The COVID pandemic has had a particularly harsh impact on the garment sector. Expenditure on clothing has plummeted to an all-time low as people spend more time at home, thus putting apparel brands and retailers at risk. As the value chain is spread around the globe, the sector has been impacted around the world and particularly in India.
Several retailers have been pushed into bankruptcy or are on the verge of it, resulting in the double whammy of low demand as well as counterparty credit risk, for apparel exporters.
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