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Factory owners should invest more in R&D for product diversification

During this COVID-19 pandemic, previously unthinkable changes have happened in the fashion apparel industry. Especially among the apparel brands. For instance, with a massive shift to online, customers tend to buy more casual clothes. Amid lockdown in many countries, people stayed home and sell boosted segments like T-shirt, lingerie and shower products, whereas dropping badly on formal wear.

BD-RMG-owners -invest-R&D-apparel-diversification
Figure: It is high time that factory owners should invest more in R&D for product diversification and cope up with up-coming buying trends.  

A dramatic transformation in advertising, marketing, promotional and media spend, etc. forcing businesses and brands to reevaluate their idea about current and future advertising and marketing campaigns to maintain a constant stream of earning. It is eventually increased competition and demand for creative and aggressive marketing practices.

As the impact of the Coronavirus, outbreak has been felt across the entire global textile sector, but few brands could withstand its impact and boomed, especially those who were strong online.

Today many fashion brands are investing more online, booming online retailers like ASOS and Zalando are pushing online trade forward and demand is rocketing.

Furthermore, statistics show that e-commerce becoming mainstream in the fashion industry. And in 2018, the industry generated revenue of $481 billion globally.

In 2019, $545 billion revenue and is projected to further growth to $713 billion by 2022.

Although global businesses are downward sloping, but the fashion industry experts are very optimistic and believe that there will be no significant reduction if current business acceleration is maintained.

This is positive news for the garment manufacturing countries and especially for the second-largest apparel manufacturing country Bangladesh.

The country is known only for producing core line products, but in recent times incredibly transformed itself and started producing diversified garment products. at the same time delivering sustainable and more embellishment products such as suits, fancy dresses, exclusive knitwear, and many more high-end readymade garments (RMG) products.

In this tough time, the Bangladesh textile and apparel industry has incredibly stood up to the challenge and added new feathers to the current product portfolio.

In the future, if the RMG manufacturers focus more on sportswear, activewear and high-end goods, it can create more opportunities. It is high time that factory owners should invest more in R&D for product diversification and cope up with up-coming buying trends.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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