US industry group The Hosiery Association is to be closed after 108 years as it faces up to changes across the legwear sector which have led to a drop in both membership and revenue.

The group blames the decision on economic volatility and increased globalisation of the hosiery industry, which has caused consolidation within its membership.

Membership demographics have also changed, it says, with some companies diversifying the types of products they sell into non-hosiery lines.

"While the decision was a hard one to make, we believe it is the right one given the circumstances," a statement said.  

While the organisation will be dissolved from 31 December, its members are being invited to join a new Legwear Committee that has been set up by the American Apparel and Footwear Association (AAFA).