.

In recent years, however, special EU programs such as offering tax breaks for the industrialization of economically weak countries in the region such as Bulgaria and Romania had led to many Greek companies relocating their operations to neighboring nations. The development caused a total collapse of Greece's textile market.

The Greek brand's revenue has increased tenfold over the past five years, and its sales over the Internet, in particular, is seeing rapid growth. But the “Modus Vivendi”'s business with German wholesale and retail outlets has been anything but smooth.

Bibitsos underlines that while business with English, French, US and Australian retailers is running smoothly, that with German ones lags behind.Consumers in Germany, in contrast, are in first place when it comes to placing orders on the Internet, the fashion designer noted, wondering what the reasons behind the German retailers' actions could be.

There is, however, an intense price war taking place on the German retail market and there is little consideration there for Bibitsos' concerns.

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