Global trade in Textile and Apparel in 2018 was around US $ 820 billion of which Apparel trade constituted about US $ 473 billion and was expected to grow by 4.5 per cent. Traditionally, decision on where to buy was based on price alone and hence apparel manufacturing has continuously shifted to low cost countries in last few decades. However, now other factors like FTAs (Free Trade Agreements), trade policies, political stability, currency exchange rates, inflation rates effect the trade in a major way. Recent developments like US-China trade war have made the decision making process for sourcing even more difficult in an already complicated apparel supply chain. New trends like nearshoring and onshoring, under which brands plan to buy from their own country or nearby countries will further affect sourcing decision of apparels. These factors coupled with growing concerns in the global economy are pushing the retailers and brands to rethink about their future sourcing partners. The evaluation matrix for vendor selection has become more complex and unpredictable. How are various brands adapting to these changes and taking sourcing decisions?
This panel discussion will cover all these points and much more to analyse future sourcing strategies of brands and retailers and how their supply chain partners need to prepare themselves for these changes.