24 October 2023, Mumbai
The world is changing due to the pandemic, the Russia-Ukraine war, and the Israel-Hamas conflict. The latter could harm the global economy if it escalates and draws in more countries.
Middle East Ripple Effects
The conflict affects Palestine and Israel but could spread to the whole region. The textile industry may not suffer much, but luxury brands could lose a big market in Israel and Gulf countries.
Oil Prices and Uncertainty
Higher oil prices could result from the conflict, affecting inflation, trade, and confidence. Supply shocks could also change consumer behavior in key apparel markets.
Indian Garment exports are at Risk
Indian garment exporters face many hurdles, such as competition, tariffs, and crises in Western markets. The conflict adds to their woes, especially through oil prices, which could disrupt logistics.
Western Buyers Beware
Western buyers should be careful as the situation evolves. There is a chance that major powers like the US, Russia, China, and Iran could intervene, making things worse.
Fashion and Beauty Sector Disrupted
The conflict has also hit the fashion and beauty sectors in Western countries. Fall season events are affected by protests and politics.
