A slow and only partial recovery in 2022

Last update – December 2021
Business environment risk
Political risk
Commercial risk
  • Strong demand for personal protection equipment

  • Segments enjoying favorable structural trends (sportswear, luxury)
  • Global supply chains vulnerable to external shocks (pandemics, trade tensions)

  • Very strong pressure from large clients (clothing retailers)

  • Competition from the fast-growing second-hand market in mature economies

  • Challenging relocation of manufacturing from China to other countries (Vietnam, Bangladesh, Indonesia etc.)

  • Adaption of new ESG standards could inflate operating costs

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Country   Role Sector risk
China

#1 Producer


Sensitive risk
India

#2 Producer


Sensitive risk
Italy

#4 Producer


Sensitive risk
Turkey

#5 Producer


High risk
Aurelien Duthoit
Allianz Trade