Although the COVID-19 epidemic has had a very obvious impact on the global fashion industry, with many large fashion brands and well-known supply chains facing closure, Vietnam’s clothing and textile industry has still shown growth in its market share in the United States and Europe.
According to a report released by McKinsey, a world-renowned consulting firm, at the end of 2020, brand owner Inditex announced the closure of 1,200 stores, which is equivalent to 16% of Inditex’s global retail locations. Similarly, H&asdfssdfsrasdfssdfsmp;M once It planned to open more than 165 new stores in 2020, but due to the COVID-19 epidemic, this goal was not achieved. Japanese fashion company Uniqlo has closed about 350 stores, accounting for 7% of its global sales. As a result, global fashion industry profits have fallen by 93%, more than 10 large fashion brands and well-known supply chains are facing bankruptcy, and as many as 200,000 employees in the U.S. fashion industry are unemployed.
However, due to the uninterrupted production of clothing and textiles in Vietnam, the market share of Vietnam’s clothing and textile industry in the United States has continued to grow in the past year, ranking first in market share for many consecutive months, and reaching the first level for the first time. Market share is 20%.
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