Due to higher sales projections for last year, sales in which was projected to grow by more than 20 per cent, several brands now have excess inventory of more than three to four months, he said.
“That is why for the whole year 2023 and especially in the second semester, exports will fall between 20 per cent to 30 per cent because of this problem,” Cordova said during the opening of the XlX edition of the Textile Export Forum organised by ADEX.
A few brands like North Face and Timberland have overstock ranging from 25 per cent to 75 per cent.
The domestic market is, however, showing improvement, and this year can see an ‘imminent recovery’ after the pandemic, he was quoted as saying by a Peruvian newspaper.
ALCHEMPro News Desk (DS)
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