Business

Greece’s Textile & Apparel Industry Rebounds

The Greek clothing and textiles industry is recovering strongly and has gradually been returning to normalcy since the second quarter of 2021, after a difficult 2020, Greek Fashion said. In a report, the Association of Greek Apparel Producers said that accumulated net profits of the 100 largest enterprises in the sector fell by 70% in 2020, with exporting companies recording the best results. Men’s clothing recorded the biggest decline in turnover last year, while underwear had the smallest decline and the sales of sports and casual clothing also declined. An analysis of the balance sheets of 102 clothing enterprises showed that turnover fell by 20.8% to Euro 592.1 million, with gross earnings at Euro 215.3 million (down 25.7% compared with 2019) and profit margins at 36%. Accumulated net profits totaled Euro 3.6 million, down 70% from 2019. Turnover of enterprises with activities in the domestic market fell 24.7% to Euro 430.5 million, gross earnings fell 29% to Euro 177.5 million and net results showed a loss of Euro 8 million, while exporting enterprises’ turnover fell 7.1% to Euro 161.6 million in 2020, gross earnings fell 2.8% to Euro 37.8 million and net profits soared 100% to Euro 11.6 million.