Wazir Advisors, India’s premier management consulting firm focused on textiles and apparel value chain, will release its report titled “Manufacturing Excellence: The Path to Profitability in Textiles” at ITMA 2023 next week.
The report will talk about the importance of manufacturing excellence for manufacturing companies and its critical role in controlling cost and quality to improve profitability. The report will have a detailed account of the factors affecting the cost of manufacturing and benchmarking norms of various parameters in the various segments of the textile industry.
Textile and apparel are cost-sensitive products. In the last 50 years, the manufacturing bases have kept shifting in search of locations that can produce them in the lowest cost, whether because of low labor cost, duty-free status, raw material advantage, or any other reason. Asia’s rise in global textile and apparel trade is a direct result of such need. In the last few years, longer supply chain risks, extreme price volatility, consumer demand depression, and geopolitical tensions have caused global brands and retailers to rethink the entire supply chain structure. Reduction of China’s trade share, retailers showing revived interested in nearshoring, and increased investment in Vietnam and Bangladesh are some of the trends that have accelerated in the post-COVID world.
Sanjay Arora, Business Director, Operations Excellence, Wazir says “When a buyer is looking to replace a Chinese vendor, they would need the same scale and service at the same cost. Companies positioning themselves as a credible alternate in other geographies have to ensure their cost competitiveness. And, manufacturing excellence can be the best arrow in their quiver.”
Wazir’s latest report will talk at length about the impact of various parameters on the cost of manufacturing in segments of spinning, weaving, knitting, and processing. The report will be available for visitors in their ITMA stall H9, C107, or over email post the event.