China : US Clothing Magnates Critical of China after Pocketing Huge Profit
Source: chinaapparel.net Date: 2006-11-17
There is a strong relationship between American clothing magnets’ huge profit and China.
In 2005, 12 American clothing magnates got total takings of US $48.141 billion with an increase rate of 11.7 percent.
Underlining the ‘great association’ with China, the industry experts commented that 2005 was lucrative year for clothing makers of US.
For instance, Levi Strauss, which last year opened a dozen new factories in China, with an increase of 413 percent profit. This was probably ‘the best time in many years.’
However, in January this year, the President of American National Council of Textile Organization (NCTO), Castro Johansen stated that after 2005, China has monopolized American and EU markets leaving 31 textile and clothing factories closed and more than 31600 people lost their jobs.
