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Apparel Manufacturing
First Research, March 2012, Pages: 10
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Executive Summary
Brief Excerpt from Industry Overview Chapter:
The US apparel manufacturing industry includes about 8,000 companies that have combined annual revenue of about $14 billion. Large companies include Levi Strauss, PVH, VF Corporation, and Warnaco. The industry is fragmented: the 50 largest companies generate less than 40 percent of revenue. The industry includes knitting mills, but most apparel is cut and sewn.
Globally, the apparel manufacturing industry dwarfs the US industry, with global export revenue alone topping $315 billion. China controls a third of the world market. Major international clothing makers are Youngor Group (China) and Armani (Italy).
COMPETITIVE LANDSCAPE
Demand is largely determined by consumer tastes and the comparative costs of manufacture in the US and overseas. The profitability of individual companies depends on efficient operations and the ability to secure contracts with clothing marketers. Small companies can compete effectively with large ones by specializing in a particular type of apparel manufacture. There are few economies of scale in manufacture, because of the high labor content of most apparel. The industry is labor-intensive: average annual revenue per production worker is about $90,000.
Because of the lower costs to manufacture apparel abroad, the US imports more clothes than it makes domestically. Imports account for about 85 percent of the US market. The largest suppliers to the US are Bangladesh, China, Indonesia, Mexico, and Vietnam. Major export markets for US apparel manufacturers include Canada, Mexico, and Japan. Exports account for about 30 percent of US production....
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