Textile Industry is the main foreign remittance earning sector for Bangladesh. This industry suffered a lot during the COVID -19 pandemic. Now the industry is trying to recover the gaps. According to many sources it is evident that most of the export-oriented garments factories are packed with business orders up to April 2022. Team Textile Focus talked with different factory owners regarding how to capitalize on this situation and what is the way forward to ensure maximum profit out of it. Khan Monirul Alam (Shuvo), MD & CEO, Fashion. Com Ltd and Alps Apparels Group shared his views-
I don’t prefer to look at it as an opportunity for “profit maximization “. Rather I believe it’s a great opportunity to bring much needed stability in the sector- something which was missing a long time and was heavily tilted towards buyers. So, under the circumstances what I’m telling myself is –
- Know your true cost and learn to say NO if the prices are below your cost.
- Don’t overbook yourself, the way materials and Freight’s are now- taking more than your capacity can have negative consequences.
- Try to diversify a part of your capacity. Don’t only fight for the five basic product categories. Do some value addition – make it interesting. It is not a race to the bottom.