Greek clothing and textile industry to recover strongly in 2021, report says – Greek City Times


The Greek clothing and textile industry is recovering strongly and gradually returning to normal since the second quarter of 2021, after a difficult year 2020, Greek Fashion announced on Monday.

In a report, Greek Fashion said the accumulated net profits of the 100 largest companies in the industry fell 70% in 2020, with exporting companies performing the best.

Men’s clothing recorded the largest decline in sales last year, while underwear recorded the smallest decline, and sales of sports and leisurewear also declined.

Analysis of the balance sheets of 102 clothing companies showed that turnover fell 20.8% to 592.1 million euros, with gross profit at 215.3 million euros (down 25.7% compared to 2019) and profit margins at 36%.

Cumulative net profit amounts to 3.6 million euros, down 70% compared to 2019

The turnover of companies with activities in the domestic market fell 24.7% to 430.5 million euros, gross profits fell 29% to 177.5 million and the net results showed a loss of € 8.0 million.

The turnover of exporting companies fell 7.1% to 161.6 million euros in 2020, gross profits fell 2.8% to 37.8 million euros and net profits surged from 100% to 11.6 million euros.

During the January-September period of this year, domestic retail sales increased by 24.7% and exports by 19.2%, proof that the industry was in full recovery.

READ MORE: Australian cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators.


Comments are closed.