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Economy

China’s Once Mighty Garment Industry Is Starting To Unravel

The clothing factories of Shenzhen have been hit by a perfect storm, battered by rising labor costs, unstable prices for raw materials, currency appreciation and dipping demand. By year’s end, more than half of the once bustling businesses could be shutte

Hard times have befallen China's once booming clothing industry
Hard times have befallen China's once booming clothing industry
Yang Xingyun

SHENZHEN - One by one, the garment factories of Shenzhen are shutting down. Industry analysts say that by Christmas, 60% will be gone. A business that was once worth 150 billion RMB (23 billion dollars) per year has been battered on all sides: rising costs of labor and raw materials, an appreciating currency, inflation, and a slump in demand.

I went down to Shenzhen's Luohu District to see what could be seen. Where thousands of small factories had been in production, most are now boarded up. Of the few hundred that do remain open, many operate just a handful of days per month.

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Mariateresa Fichele

"Dottoré, I know you’re going to say I’m superstitious and strange, you always give rational answers ... but I have to ask you a question: Is it true that ever since our stadium was renamed after Maradona, Napoli doesn't win at home anymore?"

"So?"

"Could it be that Saint Paul, to whom the stadium was initially dedicated, got offended and is making us lose now?"

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