THAILAND: Ecco Blames Slump On Global Slowdown
The local producer of Ecco brand footwear claims the global economic slowdown will result in its total sales falling below the low turnover target already set.
Kitti Chaiwattanatorn, deputy managing director of Ecco (Thailand), said the company had targeted sales growth of 8 per cent this year, but that total sales had expanded by only 2 per cent since the start of the year. Sales hit 2.1 billion baht last year.
He attributed the downward revision of projected growth to the global economic slowdown particularly in the United States, the company's second-largest export destination.
"Normally, our annual sales grow by 10 per cent but this year, we have targeted 8 per cent because the economic conditions have been unfavourable since last year," Mr Kitti said .
He added that the sales target was close to that of the Ecco Group, its Danish parent, so the below-target growth applied to both firms, and that as sales had begun to gain momentum in the second half, he was confident that annual sales would not be too far below the target.
To view related research reports, please follow the links below:-
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- US apparel retailers' November 2016 sales roundup
- Why do modern robotics elude sportswear makers?
- Software for financial planning and operations
- Esquel efficiency drive continues to boost brands
- US Q3 in brief – Oxford Industries, Genesco
- Myanmar garment industry "lacking labour rights"
- Columbia waterproof jacket first made without PFCs
- Adidas NYC flagship raises the bar on sport stores